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It is possible to establish powers of attorney for health care and property, respectively. WHAT ARE SOME IMPORTANT CONSIDERATIONS IN MAKING OR REVIEWING A WILL? Trusts in Naperville are governed by Chapter 760 of the Illinois Compiled Statutes. Depending on your circumstances, we may recommend annual gifts to heirs and beneficiaries to reduce your estate value. Armed with this information, an executor can make a compelling argument for a fair fee, which might take the form of an hourly rate. Death is a difficult topic to think about or discuss.
According to 760 ILCS 5/4, these powers include the ability to: Clearly, named trustees of an estate have wide-ranging powers. What specific powers does an Executor have once he/she has been appointed by a probate court? Depending on the decedent's chosen estate planning strategy, estate administrators may need to wait until the probate process is complete before they can distribute the estate among the named heirs and beneficiaries. A trustee is any person nominated in a will or assigned by a court to carry out the terms of a deceased person's will or trust. Trusted, Experienced Probate Lawyers. Trusts - These agreements can be used to protect assets from creditors or estate taxes or to ensure that your property is managed by a trusted individual and distributed to your beneficiaries in accordance with your wishes. Do you have to be named in the Will to serve as the Executor in an Illinois Probate Estate? It's never too early to prepare for the future. We advocate for your interests in an effective, efficient manner at this time that can be emotionally difficult. Helping Clients in Wheaton, Illinois Understand Wills. We also offer reasonably-priced consultations to discuss your specific estate planning needs.
An individual without a Will has no voice in the selection of the administrator. Geneva Probate Attorneys. For a free 30-minute initial consultation, please call us at (630) 912-8700, or fill out and submit our online intake form. E-mail: From our office in Schaumburg and Naperville, Illinois, we handle matters in areas of DuPage County, Cook County, Will County, Lake County and Kane County including Aurora, Barrington, Bartlett, Carol Stream, Hoffman Estates, Naperville, Oak Brook, Roselle, Schaumburg and Streamwood. When the estate has been opened and the Executor has been officially appointed, it is important for the Executor to immediately open an estate bank account to receive all liquid funds in the estate, and to pay the estate bills accordingly. Your will is a key part of your estate plan, and by working with an experienced attorney, you can ensure that it will address your wishes and meet your family's needs. FindLaw's Lawyer Directory is the largest online directory of attorneys. PUTTING OFF MAKING A WILL. The Executor will also need to send a receipt to each beneficiary for his/her signature, which will effectively acknowledge that his/her share is accurate and acceptable according to the proposed distributions of the Executor. When she hired our firm to take over, we quickly obtained court approval from the probate court in the wrong county to transfer the Will to the proper county. The Naperville trust attorneys of Roscich & Martel Law Firm can help ensure that a will or trust meets your objectives and fulfills all legal requirements of the State of Illinois.
In other circumstances involving temporary circumstances, a person may be appointed for a "short-term" or "standby" to meet the needs of the disabled person on a short-term basis without court proceedings. Certain estates are so small or simple that an executor might not even need to probate the estate. For nearly four decades, our law firm has been serving clients throughout Northern Illinois. Can an Illinois Estate Executor Be Paid? Breach of fiduciary duty to the beneficiaries of a trust or estate, such as placing his or her own interests above those of the beneficiaries. Advance medical directives - Living wills and other documents can detail your wishes for the treatment you want to receive if you become terminally ill and are unable to make decisions for yourself or communicate your wishes to others. If you have financial assets and minor children, it is essential to have a will in place to determine how your final affairs will be handled.
Dealing with family members. Our team of skilled attorneys works collaboratively to provide comprehensive solutions that take all relevant factors into account. The settlor may provide the trustee with specific instructions, or allow prudent discretion to invest and distribute the funds. We will help you draft legal documents such as a will, living will, trust or powers of attorney so that you can ensure your family will be cared for no matter what may happen in the future. The simplest way to bypass the probate process is to establish a trust, since assets held in trust are generally not subject to probate.
It is a good idea to keep track of others who might have an interest in the estate as well, such as family members not named in the will, account managers, advisors, and agents. Who will act as the guardian for minor children if applicable – the person named will be responsible for raising your children and caring for them until they reach adulthood. According to the Illinois Probate Act, on the petition of any interested party to the estate, the Probate court can remove an Executor for failing to properly administer the estate (755 ILCS 5/23-2). As we learned above, the Executor of an estate in Illinois has the duty to collect and inventory all of the assets of the deceased person. It is important to note, however, that an executor can't be removed simply because you don't think he or she is doing a great job. On one occasion, we helped a former client, Sarah (the named Executor in the Will), with a probate matter where she mistakenly filed the Will in the wrong county. Case Study: Poorly-drafted Will Complicates Estate for Executor. Although we often discuss expected results and costs, our attorneys do not give legal advice unless and until you choose to retain us.
Unlike a will, a trust is designed to name a trustee to transfer ownership of assets to a trust. This can result in the executor being the target of family resentments and disagreements. When it comes to planning for your future, thinking about security is not enough.
"Guardianship" grants an individual legal authority to manage the affairs of a dependent minor child or disabled adult person when those persons are unable to make their own decisions due to physical or mental incapacity. From our Naperville, Wheaton, Joliet, Plainfield, and Chicago, Illinois offices, we serve clients in DuPage, Will, Kane, Kendall, and Cook Counties. Beneficiary Objections. Estate planning might not be your top priority when other life events have your attention. Our experience and knowledge can help you analyze your situation so that you can make the best possible decisions for your assets. Distributing assets as directed by the estate plan. The Law Office of Kevin Williams, 2295 Bannister Lane, Aurora, IL 60504, (630) 898-4789.
Reasons to Create a Will. They give you maximum control over the distribution of your estate. If there is no Will the court appoints an administrator to settle the estate and make distributions as provided by law, after all debts and expenses have been paid. They will refer to your will and decide how to best respect your wishes while settling your estate. Our clients have benefited emotionally, physically, and financially from our knowledge and broad-based advice on preparing wills. The most foundational part of your estate plan is your last will and testament. There will be court costs and fees, even if the court is operating from a valid will. Should a trust be created for your spouse, children or others? Further, the signing of the will must be observed by two reliable witnesses. Thus, if the estate lacks sufficient assets to make all specific bequests as well as to provide a general residual distribution to the listed residuary beneficiaries, the Executor will make all specific bequests first, leaving the possibility that the general residuary beneficiaries may not get anything. These may include: While it is important to execute a last will and testament that makes decisions about what you want to happen after your death, there are a variety of other estate planning tools that can help you provide for your family while addressing your own needs.
A living will gives doctors, caregivers and family members specific instructions on which end-of-life treatments you wish to receive and which ones you wish to forego. Persons of sound mind may write a will if they are over the age of majority. It may be important to choose an executor for a testamentary document and inform that person, so that they may take action soon after the passing of the testator. Finding and notifying the heirs and beneficiaries. In a will, you can name a "personal representative" of your estate. Whether issues were complex or simple. Understanding Guardianship in Chicago's Collar Counties and Northwest Indiana.
A common misconception we encounter is the belief that you must possess extensive assets to justify having a will. If all of the involved parties can agree, however, then most judges will sign off on the agreement. That process can be expensive and take a very long time to complete, during which the beneficiaries listed in a will have no access the money left to them. • The Will must be in writing. When no will exists, or if the legitimacy of it is questioned, helping administer the estate can be costly. In any event, if the deceased person has a property that is titled in his name alone at the time of death, without any other alternative form of testamentary direction, the court has to oversee the distribution of that property. Know that we are here to help, and one way is by providing you with a checklist of things to think about when you lose a loved one. In most cases, a solid estate plan is constructed around a will or trust. You can also nominate a guardian for your minor children and their estates.
This is a relatively simple process that allows for increased family privacy and less court appearances. Once the Executor has been appointed, he/she must then collect and inventory all of the estate assets, and determine all of the final debts of the deceased person. If you have been named as an executor, you may be wondering if you can get paid. Even when you expect to live for many more years, taking the steps to decide what will happen after your death can eliminate a great deal of stress and uncertainty for your family if the unthinkable should happen. Under independent administration, an Executor is free to carry out the terms of the will without having to seek the court's approval at every step.
Compassionate and Competent Probate Attorneys in Kane County and DuPage County. Another priority is tax compliance. Kevin O'Flaherty's cell phone number is (630)967-4697. Typically, the violation(s) by the Executor must be fairly egregious, as the Probate court will usually give the benefit of the doubt to the appointed Executor.