Making decisions about your future isn’t something to put off until next year. It’s not uncommon for the Springfield Illinois estate planning attorneys at the Noll Law Office to talk to family members after a loved one’s death, worried and unsure how to handle their estate and final wishes. In other cases, the sudden onset of an illness leaves an otherwise healthy person unable to continue to work and in need of long-term care. Without a plan for those needs, it can be a burden on family members to pay for those costs. In seconds, your life can change due to physical injury, illness, or sudden death. Whether this is happening to you or a family member, it can be a stressful period where a family may have no guidance on what is needed to fulfill one’s wishes.
An estate plan can help you navigate your legal options to ensure that your wishes are properly carried out after injury, illness, or death. It is a tool, as diverse and comprehensive as you like, designed to provide you with a plan for achieving your goals. An estate plan is not just a will but a step-by-step outline and workable action plan for how your retirement, end-of-life, and legacy will unfold. The estate planning attorneys at the Noll Law Office will work closely with you to craft a plan that addresses your specific needs. They are local, experienced lawyers who are from the Springfield community. They pride themselves on personalized attention and delivering quality legal work which reflects their clients’ wishes.
Securing Your Legacy
Springfield is known for being home to the wonderful governmental workers in the State of Illinois, a great medical community, and rich historic background. Perhaps you worked at Memorial Medical Center throughout your life, building a foundation you hope to leave to your kids and grandchildren. Others, may not have built a business but worked hard to create a future for themselves, want to be sure they can meet their long-term needs, and support their families when they are gone. When you work with the Springfield estate planning attorneys at the Noll Law Office, they can help you prepare for your family’s future.
What Do Estate Planning Attorneys Do?
Estate planning attorneys provide a wide range of legal services in the establishment of an estate plan while also managing that estate plan over time. This includes the drafting of documents and plans to manage your assets during your retirement years and beyond based on what your goals are. Most often, the goal of an estate planning attorney is to help ensure your wishes regarding your assets are carried out after your death.
What Is the Benefit?
Hiring a Springfield estate planning attorney provides numerous benefits. Attorneys can do as much or as little for you as you desire, including handling tasks as comprehensively as you need to create a plan for your future goals. Some of the key benefits include:
- Establishing documents to create your plan. The lawyers at the Noll Law Office may draft a wide range of financial documents and legal services available to you to use in creating your estate plan. This could include documents related to assets, final wishes, business succession planning, retirement planning, and much more.
- Maintaining those documents over time. Your estate planning attorney ensures your documents (and the plan itself) continues to meet your goals on an ongoing basis. When major life changes occur, such as divorce, selling or starting a business, inheritances, retirement changes, or additions to your family, you need to update your plans to reflect these changes. Your attorney is also available to make changes when you decide it is necessary.
- Ensuring legal compliance. Laws change. Your attorney’s job is to ensure your wishes are carried out within the law. That may mean ensuring all documents meet all regulatory compliance requirements.
- Customization of your plan. Remember that your wishes are unique. Your Springfield estate planning attorneys at the Noll Law Office will work to ensure the plan created matches your goals.
- Support your loved ones after your death. Your attorney is also there to help your loved ones with the after-death steps to protecting your estate, such as managing probate, taxes, insurance, and trusts, according to your specific long-term goals.
Parts of Effective Estate Plans
Estate plans are flexible to include as many components as necessary to meet your goals. Speak to your attorney about how well each of these types of estate plans can help you.
- Will: Your will is a document outlining your specific wishes. It coordinates the way your assets are distributed to your beneficiaries or heirs after your death based on your wishes. It also can appoint guardians for your minors or other dependents.
- Power of Attorney: Power of attorney is a legal document that allows someone you’ve elected to make key decisions about your needs. It can be helpful for financials, healthcare decisions, or other decisions and is in effect when you can no longer communicate your wishes.
- Healthcare Directives: A healthcare directive helps to communicate your wishes for end-of-life needs, such as if you would like hospitals and medical providers to work to save your life in any way possible, even if you have a terminal condition or are brain dead.
- Trusts: A trust is a valuable tool that enables you to assign legal protection to your assets. You can determine what occurs with the assets within the trust. This is a way to pass your assets to your loved ones when those specific circumstances are met.
Comprehensive Estate Planning Goes Further
Estate plans can do more than this. There are many additional ways your attorney can help you to protect your assets, reduce your taxes, and plan for long-term needs for yourself and your loved ones.
- Family LLPs: A Family Limited Liability Partnership is a legal holding company that is maintained by at least two family members. It has the goal of retaining the family’s real estate and business interests for generations.
- Charitable Planning: If you have goals to give to charity during your lifetime or after your death, your estate planning attorney can help you to do this. They can also help you choose the most tax-efficient way of doing so.
- Insurance Planning: Insurance planning has the goal of using life insurance and other products to help fund your trusts or other estate plans after your death.
- LTC Planning: Long-term care planning is a very important tool that creates a method for paying for medical and health care needs for those who are in need of assisted living or other supportive services during their lifetime.
- Final Expenses: Final expenses are those end-of-life costs for medical care, debts, and other financial obligations. You can establish a way to pay for these during your lifetime.
Retirement Account Planning
Your Springfield estate planning attorney will work with you to maximize contributions to your retirement accounts to build your wealth and minimize financial obligations. This is done in accordance with the SECURE Act.
Buy-Sell/Succession Planning for Businesses
If you’ve worked hard to build your business during your lifetime, you may want to consider what will happen to it after your death. Your attorney can help you to create a plan for that. A succession plan can help you plan for ownership and management of your company after your death. Also, your attorney can help you buy and sell businesses during your lifetime.
How to Select the Best Estate Planning Attorney for Your Current Situation and Future Needs
If you are working to build your estate plan, ensure you have a well-qualified attorney by your side. No matter if you have assets you want to plan for now or if you want help building your wealth, your estate planning attorney can help you.
Choose a professional with ample experience in this area of law. You also want an attorney that’s willing to work with you long-term to ensure your wishes can be met in the future.
How the Noll Law Office Will Protect Your Family and Preserve Your Legacy
The Noll Law Office is here to help you. Their Springfield estate planning attorneys are ready to support you in the creation, management, updates, and overseeing of your estate plan. Contact them today to discuss your needs for a free initial consultation at (217) 414-8889.