How Can Someone Avoid Probate In Illinois?
There’s a very easy way to avoid probate in Illinois. We definitely want to avoid it, because as we’ve discussed, probate is costly from a financial point of view. Not to mention, it’s a long endeavor to probate an estate. It can take well over a year to complete. The way that we avoid probate is through a trust. Some people call it a living trust, others call it a revocable trust. Either way, we create a document and title the assets in the name of the trust, and that allows us to avoid probate. It also allows us to name a successor trustee. The trustee is the individual who’s going to be in control, and who’s going to be in charge of distributing the assets pursuant to your wishes that we’ve placed in the trust. That way, we don’t have to have the court system involved. We don’t have to wait for years in order to distribute the assets. It can be done very smoothly and quickly.
Is Estate Planning A Once In A Lifetime Event?
Estate planning is usually not a once in a lifetime event. An estate plan is something that you want to update from time to time. You will want to update it if you have a change in circumstances. For example, if you get married, divorced, have children, if the value of your assets go up or down if the number of assets increase or decrease, if you acquire more properties, or if you dispose of certain properties, you’ll want to update your estate plan. Also, if there’s a change in law, or if the value of your estate is close to being a taxable estate, then you most definitely want to have a look at your estate plan. If you’re getting close to the value of a taxable estate, there are things that we can do that will avoid estate tax, and we most definitely want to avoid estate tax because that can be as much as 50%.
It’s very significant to try and avoid that if possible. You don’t have to revisit an estate plan on a monthly or yearly basis. But it is a good idea if you have significant changes in circumstances. It is a good idea to revisit it to make sure that everything is as you like it, and that it’s accomplishing your goals.
Is Estate Planning A One-Size Fits All Formula? Does Everyone Need Something Different?
The general concepts in estate planning are similar, but the details are going to be different for every single situation. If you have a single individual with no children, but maybe they have nieces and nephews, that would be one circumstance. Maybe you have an individual who was divorced but has children, that would be another situation. Maybe you have a situation where you have an individual who is remarried for a second or third time, that would be a different situation. Maybe you have a regular family of four, a married couple with children, that would also be another situation. It’s very easy for me to customize these plans to fit the needs of the individual or individuals involved.
What Sets You And Your Firm Apart In Handling Estate Planning Matters For Your Clients?
We’re well qualified to handle all your estate planning needs. My father has been an attorney since the late 60s. He was involved in finance and banking for most of his life. My brother who is an attorney is also a CPA. I’ve been practicing law for over 20 years. Therefore, between the three of us, we have the know-how and experience in finance and estate planning to handle all sorts of needs that you might require.
For more information on Avoiding Probate In The State Of Illinois, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (815) 290-9170 today.
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