What are common questions about Wills and Living Trusts?
What is a Will?
Simply put, a will is a written agreement that distributes your property upon your death and you also may name a guardian for your children in a Will. It is not intended to take place during your life, but it is a post-death legal document.
What is a Living Trust?
A Living Trust is a legal document that creates a seperate entity outside of your personal name and distributes your property upon a death or incapacity. Unlike a Will, a Living Trust does not go through the pain of probate court if structured the correct way. Structured the correct way means that your title to your property is titled in your Revocable Living Trust's name. A Living Trust is also intended to be a document that is designed to address an incapacity and avoid guardianship court. Guardianship court is a court where an adult disabled person lacks the sufficient understanding to make healthcare and financial decisions for themselves.
What is a Power of Attorney for Property? A Power of Attorney for Property is a legal document where you appoint somebody to make healthcare decisions for you in case you cannot make those decisions yourself.
What is a Power of Attorney for Healthcare? A Power of Attorney for Healthcare is a legal document where you appoint somebody to make healthcare decisions for yourself if you cannot make those decisions yourself.
How Can I Distribute My Estate Where My In-laws Cannot Touch My Children's Inheritance?
Unlike a Will, a beneficiary receiving an inheritance can have a spendthrift provision in a Living Trust, which protects the beneficiary from a divorcing spouse or creditors. Hence, with a Will, if your children go through a divorce proceeding, the inheritance is considered for divorce purposes. This is not true with a Revocable Living Trust.
What Happens If I own Real Estate In More Than One State? A probate proceeding must be established in every state where you own real estate. Generally, after both parent(s) have deceased, probate is necessary to determine who is the rightful heir. Probate is a court that determines whether there was a valid will or any other document that legally distributes a decedent's property upon their death (i.e. beneficiary designated life insurance policy).
How Long Does Probate Take and How Expensive Is It? Generally, probate takes a minimum of six (6) months to two (2) years in the State of Illinois. Probate has a costs of around $3,000 to $10,000 in legal fees, surety bond fees, and other court costs. There are several factors that increase the costs such as whether there is a will contest, the complexity and assets involved, and whether there are any minor children receiving an inheritance.
Robertson Law Group, LLc
Offices in Naperville, Chicago Ridge, and downtown Chicago
630-364-2318 or 312-498-6080
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com
Key words: Naperville, Lisle, Downers Grove, Aurora, Montgomery, Bolingbrook, Joliet, Romeoville, and Plainfield.
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