<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=074WaZ_1FP7Krd100" alt="https://img.particlenews.com/image.php?url=074WaZ_1FP7Krd100" width="1000" height="800" ></figure><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=3pF07A_1FP7Krd100" alt="https://img.particlenews.com/image.php?url=3pF07A_1FP7Krd100" width="1000" height="800" ></figure>Nobody likes to think about what happens when they’ve passed on, but it’s important to plan ahead.Consider this: You own a business with several partners. Your spouses aren’t interested in continuing the work themselves. So, if one of you dies unexpectedly, what happens to your share of the business?Unless there’s a will, an agreement with the business and a dedicated estate plan, those decisions probably will fall into the hands of a judge. A trusted lawyer can help to make sure your affairs are in order and choices are made with your best interests in mind, says Robert Canfield, senior attorney and managing partner of Canfield &amp; McKenna in Rockford.<figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=2V01Wt_1FP7Krd100" alt="https://img.particlenews.com/image.php?url=2V01Wt_1FP7Krd100" width="572" height="800" ><figcaption>Robert Canfield</figcaption></figure>“What we try to do is say, ‘On your passing, what do you want to have happen? Who gets what, under what conditions?’ And then we ask what happens when other people aren’t there because they’ve passed before you,” says Canfield. “We try to do it in a way that avoids probate, because probate will cost you several thousand dollars or more.”Probate is a legal channel that distributes a person’s estate. It’s a complicated legal puzzle, so the goal is to make things as uncomplicated as possible, Canfield adds. A will is the most common way to designate where your estate will go. A “transfer on death” instrument is another legal tool that establishes a clear succession plan for real property. In this case, it designates a certain property – say, a home – that can bypass the estate and go directly to someone’s heir.Another alternative may be a trust. However, a trust is often not appropriate or necessary for many clients, due to the value of their estate, says Canfield. In many cases, the transfer on death instrument and the use of named beneficiaries may be a more efficient means of estate planning.<figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=3QO3Ax_1FP7Krd100" alt="https://img.particlenews.com/image.php?url=3QO3Ax_1FP7Krd100" width="572" height="800" ><figcaption>Kiera Kamedula</figcaption></figure>“Powers of attorney and living wills are also important,” adds Kiera Kamedula, associate attorney. “God forbid, if something ever happens to you but you’re still alive, you could need someone to make health care or financial decisions for you. You want to have the right people lined up to make those decisions.”As much as attorneys try to avoid probate, there are situations where it’s preferred. Where there are claims against an estate or conflicts between family members or creditors, probate offers protections, says Canfield. One reason is that probate designates seven levels of claimants against an estate. The first level covers the cost of closing the estate. Then, your spouse receives an award. After other possible obligations are paid, then unsecured creditors, like medical providers, get paid. Finally, after all claims are paid, the remaining assets of the estate are distributed to the heirs and legatees.“What we don’t want to have happen is that a daughter becomes responsible for her parents’ estate, and she has various claims coming in,” says Canfield. “Someone sends her a bill for an unsecured loan, which would be classified as part of the last debts to be paid. She doesn’t understand this, so she pays it. Then, a higher-level claim comes in and that one might have to be paid out of the daughter’s own pocket.”Qualified, experienced attorneys can help their clients avoid these situations. They can also work with a personal touch and a depth of subtlety that no AI-generated will or document is capable of resolving. Attorneys can also provide a level of education and guidance along the way.“I can dig down deeper with a client and say, ‘Are you sure? Here are the outcomes, here are the alternatives and here are the potential results of your decision,’” says Canfield, who’s been in practice for more than 40 years. “You’ll find some clients quickly go, ‘Oh. Maybe I don’t want to do that.’ Our job as attorneys is to dig deeper. We get interaction, feedback, nonverbal communication that’s essential in terms of asking the right questions and making sure the client understands.”Canfield &amp; McKenna Attorneys at Law, 111 S. Alpine Road in Rockford, specializes in estate planning and probate, family law and divorce. For a consultation, contact (815) 968-7200. </div></body>

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Nobody likes to think about what happens when they’ve passed on, but it’s important to plan ahead. Consider this: You own a business with several partners. Your spouses aren’t interested in continuing the work themselves. So, if one of you dies unexpectedly, what happens to your share of the business?

Estate Planning Essentials: Avoid Probate with the Right Legal Tools

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Nobody likes to think about what happens when they’ve passed on, but it’s important to plan ahead. Consider this: You own a business with several partners.

Estate Planning Essentials: Avoid Probate with the Right Legal Tools

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