Experienced Peoria Estate Planning Lawyer
Planning for the future can feel overwhelming, but it is one of the most important steps you can take for yourself and your family. At Sullivan & Shick, we help individuals and families in Peoria, Illinois, create comprehensive plans that protect their assets and their loved ones. Whether you are looking to draft a simple will or need complex trust administration, our goal is to give you peace of mind.
You do not need to be wealthy to benefit from an estate plan. If you have a home, a car, a bank account, or family members who depend on you, you need a plan. Our experienced legal team guides you through the process, ensuring your wishes are honored and your legacy is secure.
What is Estate Planning and Why Does it Matter?
Estate planning is the process of arranging how your affairs will be handled after you pass away or if you become unable to make decisions for yourself. It is not just about distributing money; it is about maintaining control.
Without a plan, the state of Illinois determines what happens to your property and who cares for your children. By working with a Peoria estate planning lawyer, you ensure that your specific instructions are followed. Proper planning helps with asset protection, minimizes family conflict, and ensures your healthcare wishes are respected.
Key Estate Planning Documents We Prepare
A complete estate plan consists of several legal tools working together. We customize these documents to fit your unique situation.
Wills
A Last Will and Testament is the foundation of most estate plans. It allows you to name beneficiaries who will inherit your property. In your will, you also appoint executors—the people responsible for carrying out your instructions and paying off debts.
Trusts
Trusts are powerful tools that can offer more control than a will. Unlike a will, a trust can often help you avoid probate, which saves time and money. We can help you set up Revocable Living Trusts to manage your assets during your lifetime and distribute them efficiently after death.
Powers of Attorney
Planning isn’t just for after you pass away; it is also for while you are alive. A Durable Power of Attorney for property allows you to name a trusted person to handle your finances if you become incapacitated. This ensures your bills are paid and your assets are managed without court intervention.
Healthcare Directives and Living Wills
Healthcare directives and living wills let you state your medical preferences regarding life support and end-of-life care. These documents guide your doctors and family members so they do not have to guess what you would have wanted during a medical crisis.
Benefits of Hiring a Peoria Estate Planning Lawyer
While DIY forms exist online, they cannot account for the specific nuances of your life or the Illinois Probate Act. A generic form might not stand up in court, leading to confusion and legal battles for your family. Here is why professional legal help is essential:
- Customized Strategy: We look at your family dynamics, business interests, and financial goals to build a plan that fits you.
- Tax Minimization: We help structure your estate to minimize potential estate taxes, keeping more wealth within your family.
- Business Succession: If you own a business, we help create a roadmap for its future transfer or sale.
- Compliance: We ensure all documents are witnessed, notarized, and executed according to strict Illinois laws.
The Risks of Not Having an Estate Plan
Failing to plan can have serious consequences. If you pass away without a will, you are considered to have died “intestate.” Under the laws of intestate succession, the state decides who gets your property. This often means assets are split between a spouse and children in ways you might not have intended.
Additionally, without a plan:
- Your estate may go through a long, expensive public probate process.
- A judge who doesn’t know your family will choose a guardian for your minor children.
- Unmarried partners may inherit nothing.
- Family disputes may arise over sentimental items or financial assets.
Sullivan Shick
Planning for Minor Children and Special Needs
For parents, the most critical part of estate planning is often guardianship. If something happens to both parents, a will allows you to name the person you trust to raise your children. Without this designation, the court will decide for you.
We also assist families who have loved ones with disabilities. We can help structure Special Needs Trusts that provide for a beneficiary’s needs without disqualifying them from essential government benefits.
The Estate Planning Process and Timeline
Creating an estate plan with Sullivan & Shick is a straightforward process designed to be as stress-free as possible.
- Initial Consultation: We meet to discuss your goals, family situation, and assets.
- Design and Strategy: We recommend the best tools (wills vs. trusts) for your needs.
- Drafting: Our team drafts your legal documents with precision.
- Review and Signing: We review the documents with you and oversee the formal signing ceremony.
While the timeline varies based on complexity, most plans can be completed within a few weeks.
Updating Your Estate Plan
An estate plan is not a “set it and forget it” document. You should review your plan every 3 to 5 years or after major life changes. Significant events that require an update include marriage, divorce, the birth of a child, the death of a beneficiary, or significant changes in your financial status.
Frequently Asked Questions
Estate planning in Peoria involves creating legal documents like wills and trusts to manage your assets, healthcare, and family responsibilities in the event of your death or incapacity, specifically following Illinois state laws.
Yes. Even "simple" estates can face complications regarding guardianship, taxes, or family disputes. A lawyer ensures your documents are legally valid and that you haven't overlooked critical assets or risks.
A basic plan typically includes a Last Will and Testament, a Durable Power of Attorney for property, a Power of Attorney for healthcare, and a Living Will.
Costs vary depending on the complexity of your estate (e.g., whether you need a trust or complex tax planning). We offer transparent pricing and can discuss fees during your initial consultation.
The process usually involves an initial meeting to discuss your wishes, the drafting of documents by the attorney, a review session to make corrections, and a final signing meeting to notarize and witness the documents.
For most clients, the entire process takes a few weeks from the first meeting to the final signing. Urgent plans can sometimes be expedited if necessary.
If you die without a will, your assets are distributed according to Illinois intestate succession laws. This usually means your property is divided between your spouse and children, or other relatives if you are single, regardless of your personal wishes.
You can, but it is risky. Online forms often fail to address specific Illinois requirements or unique family dynamics. Errors in execution can render the documents invalid when they are needed most.
We recommend reviewing your plan every 3 to 5 years, or immediately following major life events like marriage, divorce, new children, or a significant inheritance.
Risks include loss of control over who inherits your assets, higher court fees and taxes, court-appointed guardianship for your children, and potential family conflicts.
Secure Your Legacy Today
Don’t leave your family’s future to chance or the courts. At Sullivan & Shick, we provide the expertise and compassion you need to navigate the estate planning process with confidence. Whether you need to avoid probate, name a guardian, or simply ensure your voice is heard, we are here to help.
Contact us today to schedule a consultation with a dedicated Peoria estate planning lawyer and take the first step toward protecting what matters most.
CONTACT US
(480) 284-2644
(623) 915-0944