In Illinois, estate owners achieve asset protection through a series of steps. These steps present them with legal avenues to mitigate common risks associated with the probate process. They also provide the owner with peace of mind that their ownership assignments are enforced. Below are the steps to follow when estate planning in DeKalb, IL.
Decrease the Value of the Total Estate
The lawyer provides insight into decreasing the total value of the estate. An irrevocable trust is one option used by estate owners. The trust is set up as a separate entity than the estate. It isn’t placed in the estate owner’s name. However, they own the trust and all assets transferred to it. As far as legal documentation, the trust owns these assets. The trust doesn’t become involved in the probate process for the estate.
Stop Excessive Tax Liabilities
Another strategy for lowering costs associated with the estate is an earlier transfer. The estate owner has the legal right to transfer ownership for any of their assets to another party. This includes giving their family members real properties. An attorney can provide them with deed transfer into the name of their chosen family member.
Manage Health Care Requirements
Estate owners manage health care requirements through this process as well. They identify a health care proxy that makes choices for them when they can’t. Owners who were diagnosed with progressive diseases such as Alzheimer’s disease should set up these plans. They identify their chosen doctors and their wishes in specific circumstances.
Start a Will
The will provides them with control over who receives their properties and assets. They set up provisions for their trusts or trust funds that prevent fraud and any disputes among family members. The will may also present their last wishes to their family.
In Illinois, estate owners make choices about their properties and assets through estate planning. By planning ahead, they stop major losses through the probate process. It is through this process that creditors place a lien against the estate to collect old debts. To begin estate planning in DeKalb, IL, the owner should visit us. There they can acquire more details and schedule an appointment today.
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