Estate Planning
Estate planning is the planning of the acquisition, preservation, and ultimate disposition of one's assets. The first law of estate planning is a modified version of Murphy's Law: "If anything can go wrong, it does, and usually when it's too late to correct."
To prepare a will or even a trust that meets the minimum legal requirements is relatively easy, but to prepare an effective estate plan, you must know what your options are and the consequences flowing from those options. Preparing estate planning documents without adequate knowledge of the legal, tax, and practical effects of those documents is like traveling in a car without a map. Just as a map of Pennsylvania will not help you travel through California, estate planning information that comes from someone who is not familiar with the laws of your state may lead you down the wrong path. If you live in Illinois, we can:
1. Advise you in the estate planning, property, and tax laws applicable to Illinois,
2. Prioritize your goals,
3. Implement your plan with professionally prepared documents and
4. Periodically review your plan to keep it up-to-date.
Probate
All of your assets which do not pass by operation of law or by contract pass through probate or intestacy proceedings. Your personal representative is called an "executor" if named in your will or "administrator" if not. "Probate" refers to the court proceeding required to transfer the assets of a decedent which do not pass directly by law or contract. To avoid probate, either (a) don't die or (b) use the non-probate forms of ownership which allow your assets to pass to your beneficiaries by operation of law or under a contract. A will does NOT alleviate the need for probate but a will may clarify and simplify probate.
Our Probate services will help you complete the necessary filings and court appearances to close a loved one's estate.
Wills
A will is the legal means by which an owner of property disposes of his assets in the event of his death. The term is also used for the written instrument in which the testator's dispositions are expressed.
A will is valid if it meets the formalities of the law, which usually requires that it be witnessed. The advantage of having a will drawn by an attorney arises from his knowledge of what the law requires. A will may be considered invalid if, among other instances, the testator was mentally incapable of disposing of his property; if the will imposed unreasonable or cruel demands as a condition of inheritance; or if the testator did not have clear title to the bequeathed assets. Business partners often draw up "mutual wills" involving transfer of business assets upon the death of one partner.
We can help you decide if a will is needed and help draft this important legal document.
Living Trusts
A living trust is a legal document that, just like a will, contains your instructions for what you want to happen to your assets when you die. But, unlike a will, a living trust avoids probate at death, can control all of your assets, and prevents the court from controlling your assets at incapacity.
Key Benefits
- Avoids probate at death, including multiple probates if you own property in other states
- Prevents court control of assets at incapacity
- Brings all your assets together under one plan
- Provides maximum privacy
- Quicker distribution of assets to beneficiaries
- Assets can remain in trust until you want beneficiaries to inherit
- Can reduce or eliminate estate taxes
- Can be changed or cancelled at any time
- Difficult to contest
- Prevents court control of minors' inheritances
- Can protect dependents with special needs
- Prevents unintentional disinheriting and other problems of joint ownership
- Professional management with corporate trustee
- Peace of mind