Estate planning may be very important for anyone, irrespective of their family or financial situation. At the Law Offices of Nick Kulagin, our experienced lawyers can craft wills, trusts, and other instruments for people throughout DuPage and Kane Counties. With 15 years of experience to guide us, our Wheaton attorneys can help you protect your family, your home, and your business.Advice on Crafting an Effective Estate Planning Instrument
We can guide clients through the process of devising wills, trusts, and powers of attorney. A will is a legal document that can cover a variety of issues upon the testator’s death. Some of these issues include the distribution of assets, the designation of a guardian for minor children, the payment of debts, the designation of a personal representative, and other final wishes. In order for a will to be legally recognized under Illinois law, certain requirements have to be met. For example, the testator must be mentally capable of understanding the significance of his or her actions and sign the will in the presence of two witnesses. If these conditions are not present, the validity of a will may be challenged after the testator’s death.
A trust is an instrument created at the direction of an individual in which one party holds property for the benefit of someone else. Under the Illinois Trusts and Trustees Act, a trust may be created through a will, deed, agreement, declaration, or other written instrument. There are several types of trusts with important distinctions among them, such as revocable and irrevocable trusts.
A power of attorney is a document that permits another party to legally act on your behalf. The Illinois Power of Attorney Act has created a standardized form of power of attorney that people may use to authorize an agent to act for them in dealing with property transactions, health care matters, and financial affairs. All powers of attorney in Illinois, unless otherwise stated, are automatically “durable,” which means that the agent continues to have authority even if the principal becomes incapacitated or is unable to make decisions. Non-durable powers of attorney are typically used for specific transactions, such as a real estate purchase, in which durability is not needed. Powers of attorney can be an extremely useful tool because they allow individuals to designate someone whom they trust to make critical, potentially life-changing decisions on their behalf.Enlist a Knowledgeable Lawyer in DuPage or Kane County to Protect Your Future
Our diligent attorneys understand the nuances of wills, trusts, and powers of attorney, and we can advise Kane and DuPage County residents on how these instruments may serve their interests. We recognize that each person has specific goals unique to his or her situation, and we can take the time to explore the options that are suited to your needs. Skillful estate planning can save your family and other loved ones a great deal of emotional stress in the future. At the Law Offices of Nick Kulagin, we also serve individuals from communities such as Naperville, Hoffman Estates, Mount Prospect, and Geneva. Call us at 630-480-6399 or contact us online to set up a free consultation.