We provide estate and tax planning services to individual clients, families, fiduciaries and charitable organizations. Our services include the drafting of wills and testamentary trusts, revocable living trusts, powers of attorney for property and health care, life insurance trusts, charitable annuity trusts, special-needs trusts, guardianship of minors and of disabled adults, elder law issues and estate administration generally. We also handle the administration of trusts, the probate of wills and estates, non-probate transfers and estate litigation.
When You Make or Revise a Will
The planning and drafting of your will are an important legal matter. We can plan your estate in a way that will be most beneficial to you and your heirs. Also, we can suggest ways to organize your estate so that substantial savings in estate and inheritance taxes and other estate costs are realized.
In Illinois, a person who creates a will must be of sound mind and memory. There are a number of decisions for you to make: Who will receive the assets from your estate, and at what age? Who will be named as guardians and trustees for any minor children, and what are their duties? Should you consider trust provisions to protect the interests of certain adult children?
Who should be named as executor of your will? Should charitable gifts be included? What steps can be taken to avoid paying unnecessary estate or inheritance taxes after death?
It’s human nature to put off until tomorrow what should be done today. But when it comes to your will, don’t procrastinate!
The Process of Probate
Probate comes after what is typically a painful emotional loss. The knowledgeable, meticulous probate attorneys at Sheehan & Sheehan, Lawyers, P.C. have more than 30 years of experience in probate law. They know how to ease the stress of probate by guiding executors and beneficiaries through the complex process. Most executors have rarely, if ever, probated a will and know little about the process. Sheehan & Sheehan, Lawyers, P.C. can guide you through the complex probate process, including:
Paying estate taxes
Valuing, managing, preserving and liquidating the estate
Hiring experts, when appropriate
Filing the will with the Illinois probate court
Developing the best strategy for fairly and expeditiously probating the estate
Finding and collecting assets
Closing and opening bank accounts
Transferring assets from the deceased to the estate
Valuing and Managing the Estate
Sheehan & Sheehan, Lawyers, P.C. assists executors with the arduous process of collecting, managing, valuing, protecting and liquidating the assets of the estate. They have a team of experts available to assist in every aspect of estate probate. When appropriate, the firm calls upon accountants, financial advisors, real estate agents, property managers and other professionals to assist with executor duties. They can access expert opinions about unique assets such as antiques, rare books, automobiles, and other collectables for accurate valuation, management, and possible sale.
Even in apparently straightforward estate cases, there are sometimes disputes between beneficiaries. Sheehan & Sheehan, Lawyers, P.C.’s professional courtroom presence can calm the emotionally charged process of probating a challenged will, or disputed executor or judicial decision. When it is in the best interests of their client to preserve cordial familial relationships, the attorneys are adept at mediating these disputes. When necessary, they assertively defend their client’s beneficiary rights within the Illinois probate court.
Contact Sheehan & Sheehan, Lawyers, P.C. to help you with your estate planning needs.