Executor Kane County IL – Law Offices of Anthony R. Scifo – Call for a Free Consultation – 847-628-8311
A will is legal documentation in which the person who creates it – known as the “testator” – states their wishes regarding how their property is to be divided and distributed upon their death. A will also states who shall oversee the distribution and who shall serve as the guardian of any minor children of the deceased. A will usually appoints an Executor Kane County IL, who is named to handle the estate until distribution is finalized and who carries out the deceased’s wishes. Wills are very important to have because they enable you to express what you want clearly.
A will typically covers four main points:
-Designates an Executor Kane County IL who will carry out the will’s provisions.
-Designates the estate’s beneficiaries or those who shall inherit assets.
-Directions for how the assets are to be divided.
-Designate a guardian or guardians for minor children.
For a will to be legally valid its creator has to be at least 18 years of age. The will has to be signed by the testator while in the presence of a minimum of two witnesses. Both witnesses also must sign the will for it to be valid.
Reliable Guidance for Executor Kane County IL and Trustees in Probate
It’s important to have an experienced lawyer with an understanding of the Illinois probate process at your side throughout the administration phase. At the Law Offices of Anthony R. Scifo, we believe in maintaining open communication with our clients to keep them informed each step of the way. Our dependable services makes our law firm a wise choice among probate lawyers in Illinois. We assist and advise trustees, beneficiaries and executors to form a practical familiarity with the state’s probate procedures.
Probate, which is a process guided by the court system, is basically what happens following the death of a person. During the probate process, debts are settled and creditors receive notice. Also, assets and properties are distributed to the deceased’s beneficiaries. If someone makes a challenge regarding the distribution of assets and properties, that claim must be assessed based upon evidence before it is disregarded or honored.
Knowing the Relevant Issues of Wills or Trusts
The Executor Kane County IL of a will is the person who is obligated to manage each aspect of the deceased’s estate. Being an Executor Kane County IL is an important role that can often call for the assistance of a lawyer. Our law firm provides legal guidance for executors for:
-Allocation and management of assets.
-Management of debts and expenses
-Proper execution of a trust or will.
-Distribution of funds.
-Correct procedures for estate closures.
Guidance on the Responsibilities to Trustees
A trustee of an estate essentially helps to manage its assets. Trustees are responsible for tax and legal matters in relation to a trust and for ensuring the trust’s assets are distributed according to an estate’s plan. A few of the most common trustee responsibilities are:
-Administering assets in accordance to the terms set by the trust.
-Assure that the trust’s assets aren’t at risk.
-Responsible for tax filings that are timely and accurate.
-Maintain the trust’s important documents.
-Communicate with the trust’s beneficiaries.
Consult with a lawyer today at 847-628-8311. If you are a trustee, an Executor Kane County IL or the beneficiary of an estate and need legal assistance with probate our firm is here for you.
Wills and Estate Planning
Estate planning entails the drafting of legal documents that relate to an individual’s property and is usually done with the assistance of a lawyer. There are multiple aspects to estate plans such as wills, trusts, healthcare directives and the estate itself. A lawyer with expertise in these areas can review what’s involved with estate planning instruments and recommend how you should proceed.
Estate planning mainly focuses on how assets and property shall be handled following a person’s death. It can also, however, concern how assets and properties are handled during that person’s lifetime too.
The foundation of most estate plans is the person’s will. This is a document that states how someone wants his or her properties managed after they die. A testator is usually the person who creates and owns the will. A lawyer will listen to the testator’s wishes and draft their will accordingly.
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A testator may choose to appoint another person to manage their property after their death. That individual is called the Executor Kane County IL. This position is responsible for being in compliance with Illinois laws that govern probate and the distribution of property. The Executor Kane County IL follows the will’s directions, pays creditors and distributes remaining property to the named beneficiaries. A testator may also choose to appoint someone as guardian to their minor children in their will.
In the event that a person dies without a will, Illinois law instructs how their property shall be handled and who shall inherit it. When a person does have a will but wants to change it, A lawyer can do that by drafting what’s known as a codicil to the will. The codicil can change and update the terms of the will without the need to rewrite the whole document.
A lawyer can draft a trust for you. A trust is essentially a tool that permits another individual – the trustee – to handle assets that are placed in the trust on behalf of one or more beneficiaries. A trust is a document stating when disbursements are to be issued to beneficiaries. This useful legal device is used on its own or along with a will.
Power of Attorney
A power of attorney enables an individual to act on the behalf of the principal. This form of legal document permits the person with power of attorney to manage legal and fiscal affairs of the principal. It can be quite broad, providing for them to exercise a full scope of legal rights for the principal. Or, power of attorney may provide for just a few particular powers like selling a parcel of property.
The principal may choose when the power of attorney takes effect, and it can include a set schedule. Alternatively, it could take effect later at a time determined by the principal.
Provisions for Minor Children – Wills and Trusts Lawyer
It’s important your estate plan addresses matters regarding care of your child or children. If they are young, you might want to think about drafting a plan that will enable your spouse to dedicate more attention to them without the extra burden of work responsibilities. You might also wish to provide for specialized counseling and other resources for your spouse if they lack experience in handling financial and legal issues. Talk with your lawyer about the possibility of you both passing away simultaneously or within a brief period of time.
A contingency strategy can provide for the person you’d prefer to manage your property and assets as well as appointing a guardian for your child’s upbringing. The trustee in charge of your finances does not need to be the same person who serves as guardian. In many cases, however, you might want to designate different individuals to establish a system with checks and balances. If no one is designated, the decision on who shall manage your financials and care for your children goes to the court. Even if you’re fortunate enough to have the person you wanted appointed by the court, they might have some restrictions placed upon them.