Experienced DuPage County Wills Lawyer
Wills are essential elements of the estate planning process. They allow you to express your wishes for how your assets will be distributed after your death and who will be in charge of administering your Estate. Additionally, Wills allow you to specify whom you would like to care for your dependents (minor children or adults with special needs). At The Law Office of Cynthia Hayes Hutchins, P.C., we are extensively experienced in Will preparation. We guide clients through the process of drafting a Will and ensure the client’s wishes for his or her Estate and dependents are properly and effectively expressed. A necessary component of creation of an estate plan involves discussion and planning for the tax implications of a client’s death.
Who Needs a Will?
If you own any assets or have dependents, you need a Will. Often people falsely believe that Wills are only for older people or wealthy people. In truth, however, it is wise for adults of all ages and all economic levels to consider their estate planning options and prepare a Will. No one can predict the future. Without a legal and enforceable Will in place, the State will determine how your assets are distributed and what happens to your dependents whether your surviving loved ones like it or not.
Our firm has been assisting clients with Will preparation for over 15 years. We offer clients professional legal advice tailored to their unique personal and financial circumstances. Attorney Cindy Hutchins takes the time to thoroughly discuss your estate planning intentions and offer careful, experienced advice on how to ensure those intentions are fulfilled. We are skilled in handling all types of special circumstances including:
- Minor beneficiaries;
- Beneficiaries with disabilities;
- Beneficiaries with addictions;
- Special assets;
- Excluding family members;
- Planning for future generations;
- Second marriages; and
- Special family situations.
We are also skilled in reviewing beneficiary designation forms for insurance and retirement plans, establishing trusts, and drafting powers of attorney & living wills as parts of a comprehensive estate plan.
To learn more about how we can assist you in creating an effective and enforceable Will as part of your estate plan, contact us to schedule a meeting. From our Wheaton office, we help individuals and families throughout DuPage County including Glen Ellyn, add additional communities Naperville, Warrenville, Winfield, Lombard, Carol Stream, Glendale Heights, Bloomingdale and Lisle.
TrustsTrusts are useful estate planning tools for many circumstances. They can act as the primary tool for asset distribution in an estate plan, or they can be used to in conjunction with other estate planning tools to address specific needs. At the Law Office of Cynthia Hayes Hutchins, P.C., we are skilled in establishing all types of estate planning Trusts including:
- Living Trusts;
- Revocable Trusts;
- Special Needs Trusts;
- Joint Trusts;
- Charitable Trusts;
- Minors Trusts;
- OBRA Payback Trusts;
- Insurance Trusts;
- Land Trusts; and
- A/B Tax Planning Trusts
We carefully evaluate our clients’ personal and financial circumstances and offer experienced advice on Trusts.
Benefits of Establishing a Trust
Establishing a Trust can offer numerous benefits to both the grantor and beneficiaries including:
- Avoiding Probate – Unlike a Will, a Trust does not have to go through the Probate process in order to transfer assets. Avoiding the lengthy and often costly Probate process is one of the main reasons people establish Trusts;
- Keeping sensitive financial information private – The Probate process is court-supervised and a part of the public record, which anyone can access. Using a Trust to transfer assets maintains the privacy of the Trust estate.
- Making arrangements for mental incapacitation – A Trust can build in plans for who will manage your property should you become disabled; and
- Allowing beneficiaries to avoid certain estate taxes – A Living Trust can incorporate estate tax planning in appropriate situations.
Understanding Living Trusts
A Living Trust is established while the grantor is alive. Typically, the grantor is named as both the Trustee (who controls the Trust) and the lifetime beneficiary. Additional Trustees and beneficiaries are designated should the grantor die or become incapacitated. Revocable Living Trusts are an increasingly popular tool in the estate planning process. Attorney Cindy Hutchins is extensively experienced in establishing Living Trusts, advising Trustees and handling contested trusts.