If you die without a will, your spouse, family and loved ones will be forced to adhere to laws of the state dictating how and to whom your assets will be distributed. By contacting Granholm & Gynac today, you can avoid this situation by creating an estate plan that protects your assets and final wishes.
Probate and Estate Administration
When you have a will, the probate process is initiated by the person you name as your estate’s executor. If you die without one, any of your heirs at law can start a probate case and seek to be named as an administrator. In either case, that legal representative will be in charge of everything from settling debts to carrying out the provisions of your will. The process can be simple or drawn out, so it’s best to have our attorneys devise a plan to minimize the strain on your loved ones.
Wills
The central component of any estate plan, your will needs to be written according to Illinois law and be as contest-resistant as possible. Granholm & Gynac has helped numerous clients create detailed and valid wills that thoroughly account for their assets, bank accounts, personal possessions, businesses, final debts, and even their pets.
Trusts
Once we’ve evaluated your estate, we may recommend the use of various trusts which provide greater protection and control over your assets. Trusts may also help your beneficiaries avoid probate and preserve your privacy by keeping the details of your trust off public court records. In addition, trusts typically allow you to provide for your heirs in a more careful and precise way than a simple will.
Special Needs Trusts
If you have a child with special needs or care for another family member who is disabled, a special needs trust can be set up to enhance their quality of life without endangering the beneficiary’s income qualifications for government-run programs and benefits. Because this type of trust requires a carefully worded document, please get in touch with our firm for assistance.
Power of Attorney
Establishing powers of attorney as part of an estate plan ensures that, should you become unable to manage your own affairs at some point in the future, your designated agent can step in to help. At Granholm & Gynac, we’ll assist you in determining your best options for power of attorney.