Lawyers Discuss Basic Estate Planning with Bolingbrook Residents

Attorneys with Giamanco Law Partners, Ltd., a Bolingbrook and New Lenox based law firm, recently provided two presentations in Bolingbrook for residents with questions about estate planning.

The first event was held on September 4, 2019, at Fountaindale Library, and was co-sponsored by the library.

The focus for that event was on the importance of a power of attorney for healthcare. Attorneys from the firm provided detailed information on the Illinois Power of Attorney for Healthcare, how it works and what can happen if you don't have one. At the conclusion of the event attorneys Joe Giamanco, Phyllis Roman, Cori Cozortand Melisa Quinones worked one on one with about two dozen residents to review, complete and execute healthcare power of attorney forms at no cost for the attendees.

The second event was held October 7, 2019, at the Joseph & Sarah Levy Center in Bolingbrook and was sponsored by DuPage Township. This event focused on the basics of estate planning and explained some of the legal documents that people should consider executing as part of an overall estate plan including:

• A will
• A revocable trust or irrevocable rust
• A power of attorney for property
• A power of attorney for healthcare
• A living will
• Do not resuscitate orders
• Transfer on death instruments
• Whether or not to have joint accounts and what happens with it
• Instructions on your final wishes

The lawyers advised residents that while they recommend everyone have powers of attorney for property and healthcare as well as a will, they believe whether or not a person needs a trust really depends on their individual circumstances and preferences. The presentation was intended to give residents detailed information for educational purposes and all in attendance were encouraged to follow up with a lawyer to discuss preparing an estate plan that fits their individual needs. Those who were in attendance at this event were given powers of attorney for healthcare and a living will which some chose to execute at the event with the assistance of a lawyer.

At both events the attorneys stressed that estate planning is focused on the individual, but it's also more than just executing documents. Part of the process needs to include an examination of what a person has, how they have things currently set up including their bank and investment accounts, life insurance, who they want to assist them if there is such a need, who they want to receive their property, what their final wishes are and generally planning for "what if" scenarios.

Giamanco Law Partners' attorneys stressed at both events that a little planning in advance can go a long way to avoid headaches for individuals and their families when loved ones get sick, are unable to handle their own affairs or pass away. The attorneys also noted that there are a substantial number of resources available to individuals to educate themselves via the internet, but to be cautious because not all information available is accurate or applies to every situation.

For those interested in talking one on one with an estate planning attorney the law firm offers free initial phone consultations at both of their offices: in Bolingbrook 630-635-5555 and in New Lenox at 815-435-5555.