How do I setup a trust

The Importance of Having an Estate Plan

Do you have an estate plan in place?

Estate planning is something many people tend to overlook or procrastinate getting done.  Among other things, an estate plan specifies who will inherit your property after you die.  The documents can also nominate who will raise minor children when parents pass away, help future heirs avoid the need for probate, minimize potential death tax liability for large estates, and specify someone’s wishes regarding advance directives for medical care.  Every estate plan consists of a Will and Powers of Attorney.  Most people also benefit from creating a Trust.

Despite its importance, a significant number of people do not have an estate plan in place. In this article, we’ll discuss why everyone should.  Here are the main reasons every person should have an estate plan:

  1. Protect your assets

An estate plan is essential for protecting your assets and properties from the risk of loss or damage. Without a proper estate plan, your assets may be subject to unnecessary taxes, fees, and legal battles, which can drain your estate’s value and delay distribution to your beneficiaries. An estate plan can help you protect your assets from creditors, lawsuits, and other potential risks.

  1. Control distribution of assets

An estate plan allows you to control the distribution of your assets after your death. With a will, you can specify who will receive your assets and how they will be distributed. Without a will, your assets will be distributed according to the state’s intestacy laws, which may not align with your wishes. A trust can also be used to distribute assets to your beneficiaries while minimizing taxes and avoiding probate.

  1. Avoid family disputes

One of the significant benefits of having an estate plan is that it can help avoid family disputes and conflicts. When a person dies without an estate plan, family members may disagree on distributing the assets, leading to unnecessary stress, tension, and legal battles. An estate plan can clarify your wishes and prevent family disputes by providing a clear roadmap for asset distribution.

  1. Protect minor children

If you have minor children, an estate plan is essential to protect their future. With a will, you can name a guardian for your children and specify how their needs will be met in case of your death or incapacitation. A trust can also be used to manage the assets of the children and ensure that they are used for their benefit.

  1. Save time and money

An estate plan can save time and money by minimizing future legal fees, taxes, and court costs. A well-crafted estate plan can help reduce the time it takes to distribute assets to beneficiaries, minimize taxes, and avoid probate. This can save your family time and money and ensure that your estate is distributed efficiently and effectively.

An estate plan is a crucial aspect of financial planning that everyone should have. It protects your assets, allows you to control the distribution of your assets, avoids family disputes, protects minor children, and saves time and money. If you haven’t created an estate plan yet, it’s never too late to start.  The attorneys at Granholm & Gynac can help you put something in place quickly and affordably.

author avatar
Adam Gynac
Adam C. Gynac has been a practicing trial attorney for over fourteen years, concentrating his practice in family law, estate planning and probate. He is a partner and owner of the law firm of Granholm & Gynac LLC, based in Joliet, Illinois. Mr. Gynac received his undergraduate degree from the University of Illinois at Urbana-Champaign Gies College of Business, class of 2000. He has a bachelor’s of science degree in Business Administration. While in college, Mr. Gynac took classes in accounting, economics, management, and marketing, among other subject areas. He was also a resident advisor and paraprofessional student counselor to his peers. After graduating with his business degree, Mr. Gynac worked for several Fortune 500 companies, both on the West Coast and in the Midwest. His experience in corporate America included roles in outside sales, management, and banking. Mr. Gynac attended law school at Northern Illinois University in Dekalb, Illinois. While a law student, he participated in moot court and was also part of the law school’s mock trial team. In addition to being a full-time student, Mr. Gynac spent time as a “711” prosecutor intern at the Dekalb County State’s attorney’s office, and also clerked for two different law firms in private practice. Mr. Gynac graduated magna cum laude (high honors), in the top 15% of his class. After graduating from law school, Mr. Gynac began his legal career at the largest law firm in Will County, learning all aspects of family law as well as other practice areas. He took a 40-hour mediation training course to become an accredited court mediator. He also underwent extensive training to become a court certified Guardian ad Litem and child advocate. Mr. Gynac’s practice experience has ranged from litigating divorce cases with multi-million dollar family business at stake to obtaining no stalking orders to help local battered women be free of abuse and harassment. He is a subject matter expert in the areas of divorce, parentage, spousal maintenance, child support, custody, visitation, adoption, and guardianship cases. Mr. Gynac has been recognized as a Top 2.5% Rising Star “Super Lawyer,” a 2018 National Advocates “top 40 Under 40” attorneys in Matrimonial Law; and one of the “Ten Best” Family Law Attorneys in Illinois by the American Institute of Family Law Attorneys (AIOFLA). In addition to being a practicing attorney, Mr. Gynac has been on the faculty for two colleges: Rasmussen College and the College of DuPage. As an adjunct professor, he has taught law-related classes for night school students, including criminal law, criminal procedure, corrections, business law, and ethics. Mr. Gynac continues to be a sought after speaker for local colleges, to give presentations to aspiring paralegals and criminal justice students on various legal matters. Finally, Mr. Gynac is affiliated with several legal and professional organizations, including being an active member of the Illinois State Bar Association and the Will County Bar Association. Within the WCBA, he co-chairs the attorney mentoring program for the County’s law student summer externship program, helping to match up law student externs to local area lawyers.

Related Posts