Estate Planning Lawyer South Elgin IL – Law Offices of Anthony R. Scifo – Call 847-628-8311
Estate Planning Lawyer South Elgin IL
Questions about estate planning in the state of Illinois? Basically, it is a process that involves creating legal documents that will assist you during your lifetime and also help your loved ones after you pass away. These documents are what determines who shall inherit your assets, provide care for your children and also who will oversee the process. Some fundamental information for you to know in regards to estate planning and how a Estate Planning Lawyer South Elgin IL can help you includes:
-A power of attorney only applies while you’re still living and automatically ends after you die. To have someone in your family manage your affairs after you pass, identify them in your will as the executor. In the event that you die without a valid will – known as dying intestate – the laws of the state will make determinations for you. In that situation, the court distributes your property in accordance to the rules established in state law.
Here in Illinois, the law determines that if you have a surviving spouse, they’ll receive all of your property. If there is a spouse and children, they divide everything. In the event you do not have a spouse or children your parents receive your property.
Not every will is necessarily valid. For instance, if a will is created as the person is not of sound mind or if they’re forced to give their signature under duress, the will may not be a valid one. Furthermore, in Illinois, at least two witnesses must sign a will along with the person who creates it.
-Living wills. This document relates to end-of-life medical care rather than the distribution of your property. Understandably, people might confuse it with a will that states who inherits your assets after you are gone. Also referred to as an advanced directive, a living will actually instructs physicians whether they should keep you alive if you’re on life support. While the details vary for each person, that’s the basic idea. It is possible for you to do some of these arrangements on your own.
When you have a relatively straightforward, basic situation, you’ll be able to locate the appropriate documents online for establishing powers of attorney and advance directives. However, to ensure the best care for your assets and that your wishes will be accurately carried out, it’s best to hire an Estate Planning Lawyer South Elgin IL.
It’s also important to keep current with your estate plan. It’s probably not necessary for you to revise it each year. Although, when there is a significant life event such as a marriage, a divorce, or the birth of a child it’s a smart move to have your Estate Planning Lawyer South Elgin IL make some adjustments to your estate planning documentation. You do not need to have a lot of assets in order to establish a trust. When you place your assets in a trust, you are helping to protect it against probate. That means that the assets can pass automatically to the people you choose without it going first to the court system.
-A trust will require a trustee. A trustee is the individual who is assigned to provide management of the assets within the trust, which includes making distributions. While you are living you may serve as your own trustee and appoint a successor to take over the responsibility after you die.
-Plan to establish guardianship of your children. An Estate Planning Lawyer South Elgin IL also can help you create a plan for who shall provide care to your children if they’re minors. Without a doubt, this is a critical component of estate planning.
An Estate Planning Lawyer South Elgin IL typically charges a flat rate or an hourly rate. Be sure to discuss legal fees with your lawyer during your initial consultation with them.
If you have more inquiries call our offices to speak with an Estate Planning Lawyer South Elgin IL.
The main purpose of estate planning is to ensure that your assets and property will go to the parties you want it to and also to make that process as seamless as possible for your loved ones after you die. You’ll want to adequately protect what you have worked for built throughout your lifetime in order for your loved ones to benefit from your efforts and planning. In addition, it’s important to have a plan ready if you have children or other dependents who will require care.
Seek the services of an experienced Estate Planning Lawyer South Elgin IL to help you achieve your goal, even if it may seem like your situation is straightforward. Someone who has expertise in that area of the law and is familiar with how it works in many other cases similar to yours can share the advantages of that experience, making your estate plans more clear and far more prone to be effective.
Probate and Estate Planning Lawyer South Elgin IL
A standard legal procedure, probate is what happens after someone passes away. It can include:
-Proving to the court that the person’s will is legally valid.
-Identifying the property of the deceased person and arranging for appraisal of the property.
-Paying the estate’s remaining taxes and debts.
-Dispensing the property according to the directions of the will. (Or, if the person did not create a will, according to Illinois law. Simply stated, you cannot acquire properties legally after someone passes without going through probate court.
There are a couple different kinds of probate estates: testate and intestate.
-A testate estate. This is utilized when the deceased person leaves a valid will, which instructs who receives their assets and, in addition, names an executor. This is the individual who is responsible for fulfilling the terms outlined in the will. After determining the executor, the court then issues a “letter of office” that officially appoints the executor. When an estate is intestate, on the other hand, it means the person who died did not leave a will.
In that situation, state law determines who shall be entitled to inherit the deceased’s assets and names an executor. It’s not unusual for conflicts to arise over the distribution and control of an intestate estate.
Within thirty days of the person’s death, the will has to be filed at the courthouse in the county in which the deceased resided last. If the person was the owner of property in a different state, another filing must be done in that state. The process of probate can take anywhere from six months to many years based upon the estate’s size.
The will remains open for a minimum of six months to enable creditors or other parties time to file a claim against the assets of the estate. In Illinois, filing a small estate affidavit can help to avoid probate when the value of the estate is under $100,000. A will is probated, however, when the value of the estate is more than that amount. For more answers to your inquiries about probate call our offices to speak with a Estate Planning Lawyer South Elgin IL.
Consult with an Estate Planning Lawyer South Elgin IL at 847-628-8311
Our law firm is here to help you with a multitude of professional legal services that can help to preserve your property and assets for those who matter the most to you. Although the needs of each person varies, comprehensive estate planning services can involve at least one of the following:
-Creation of living wills and trusts.
-Irrevocable and revocable trusts.
-Power of attorney.
-Asset protections and preservation.
Along with these services, our law firm also handles cases that involve:
-Guardianships and conservatorships.
A knowledgeable Estate Planning Lawyer South Elgin IL can provide the services you need today and also anticipate your loved one’s future needs.
Protect Your Assets with Smart Estate Planning
If you have acquired assets, it’s essential for you to ensure they remain intact for the benefit of your loved ones after you pass away. When you have worked for a lifetime growing a business, making investments in real estate and collecting assets you probably want to shield them from lawsuits and excessive taxation after your death. An Estate Planning Lawyer South Elgin IL can help you establish effective asset protection.
Protecting assets with the guidance of a Estate Planning Lawyer South Elgin IL can take several various forms. Following a person’s death, there may be creditors seeking repayment for remaining debts. Likewise, the Internal Revenue Service might seek repayment of remaining taxes owed by the deceased. There are other parties that can go after a person’s assets such as relatives, former business partners and litigants who may have been part of lawsuits along with the deceased. You can protect your valuable assets by utilizing Estate Planning Lawyer South Elgin IL strategies such as trusts.