ESTATE PLANNING & ADMINISTRATION
Wills
A Last Will and Testament is the legal document that enables your final wishes to be followed after your death. We specialize in offering simple solutions to help get your assets to the people that you choose. Our standard Will includes decades of revisions and improvements which will be customized for each individual client. Not all estate plans are simple, however. At our initial consultation we will help you determine what legal document(s) and language are appropriate to ensure that your wishes are carried out, that your loved ones are cared for, and that your estate and beneficiaries are able to avail themselves of protections from costly taxes and other legal pitfalls.
Powers of Attorney
To some extent, a Power of Attorney may be the single most important legal document that is effective during a person’s lifetime. A Power of Attorney allows you to appoint someone (and any secondary persons you may wish to list) to make decisions for and with you regarding your personal and business affairs. These documents are particularly important in the event of your temporary or permanent incapacity during your lifetime, but can also be used as a matter of convenience. The language used in the Power of Attorney is critical to determining if, when, and how an agent can begin to make decisions on your behalf.
In Illinois, there are several types of agencies that can be granted by a Power of Attorney. The two most common powers of attorney we recommend implementing during your initial estate plan are the Healthcare and Property Powers of Attorney. A Healthcare Power of Attorney allows the person you name as your Agent to make healthcare decisions with you, or, in the event you are incapacitated, for you. The Property Power of Attorney allows the person you name as your Agent to make decisions with you or for you regarding your bank accounts, investments, real estate, business management, and much more.
You must be legally competent to execute a Power of Attorney. Therefore, we recommend implementing these documents during your initial estate planning, because, by the time you or your loved one needs a Power of Attorney, it may be too late to create one.
Trusts
A trust is defined as a legal right to property held by one person or entity for the benefit of another. There are many different circumstances that may require the unique benefits of a Trust, such as avoiding probate or distributing assets within the current Medicaid framework. As each Trust that we draft is unique to each client, we will discuss estimated fees after the initial consultation.
Estate Administration
Estate Administration is the legal term for managing and distributing the assets of a deceased person. This process begins by identifying the decedent’s assets, locating and organizing all bills that have or will come due, and notifying the interested persons or relatives of the deceased person. Some estates are then probated (administered through the structured court process), while others are handled by way of Small Estate Affidavits. Whether or not your loved one left a Last Will and Testament, not all estates will require probate. Contact us to discuss whether probate is legally required or otherwise preferred in your circumstances.
If the decedent had a Will, it must be filed in the office of the circuit clerk within thirty days of death. If your loved one had a will, contact us for guidance on your next steps and to discuss what happens next.
No matter the size of your loved one’s estate or the complexity of its administration, our office can help guide you through this process, giving you the peace of mind that you are handling and managing the assets effectively and efficiently.
A Last Will and Testament is the legal document that enables your final wishes to be followed after your death. We specialize in offering simple solutions to help get your assets to the people that you choose. Our standard Will includes decades of revisions and improvements which will be customized for each individual client. Not all estate plans are simple, however. At our initial consultation we will help you determine what legal document(s) and language are appropriate to ensure that your wishes are carried out, that your loved ones are cared for, and that your estate and beneficiaries are able to avail themselves of protections from costly taxes and other legal pitfalls.
Powers of Attorney
To some extent, a Power of Attorney may be the single most important legal document that is effective during a person’s lifetime. A Power of Attorney allows you to appoint someone (and any secondary persons you may wish to list) to make decisions for and with you regarding your personal and business affairs. These documents are particularly important in the event of your temporary or permanent incapacity during your lifetime, but can also be used as a matter of convenience. The language used in the Power of Attorney is critical to determining if, when, and how an agent can begin to make decisions on your behalf.
In Illinois, there are several types of agencies that can be granted by a Power of Attorney. The two most common powers of attorney we recommend implementing during your initial estate plan are the Healthcare and Property Powers of Attorney. A Healthcare Power of Attorney allows the person you name as your Agent to make healthcare decisions with you, or, in the event you are incapacitated, for you. The Property Power of Attorney allows the person you name as your Agent to make decisions with you or for you regarding your bank accounts, investments, real estate, business management, and much more.
You must be legally competent to execute a Power of Attorney. Therefore, we recommend implementing these documents during your initial estate planning, because, by the time you or your loved one needs a Power of Attorney, it may be too late to create one.
Trusts
A trust is defined as a legal right to property held by one person or entity for the benefit of another. There are many different circumstances that may require the unique benefits of a Trust, such as avoiding probate or distributing assets within the current Medicaid framework. As each Trust that we draft is unique to each client, we will discuss estimated fees after the initial consultation.
Estate Administration
Estate Administration is the legal term for managing and distributing the assets of a deceased person. This process begins by identifying the decedent’s assets, locating and organizing all bills that have or will come due, and notifying the interested persons or relatives of the deceased person. Some estates are then probated (administered through the structured court process), while others are handled by way of Small Estate Affidavits. Whether or not your loved one left a Last Will and Testament, not all estates will require probate. Contact us to discuss whether probate is legally required or otherwise preferred in your circumstances.
If the decedent had a Will, it must be filed in the office of the circuit clerk within thirty days of death. If your loved one had a will, contact us for guidance on your next steps and to discuss what happens next.
No matter the size of your loved one’s estate or the complexity of its administration, our office can help guide you through this process, giving you the peace of mind that you are handling and managing the assets effectively and efficiently.
