Why Estate Planning Applies To Everybody and Not Just Seniors?

Estate planning is a topic that often gets ignored and delayed. A common obstacle is estate planning is not a priority. Unfortunately, in many cases, estate planning becomes important when your situation calls for it. Often times, estate planning is inadequate during these times.

If you pass away without a will or trust, the State of Illinois will decide who gets your assets. In Illinois, intestate succession is the state law that determines who will be your rightful beneficiaries of your assets. In Illinois, if you die without a will, your beneficiaries must undergo a court process called "probate". Probate is a court which determines who is the rightful beneficiaries of a deceased person's estate or assets. If you or your loved one dies without a will, probate court is frustrating because it is slow and expensive. Attorney's fees and costs add up along with surety bond fees, court fees, and many other fees. Often times, probate court involves family disputes because different beneficiaries may not like the outcome of the court proceedings.

There is a simple way to avoid probate court. No, it is not through a will. A will must undergo probate court and is subject to court supervision. In contrasts, a revocable living trust or otherwise, known as a "living trust" is a written agreement that distributes your property without court supervision. A living trust is cost-effective and may be set-up within one (1) to two (2) weeks. Your living trust will distribute your assets, provide assistance in case of an incapacity, and avoid real estate going through probate court.

Sean Robertson is an estate planning and estate and gift tax attorney concentrating in estate and advanced planning. Sean graduated from DePaul University College of Law in 2003 and University of Illinois at Urbana-Champaign in 1997. Sean may be reached at 312-498-6080 or 630-364-2318 or via email at RobertsonLawGroup@gmail.com.