Estate Planning McLean County IL – Call the Queen Law Firm at 309-245-8080
Estate planning can benefit practically any Illinois resident. It’s basically about making a plan to ensure that, after you die, your wishes will be followed. An estate plan can spare your loved ones unnecessary delay and costs. Also, an estate plan places a trusted individual in charge in the event you’re not able to manage your affairs.
The documents necessary for Estate Planning McLean County IL include:
-A will. This is the document that directs who receives your assets. Additionally, you’ll identify an executor in your will.
-A durable power of attorney, which names an individual to manage your finances in the event it becomes necessary.
-A living will (also known in Illinois as a declaration). This document states your end-of-life directions.
-A durable power of attorney for healthcare. Names someone to ensure your wishes regarding your healthcare wishes will be honored.
If you are an Illinois resident, you might want to consider the advantages of probate-avoidance. Probate is a court procedure that occurs following a person’s death. It grants your executor the authority to do things like pay your remaining bills. Or, oversee the transferal of your assets those who are to inherit them. Probate, however, can take a lot of time and get expensive, which is why so many Illinois residents choose to avoid it. Without a doubt, probate avoidance can save considerable hassle and expense. With a legal document known as a living trust, it’s possible to avoid probate. (As long as you take action while you’re alive.) After your passing, your family will not able to avoid probate of the Estate Planning McLean County IL you leave behind.
A will is, naturally, a critical part of Estate Planning McLean County IL. You’ve probably heard it called a “last will and testament” as well. It can protect your property and your loved ones. With a legal will in place, you may leave instructions to:
-Leave assets to individuals or an organization.
-Appoint someone to act as a guardian to provide care and supervision of your minor children.
-Name someone to manage properties you leave to your minor children.
-Name an executor, who is the individual who ensures that the directives in your will are fulfilled.
Dying without a will in the state of Illinois
The state’s intestacy laws apply if you pass away without a valid will in Illinois.
That means that your assets go to your closest living relatives, starting with your spouse and then your children. In the event that you don’t have a spouse or any children, your parents will receive your property. The list extends to relatives like siblings, aunts, uncles, grandparents and so on. In cases where there are no relatives, the state of Illinois takes the property.
It is not a requirement to hire a lawyer to make a will in the state of Illinois. However, there are some situations where it is advisable to consult an estate planning lawyer. For instance, if you want to disinherit someone – like a former spouse – or if there’s a chance someone will contest your will.
To finalize a will in the state of Illinois you must:
-Sign the will in the presence of two witnesses.
-The witnesses must also – in front of you – sign your will.
Note that it is not a requirement to get a will notarized in Illinois.
Here are a few FAQs about wills in Illinois:
-Do I name an executor in my will? Yes. In the state of Illinois, you can utilize your will to appoint executor. It’s the executor’s responsibility to carry out the provisions of your will after you pass away. Your lawyer can further explain what the role of executor entails. In the event you do not name someone as executor in your will, the probate court appoints someone to administer your estate.
-Is it possible to make changes or revoke my will? You can make some changes or revoke your will whenever you want to. To revoke your will you can do any of the following:
-Tear up, burn or destroy the document.
-Simply destroy the document – or direct someone else to do so in front of you.
-Create a new will which states the old version is no longer valid.
-If you go through a divorce, state law will revoke any directions in your will that leave assets to your spouse. (Or if you name your spouse to serve as your executor.) If you have concerns regarding the consequences of divorce upon your will or Estate Planning McLean County IL talk to your lawyer.
If you want to change your will, it’s advisable to revoke it and draft a new version. However, if the changes you want to make are simple, you can add them to your current will in the form of a codicil.
Now that you have some information about wills, let’s look at some of the benefits of Estate Planning McLean County IL:
-Make provisions for your family. If there is no estate plan when you pass away, your family might simply receive less. In addition, it will probably take more time for them to receive it. That risks putting your family in financial limbo. They could be in the unfortunate position of not having enough money to cover their bills.
It’s not unusual for a sudden death to leave families facing major financial stress in the years to follow. Sound Estate Planning McLean County IL will ensure provisions for your family so they won’t be facing financial hardships after you die.
-Prevents children from going to the state’s protective services. It’s unpleasant to consider, but it’s important to plan for your children’s care in the event of your death. There are several issues: from transporting them to school and medical appointments to who shall serve as their guardian. If you do not create an estate plan with instructions, you may risk them going to Child Protective Services. Why would you want to leave that important decision to the court system? Estate Planning McLean County IL can include specific instructions regarding the care of your children.
-Minimize costs. When someone dies without an estate plan, it’s the court system that then handles their affairs. For example, the court determines major issues like how to distribute your property and who becomes guardian to your children.
This is the probate process and it can become quite expensive even for estates with modest assets. Estate Planning McLean County IL will help keep your assets out of the probate process.
-Get your property to your family sooner. With Estate Planning McLean County IL, your family receives money they’ll need for paying bills without unnecessary delay.
-Reduces taxes. There are a number of strategies for tax reduction that you can utilize through estate planning. They can help your family keep as much money as possible. But to do so, it’s essential to begin Estate Planning McLean County IL with your lawyer.
-Estate Planning McLean County IL makes your retirement easier. It’s important to point out that estate planning also has benefits while you’re still living. Healthcare, especially, is a topic where smart estate planning offers significant advantages. It can help ensure your eligibility to receive government benefits such as Medicare. In turn, that can help to lower healthcare expenses so you’ll be able to leave more behind for your family.
Call the Queen Law Firm to schedule an appointment and learn more about Estate Planning McLean County IL.