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DuPage County Estate Planning Attorney

Wheaton Estate Planning Lawyer

Lawyers for Wills, Trusts, and More in Wheaton

Estate planning is a necessity. While it may not be the most pleasant task, it must be done. There are a number of good reasons to create a will or trust, such as protecting your loved ones or ensuring that you have the ability to control who receives which pieces of your property. When you have a strong and well-crafted estate plan in place, you can feel confident that your chosen beneficiaries will have a much less stressful experience during the administration phase.

At Robert T.C. Kay, P.C., we understand the importance of good estate planning. We craft each and every estate plan with great care, often including multiple "failsafe" provisions to provide you with the highest degree of confidence possible. We use the same level of care in planning your estate that we would use in planning our own.

Wills Attorney in DuPage County

A will is the classic - and often, simplest - way of planning your estate. In a will you may simply name your executor and designate beneficiaries. Wills can be as simple as a few lines stating "everything should go to my spouse," or as complex as the longest will ever to go through probate, a 1,066-page monstrosity.

However, there is one major downside of relying soley on a will - namely, probate. The probate process can be complex and costly. It can create added challenges when complex types of property are involved, like a business or commercial real estate with active leases. There is some degree of risk involved, as the requirements for "proving" a will are stringent and inflexible.

In many cases, we use wills as a backup or complement to a trust. These classic documents can also be used for smaller estates that are unlikely to require full formal probate. Attorney Kay will discuss with you how a will may fit into your comprehensive estate plan.

Lawyer for Trusts Serving the Chicago Area

Trusts are an increasingly preferred method for transferring assets posthumously. Trusts offer a number of benefits that wills do not. To begin with, assets contained in a trust are not subject to probate and the costs and fees associated with it. Additionally, by using a trust, there is usually less delay in distributing property, so your loved ones will have a minimal wait before they can claim their inheritances.

A trust also allows you to make gradual distributions over time. Many beneficiaries are better able to achieve long-term stability when they receive a certain amount each year or upon certain life events.

Attorney Kay will discuss your options with you to help you come to the best decision about which estate planning tools belong in your comprehensive plan.

Probate Attorney Serving DuPage County

Probate is not an easy process. It can be stressful and often frustrating. If you are facing probate as the executor or personal representative of a loved one's estate, Attorney Kay can help. He is skilled in navigating the probate courts. In some cases, an alternative to full probate may be possible. If one of these alternatives is available, it may be quicker and less costly. We will evaluate your individual case and develop a strategy for how we can best help you through this process.

Legal Help Planning for Old Age or Incapacity

While most of us would prefer to remain active and independent until the end of our lives, this is simply not the reality for many people. It is a wise idea to establish concrete plans for how you will be cared for and who will make decisions for you in the event that you become incapacitated.

There are two main types of tools used to do this. The first are powers of attorney, which can be designed to go into effect only when you have been deemed incapacitated. These documents allow other people to take legal actions on your behalf, such as making medical decisions or accessing your finances to pay bills. The second types of tools are advance directives, like a living will. These documents allow you to more directly make decisions about your future care.

It is important to address this type of planning when you create your estate plan. Both testamentary planning and incapacity planning can be critical for you and your loved ones.

Contact a Wheaton Estate Planning Attorney

If you are ready to begin building your comprehensive estate plan, Robert T.C. Kay, P.C. is here to help. Attorney Kay has more than 35 years of legal experience and can create thorough estate plans. To learn more, please contact us at 630-456-4618.

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