Estate Planning in Illinois

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1. Introduction to Estate Planning 

Estate planning is the process of deciding what happens to your personal, financial, and medical matters if you pass away or become unable to manage them. It ensures your wishes are honored and your loved ones are protected.

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2. Why Estate Planning Matters 

• Prevents family disputes

• Avoids unnecessary court costs

• Protects children and vulnerable family members

• Ensures wealth is transferred efficiently

• Keeps your affairs private

• Reduces financial burdens

Without a plan, Illinois law and the probate court decide how everything is handled.

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3. Core Estate Planning Documents 

Every Illinois estate plan typically includes:

• Will

• Living Trust (optional but recommended)

• Healthcare Power of Attorney

• Property Power of Attorney

• HIPAA Authorization

• Living Will

• Beneficiary designations

 

4. Wills 

A will outlines:

• Who inherits your assets

• Who becomes the executor

• Who becomes the guardian of minor children

A will does not avoid probate, but it ensures your wishes are clear.

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5. Trusts 

Trusts help:

• Avoid probate

• Protect assets

• Manage long-term care

• Preserve privacy

• Support children, seniors, and individuals with disabilities

Types include revocable trusts, irrevocable trusts, special needs trusts, and more.

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6. Powers of Attorney 

A Power of Attorney lets someone act on your behalf if you’re unable.

 

Healthcare POA 

Allows someone to make medical decisions.

 

Property/Financial POA 

Allows someone to manage financial matters.

 

7. Probate 

Probate is the court process required to transfer property from a deceased person’s name to their heirs.

It’s:

• Public

• Slow (typically 7–18 months)

• Costly

• Sometimes stressful

Trusts help avoid probate.

 

8. Tax Considerations 

Illinois has its own estate tax.
Some families also face federal estate tax issues.

Proper planning protects wealth and minimizes taxes.

 

9. Guardianship 

Court-ordered guardianship is required when a minor or incapacitated adult needs someone to manage care or finances.

 

10. Choosing the Right Plan 

Great plans focus on:

• Minimizing court involvement

• Reducing taxes

• Reducing stress

• Protecting family members

• Clear communication

 

11. Why Work with Correa Law

Correa Law offers:

• 20+ years of experience

• Spanish-speaking services

• Deep knowledge of Illinois law

• Compassionate, efficient support

• Streamlined processes