In Illinois, estate owners create a plan to protect their assets from the probate process. The plans involve the establishment of trusts that separate the assets from the estate. The separation stops creditors from seizing assets to settle debts later. A local attorney explains probate laws in Chicago for estate owners.
Planning for the Future
Health care directives help the estate owner to plan for the future. The estate owner must explain their medical wishes based on the use of extraordinary measures. The document explains the full duration in which life support should be used and when to stop. The plans also identify a health care proxy that makes all decisions for the estate owner if they become incapacitated.
Establishing an Irrevocable Trust
An irrevocable trust is set up to transfer assets and properties out of the estate for maximum protection. The assets are transferred according to the estate owner’s decisions. They maintain control over the trust throughout their life. They also retain the right to transfer any assets out of the trust at any time. The estate owner identifies the beneficiary of the trust who takes over after their death.
Purchasing the Right Life Insurance
Life insurance policies provide benefits to pay for the cost of funeral expenses and provide monetary benefits to the family. An estate attorney reviews the individualized needs of the estate owner. The estate owner needs a policy that provides maximum benefits and won’t impose limitations when the benefits are needed.
Savings Plans for Managing Debts
A savings plan is needed to cover debts. The estate owner has the option to set up a savings account that is used specifically to settle debts after they die. Any proceeds that remain after the debts are paid or transferred to a beneficiary identified by the estate owner.
In Illinois, estate owners create plans that distribute their assets and wealth. The plans include trust funds, irrevocable trusts, and savings accounts. The owner also needs a health care directive to prevent unwanted health care services and identify a proxy. Estate owners who need to learn more about probate laws in Chicago contact Starr, Bejgiert, Zink & Rowells for more info now. Follow us on Twitter.