What Is Estate Planning?

estate planning

The Law Firm of MillerKing LLC represents clients in comprehensive Estate Planning and Asset Protection, including the drafting of Last Testament & Wills, Health Care Powers of Attorney, Property Powers of Attorney, Transfer on Death Instruments (TODI), and Trusts. Our lawyers will meet with each client in a personalized, comfortable, and confidential setting to discuss and analyze unique, legal, and practical solutions. Each client and family have specialized and diverse needs, plans, and intentions. Therefore, each estate plan is more than drafting a simple Will without a deeper reflection. A comprehensive estate plan should review all assets, belongings, property as well as design a personalized plan for healthcare, if one becomes disabled. The comprehensive estate plan must take into account the proper Executor or Trustee – persons who hold a fiduciary duty and shall be responsible when administering assets, belongings, and property. Each estate plan document is designed and drafted in a customized manner to protect the client’s best interests and to carry out the client’s wishes and intentions.

 There are several devices or legal documents used for estate planning. The most commonly used legal documents are the follows: 

  • Last Testament and Will
  • Irrevocable Trust
  • Revocable Trust
  • Special Needs Trust
  • Transfer on Death Instrument
  • Powers of Attorney

Can I Do My Own Estate Planning?

It is recommended and advisable to seek the experience and counsel of an estate planning attorney. The experienced estate planning attorney will discuss the various factors and circumstances to have a full understanding of the size, complexity, nature, and intentions of the client’s estate plan. Each person’s situation and circumstances are unique and different requiring a customized plan and personalized attention to detail.

It is our goal at MillerKing Law Firm to fully involve and consider all aspects of an individual’s or couple’s life, including financial planners, tax advisors or certified public accountant, financial accounts, type of property ownership, and intentions or wishes to be carried out after death or passing. 

What Is The Average Cost Of An Estate Plan?

Each estate plan is unique and different. At MillerKing Law Firm, we offer free initial consultations for each client. Estate plans will vary in time, responsibilities, attorneys’ fees, and costs. There is a difference between a simple Last Testament & Will versus a complex Trust involving a variety of real estate, investments, and property. 

Why Is it Important To Keep Your Estate Planning Up To Date As Your Life Changes?

Life is always changing. As life does change, it is recommended to review and discuss your estate planning with your spouse, financial advisor, accountant or CPA, and attorney. Many times, an estate plan will withstand the test of time, but it is highly recommended to review an estate plan on an annual basis or after a major life event. Whether you need to amend your estate plan depends upon the different factors of life or personal preferences. 

If changes are needed, then a simple amendment may resolve the issue at hand, or a totally new estate plan may be in the client’s best interest, such as the death of a spouse, divorce, sale of the family business, or complete change of life circumstances.

What Happens If I Don’t Have An Estate Plan?

If a person dies without an estate plan, such as Last Testament & Will or Trust, then intestate succession (laws of intestacy) will dictate and determine the manner and method of distribution. The laws of intestacy are codified or statutory laws in the State of Illinois. 

Contrary, a customized estate plan will dictate and determine the manner and method of distribution based upon the individual client’s or clients’ preferences, desires, and wishes instead of relying upon state law to determine the estate plan. 

How Can MillerKing LLC Help With Estate Planning?

We receive calls and emails everyday about estate planning. We are more than glad to offer you a free initial consultation. We like to get to know and understand the client, family background, finances and assets, desires and wishes, and overall goals and expectations. That helps us determine what is the best customized estate plan – each person is unique and different. The easiest way to contact us is to visit https://millerkinglaw.com/ or call us at 618-462-8405.