Serving Clients in Cook, DuPage, Will, Kane and McHenry Counties
Which Type of Estate Planning Strategy is Right for You?
There are many estate planning options involving wills, trusts and probate administration. In determining the best estate plan strategy that is right for your particular situation, you should consult a knowledgeable estate planning attorney, along with an accountant, to determine the best way to protect your interests and your loved ones when you are gone.
There is no "one size fits all" estate planning solution. Many of our clients believe a living trust is their best option; however after discussing their issue, a will is often more appropriate. A will is significantly cheaper than establishing a trust, and it may be a better allocation of resources. As part of any estate plan involving a will, we believe it is advisable to have the following:
- A Durable Power of Attorney for Property or Finances
- A Living Will
- A Healthcare Directive
At Newland & Newland, LLP, our wills, trusts and probate administration attorneys can prepare a cost-effective estate planning package, based on your specific needs.
Contact us regarding any concerns you have about wills, trusts and probate administration. From our 6 different office locations in Arlington Heights, Libertyville, Crystal Lake, Chicago, Waukegan and Itasca, we can help you make informed legal decisions about your future. Schedule a free initial consultation with one of our attorneys today.
Trusts vs. Probate
A properly funded living trust is one of the most effective solutions for those wishing to avoid probate. Unlike probate, a living trust offers privacy and usually allows assets to be distributed fairly quickly. There are however certain drawbacks to trust administration. If you have significant debt or liabilities, then the probate process may be to your advantage.
Each client and family situation must be individually evaluated to determine what is best for them. Within the process of establishing a trust or will, a number of estate planning techniques must be measured and tailored to suit your needs. Our attorneys can advise on the following:
- Pour Over Will
- Living Trust
- QTIP Trust
- Special Needs Trust
Contact Us for Wills, Trusts and Probate Administration
If you would like to have an initial consultation with one of our knowledgeable and experienced wills, trusts and probate administration attorneys, contact Newland & Newland, LLP.