Wills Lawyer Geneva IL – MDR Law Office – Call 630-402-0850
It’s beneficial for practically all Illinois residents to complete some fundamental estate planning. Basically, estate planning ensures that distribution of your property and assets will proceed according to your wishes after you die. Smart estate planning can spare your family unnecessary costs and delays. In addition, it can ensure that an individual whom you trust can oversee your estate in the event you’re not capable of managing your affairs. Speak with a Wills Lawyer Geneva IL at our firm to learn more.
The basic documents you’ll need for estate planning in Illinois generally includes:
-A valid will through which you leave your property and assets and appoint an executor. A Wills Lawyer Geneva IL can draft a valid will for you.
-A living will (called a declaration in Illinois), to spell out your end-of-life wishes, and
-Durable power of attorney for your healthcare, which names someone to ensure compliance with your healthcare directives.
-A durable power of attorney for your finances. This names someone who will manage your financial assets if necessary.
If you are a resident of the state of Illinois, you might want to ask your Wills Lawyer Geneva IL about probate-avoidance.
A court procedure, probate takes place after someone dies. It provides your executor with the authority to do things like transfer assets to the people who are to inherit them and pay your remaining bills. However, probate is often an expensive process that takes a lot of time. Understandably, many people want to avoid probate and save their families the hassle and cost.
Creating a living trust is a way of avoiding the probate process. After you pass, your loved ones likely won’t be able to keep your estate out of probate. In the state of Illinois there is an estate tax that is imposed upon only the wealthiest estates. Every resident may leave behind up to $4 million in assets without the need to pay taxes on it to the state.
Read on for more helpful information about livings trusts and wills. Consult with a Wills Lawyer Geneva IL at 630-402-0850 for more assistance.
A trust is simply an arrangement in which an individual person – the trustee – holds a legal title to a property or asset for another individual – the beneficiary. A person can serve as the trustee of their own living trust, retaining control over the property that’s held in that trust.
Just as the term says, a living trust is a document you create while you’re still alive. (Rather than a document created upon your death according to the terms of a will.) The beneficiaries that you name within your living trust shall receive the trust’s property after you die.
In contrast to a revocable trust, an irrevocable trusts may not be changed or revoked after they’re signed. An irrevocable trusts is a helpful tools for accomplishing specific objectives such as reducing taxes. However, they require relinquishing control and ownership of the trust’s property.
Creating a Will in the State of Illinois – Wills Lawyer Geneva IL – 630-402-0850
Here’s a simple checklist to follow for creating a will:
-Determine what properties you want to include within your will.
-Then, choose who shall inherit the properties.
-Appoint someone to serve as an executor to oversee your estate.
-If you have children, appoint someone to serve as their guardian.
-Create your will and sign the document in the presence of witnesses.
-Keep your will in a safe place.
Dying with a Will
In the state of Illinois, in the event you pass away without a valid will, distribution of your property proceeds according to intestacy laws. In Illinois, intestacy laws give your assets to your closest living relatives, starting with your spouse and your children.
If you do not have a spouse or children, then your property goes to your parents of grandchildren.
The list then continues to grandchildren, siblings, cousins, uncles, aunts and so on. Get help drafting a valid document that will protect your assets. Talk to a Wills Lawyer Geneva IL at 630-402-0850.