Estate Planning FAQ

Estate Planning  • Wills  • Probate  • Powers of Attorney

Although most people do not want to think about estate planning, it is the most important gift you can give to your family. Leaving a comprehensive estate plan will prevent your family from suffering from the agony of dealing with probate issues without any clear directions.

My office prepares wills, trusts, powers of attorney for healthcare and property, and living wills for a flat fee, which includes the initial consultation, a thorough interview, preparation of documents, and execution of those documents.

Below are some of the most frequently asked questions regarding estate planning.

Frequently Asked Questions

Which documents do I need in order to protect my family?

The documents that each individual needs differ based on their unique circumstances. In most cases, you will need a will, a power of attorney for property, a power of attorney for healthcare, and a living will. A will distributes your property after your death. A power of attorney for healthcare appoints an agent to make your healthcare decisions for you if you are unable to do so. A power of attorney for property appoints an agent to manage your property if you are unable to do so. A living will gives your doctor instructions if you have a terminal disease.

What happens to my property if I die without a will?

If you die without a will, you die intestate. In that case, Illinois law determines who inherits your property. If you die leaving a spouse and children, they each inherit half of your property. If you die leaving only children, they inherit all of your property. If you die leaving only a spouse, your spouse inherits all of your property.

What is a revocable living trust?

It is a trust to which your property is transferred during your lifetime. You continue to have the right to the income from the trust, the right to withdraw or add property, and the right to end or amend the trust. The trust is a non-entity for the purposes of income and estate tax.

Why have a revocable living trust?

There are a number of advantages to having a revocable living trust. First, a successor trustee can be named so that in the event of your disability, the successor trustee can continue to manage your affairs. Second, assets in the trust are not subject to probate upon your death. Third, having a revocable living trust facilitates the disposition of your assets after your death.

What is probate?

Probate is the mechanism by which your heirs are determined, your will is validated, your property is identified, your heirs and creditors are notified of your death, your taxes, expenses, and debts are paid, and your property is distributed. The executor named in your will supervises the process.

Does my estate have to go through probate?

No. It depends on what you own at your death and how those assets are titled. Several simplified estate administration procedures may also be utilized.