Bill Kanter, J.D., M.B.A.

Attorney at Law

Illinois Estate Planning Lawyer


What is Estate Planning?

Believe it or not, everyone has an estate. A person’s estate is a compromise of everything they own such as saving/checking accounts, personal possessions, cars, home, furniture, investments, and life insurance. No matter how modest or how large, everyone has something in common, you cannot take your estate with you when you die.

When this happens and it is a when not an if you probably will want to control how your things are give to the organizations or the people you care the most about. To ensure your wishes are fulfilled, you will need to provide instructions stating who you wish to receive something of yours, when they receive, and what you wish for them to receive. A person will, of course, want this to happen with the least amount paid in court costs, taxes, and legal fees.

This is known as estate planning. Making plans in advance and naming who you want to receive your things after your death. However, good estate planning is more than this. It should also:

  • Include instructions for a person’s care if he or she becomes disabled before they die.
  • Instructions for a person’s death such as their values (education, work, religion, etc,) in addition to their valuables.
  • Provide for your loved ones who may be irresponsible with money and may need protection from divorce or creditors.
  • Name of an inheritance manager or guardian for any minor children.
  • Provide for family members who have special needs without disrupting government benefits.
  • Include life insurance in order to provide for your loved ones after your death, disability income, which will replace your income it you cannot work because of injury or illness, and long-term care insurance that will help pay for a person’s care in the event of a extended injury or illness.
  • Estate planning is an ongoing process, not a one-time event. Plans should be updated and reviewed as financial and family (and laws) situations change over a person’s lifetime.

Planning of someone’s estate is for everyone

Estate planning is not just for people in retirement, although some do tend to think about estate planning as they age. Unfortunately, people cannot successfully predict how long he or she will live, and illnesses and accidents can happen to everyone at any age.

Estate Planning is not just for the rich, either, although people are said to be wealthy often think about how to preserve their wealth. Good Estate planning will often mean more to the families who have modest assets, because he or she can afford to lose the least.

Too many do not plan

Individuals will often put off estate planning because they believe they do not own enough, think they have enough time, they are busy, they are not old enough, they do not think about it, or they don’t know who can help them. Then, when something does happen its up to someone’s loved ones to pick up the pieces.

The best benefit is having a peace of mind.

When a person knows the have a proper plan in place, one, which contains instructions and will protect loved ones, will give you and your family peace of mind. Planning your estate is one of the most considerate things a person can do for themselves and their loved ones.

For a free consultation on Estate Planning in Illinois

Contact a qualified Estate Planning attorney

Serving these Illinois counties:

McHenry County, DuPage County, Coock County, Will County, Kane County, Kendall County, Grundy County and Livingston County. Also serving the Greater Chicago Area.