Chicago, IL estate planning & probate attorney John N. Bielski II talks about estate planning and why it’s so important. He explains that estate planning holds immense importance, and I strongly believe that every individual over the age of 18 should have a well-crafted estate plan prepared by a competent attorney. There are numerous compelling reasons for this stance.

Firstly, many people underestimate the fact that even without signing a will or trust, an estate plan is automatically established for them under the probate act. This act dictates the distribution of assets and the appointment of guardians for minor children when no specific plan is in place.

Consider the scenario of having a child under 18. If something were to happen to you and your spouse, the probate act designates certain individuals who would have the right to care for your child. While you may love your siblings and in-laws equally, it’s possible that you may not trust them equally to provide proper care for your child. It might be someone outside of the family whom you prefer to take on this responsibility. By failing to create a plan, you leave the decision of who cares for your child in the hands of the government or courts. I firmly believe that the government or courts should not have the final say in determining the caretaker for your children. Estate planning allows you to address this concern and ensure that your children are cared for by the individuals you trust.

Another significant reason to engage a competent attorney for estate planning is that we spend a lifetime accumulating assets and material possessions. Without an estate plan, the probate act will dictate the distribution of your assets. However, I believe it should be your decision to determine who handles your assets. This can be achieved through the use of trusts and wills. For instance, if I am married with a child and pass away without an estate plan, half of my estate would go to my child by law, and the other half would go to my spouse. However, this arrangement presents several problems. For a child under 18, it would result in a guardianship case, which is both expensive and subject to court control, which may not be in the child’s best interest. Additionally, most families prefer for spouses to have control over all the assets to manage their own affairs and the affairs of their children. A properly prepared estate plan allows you to customize these arrangements according to your preferences.

Moreover, a well-designed estate plan can offer certain tax advantages that potentially save you a substantial amount of money. Failing to create an estate plan puts your large estate at risk of estate taxes. Additionally, estate planning allows for the avoidance of probate and guardianship. It is important to clarify a common misconception that having a will automatically avoids probate. In most states, if your assets exceed a certain threshold, probate becomes necessary. Probate involves court proceedings after death to handle your affairs. As your attorney, my goal is to help you avoid probate through a properly drafted estate plan.

In conclusion, estate planning is of utmost importance for individuals of all ages. It ensures that your wishes regarding asset distribution, child custody, and guardianship are respected. By working with a competent attorney, you can navigate the complexities of the probate act, minimize tax liabilities, avoid probate and guardianship proceedings, and secure a better future for your loved ones.