DGAA bLAWg

Why You Need an Estate Plan Even If You Do Not Have Children

Web Admin - Thursday, January 11, 2018
Palatine estate planning lawyerFinancial advisors and attorneys often tell their clients that estate planning is an essential part of anyone’s financial plan, ensuring that their assets are correctly distributed to their heirs after their death. But how does this apply to people who do not have any children? If you are not concerned with providing for your descendants after you are gone, you may not feel that an estate plan is necessary. However, it is still important to have a plan in place that will protect your assets both before and after your death.

Creating a Will

When someone dies intestate (without a last will and testament in place), their assets will be distributed according to Illinois’ intestate succession laws. If someone has no descendants, their entire estate will go to their spouse. If they do not have a spouse, the estate will be divided among their parents and siblings, or among their closest surviving relatives. If no relatives can be located, the estate will go to the State of Illinois.

Even if you do not have children, you will likely want to have some say in who will inherit your property after you die. Creating a valid last will and testament will ensure that your assets are distributed according to your wishes, whether you plan to leave them to your spouse, family members, friends, or charitable organizations.

Another benefit of a will is that it names an executor who will handle the distribution of your property to your heirs. Without a will in place, a probate court will appoint an administrator of your estate, and extensive court proceedings may be necessary to resolve any disputes over the distribution of your assets. Creating a will that clarifies your intentions and names a person you trust to oversee your estate will ensure that your wishes are carried out correctly.

Holding Assets in a Living Trust

Another benefit that estate planning can provide is ensuring that you will have the financial resources you need as you near the end of your life. A living trust is a good way to protect your assets, giving you control over them while also specifying who will handle them and how they should be used to care for you if you should ever become incapacitated or disabled, as well as how they should be distributed after your death.

One of the key benefits of a trust is that it simplifies the distribution of property after your death, since assets held in a trust are not subject to probate. In addition, while the contents of a will are part of the public record, a trust is confidential, providing privacy to both you and your heirs.

Contact a Rolling Meadows Estate Planning Attorney

If you want to know more about the benefits that estate planning can provide to you and your loved ones, the attorneys at Drost, Gilbert, Andrew & Apicella, LLC can help you understand the benefits of a will or trust and work with you to draft the documents that give you and your family the financial security you need. Contact our Palatine estate planning lawyers today at 847-934-6000 to schedule a personalized consultation.


About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.



Sources:
http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2104&ChapterID=60&SeqStart=3700000&SeqEnd=5000000
https://www.aarp.org/money/estate-planning/info-09-2010/ten_things_you_should_know_about_living_trusts.html

The Illinois Transfer on Death Instrument: What is It, and Why Do You Need It?

Web Admin - Monday, July 24, 2017

Arlington Heights wills and trusts attorneysOne of the more frustrating aspects of estate planning is the risk of probate. In fact, most estate owners will do anything they can to prevent it from happening. They know that it can lower the estate’s overall value, and they would prefer that those assets go to their beneficiaries. If one of the items they want to transfer upon death is real estate, owners can opt for the Illinois Transfer on Death Instrument (TODI). What is this estate planning document, and when should you use it? The following information explains, and it provides details on how to determine if it may be appropriate for your estate planning needs.

What is the Transfer on Death Instrument?

Covered under the Illinois Residential Real Property Transfer Act, TODI documents lets owners transfer real estate property to their beneficiaries upon death, without the risk of probate. It does this through a non-testamentary transfer. Able to be used by single and joint owners, these documents have many of the same requirements as will drafting (owner must be of sound mind and not under duress, document must be prepared by the owner or an attorney, etc.), but they do not necessarily replace a will for owners with expansive estates.

Meeting the Validity Requirements

A Transfer on Death Instrument may be signed either by a single owner, or jointly. Keep in mind that it does not have to be signed by all owners, but it does not remove joint tenancy if another owner has not signed it. A TODI must also comply with all deed requirements, and it must state that the property transfers upon the owner’s death (or owners’, if joint signed). Further, the document must be recorded in the county or counties in which the property is located. Should the owner ever want to revoke the TODI, they are permitted to do so. However, if the TODI is joint signed, both parties must revoke the transfer to be considered a valid revocation.

Should You Use One?

There are many complexities and nuances in estate planning, and any one of them could determine whether a TODI is right for your situation. As such, it is highly recommended that estate owners seek legal assistance with their estate planning needs. Contact Drost, Gilbert, Andrew & Apicella, LLC. Skilled and experienced, we can help you find the creative solution that is most suitable for your needs. Schedule a personalized consultation with our Arlington Heights wills and trusts lawyers to learn more. Call 847-934-6000 today.


About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.

Source:http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=3382&ChapterID=60


Recent Posts


Tags

Arlington Heights wills and trusts lawyer Inverness traffic law firm Employment Discrimination Law car crash injuries manufacturing pizza emoji insurance claim dispute low-ball insurance settlement sole proprietorship Illinois Transfer on Death Instrument probate Illinois mortgages Schaumburg wrongful death attorney food poisoning workers compensation benefits Crystal Lake criminal defense attorney Barrington criminal lawyer Illinois Workers’ Compensation Commission spinal cord injuries medical research modern family estate planning Palatine real estate lawyer Palatine estate planning lawyer Illinois insurance disputes involuntary manslaughter Illinois civil litigation lawyer Rolling Meadows probate lawyer employees Rolling Meadows DUI lawyer bicycle dooring accidents Illinois workers compensation attorney Illinois traffic laws boating under the influence Illinois wills and trusts attorneys Buffalo Grove employment lawyer Schaumburg medical malpractice lawyer gift taxes Arlington Heights estate planning attorney construction accidents, personal injury, wrongful death, Arlington Heights personal injury attorneys, workers' compensation minimum wage Schaumburg construction accident lawyer construction accidents Des Plaines Traffic Lawyer Palatine elder law attorney Illinois workplace lawyer Arlington Heights car crash attorneys Crystal lake insurance dispute attorney real estate attorneys rollover car crashes vacation home estate planning, death tax, succession plans, business estate plans, Barrington estate planning lawyers Des Plaines real estate lawyer estate planning for college students Palatine corporate law attorneys medical malpractice claims Colin Gilbert living wills FMLA Chicago will attorney wills and trusts insurance attorney right to work Des Plaines drug lawyer Chicago employment lawyer Arlington Heights pedestrian accidents comp time estate planning trusts commercial leasing work unions Arlington Heights wills and trusts lawyers Do Not Resuscitate license Crystal Lake employment law attorney Rolling Meadows personal injury lawyer Illinois lawyer Illinois car accident attorney accidental death benefits Mt Prospect Attorney Des Plaines collections attorney DNR Schaumburg estate attorney Illinois employment attorneys denial of life insurance hit and run accident Schaumburg employment attorney probate claims process Des Plaines drug crimes lawyer traffic crimes Illinois medical malpractice lawyers loopholes federal regulations for LLCs installment contracts Palatine employment law lawyer estate attorney LLCs hands free device Illinois medical malpractice case owner responsibility dealing with problem employees home inspection lawyer criminal law Deer Park DUI lawyer insurance denials trusts employment attorney probate claims Rolling Meadows employment attorney federal crimes Illinois real estate Des Plaines personal injury lawyers Rolling Meadows real estate attorney residential real estate Buffalo Grove car accident lawyer forming a corporation in Illinois employee discrimination Schaumburg civil litigation attorney Crystal Lake law firm insurance adjusters murder Illinois small business Barrington medical malpractice lawyers Arlington Heights personal injury attorney Rolling Meadows Attorney comparative negligence insurance dispute attorney slip and fall Chicago lawyer pet bites Inverness elder law lawyer bad faith insurance claims eluding a police officer blood alcohol content real estate closing Illinois Smoke Detector Act reckless homicide Inverness personal injury attorney Illinois employment law attorney Crystal Lake car accident lawyer Policy Cancellation brain injury insurance denial appeals digital evidence real estate leasing BAC pedestrian accident Crystal Lake injury attorney Crystal Lake traffic lawyer Deer Park medical malpractice attorney back injuries Illinois pedestrian accident attorney criminal personal injury attorney Crystal Lake bike accident lawyer ACA insurance disputes wrongful termination, employment law, whistleblower protections, Illinois employment laws, discrimination in the workplace Palatine punch death Palatine Attorney Rolling Meadows criminal attorney medical malpractice compensation Illinois attorney pregnant women healthcare corporate law Liquor Control Act Arlington Heights wills and trusts attorney denied insurance claim vacation home fines pay when paid contract Des Plaines tax law firm insurance disputes, Illinois insurance disputes, Illinois insurance dispute attorneys, denied insurance claims, Arlington Heights insurance dispute attorneys product liability deadly crashes Schaumburg traffic lawyer Arlington Heights car accident lawyer Illinois real estate lawyer drug crimes lawyer truck collisions swimming pools drug crime BAIID Inverness real estate lawyer Des Plaines claims law firm Attorney Ken Apicella revenge porn attorney fees spinal cord injury wage theft landlord tenant law Arlington Heights medical malpractice lawyer Rolling Meadows car accident lawyers digital information Rolling Meadows traffic attorney Palatine law firm appealing an insurance claim jet ski accidents Illinois home inspection underinsured motorist real estate Deer Park accident attorney trust payments Fourth of July employee rights Illinois workplace discrimination attorney Crystal Lake pedestrian accident lawyer business litigation breach of contract mortgage real estate contract Illinois boating accident lawyer Chicago traffic lawyer Rolling Meadows criminal lawyer Palatine drug lawyer employee misclassification defective products lawyer small business Barrington Traffic Lawyer license suspension ken apicella Food and Drug Administration's Food Safety Modernization Act motorcycle accident CAM Buffalo Grove personal injury attorney elder law marijuana Rolling Meadows boating crash lawyer jet ski defective products Crystal Lake civil litigation lawyer underage DUI college kids anesthesia errors foreclosed rental property Illinois employment law Barrington drug crime attorney marijuana crimes attorney IRA benefits Inverness insurance attorney insurance claims Barrington real estate lawyer Long Grove real estate lawyer employment law estate planning lawyer Legal Info Deer Park traffic accident attorney child safety Barrington civil litigation attorney probate process caretaker rights traffic violations defense internet deed transfer Crystal Lake car accident attorney insurance claim pet law Home Sale Contingencies Illinois DUI attorney Rolling Meadows litigation lawyer Rolling Meadows insurance dispute lawyers, insurance dispute Des Plaines Landlord Tenant Ordinance fiduciary rule delay creditors driving Barrington attorney Buffalo Grove law firm Palatine civil litigation lawyer commercial real estate distracted driving accident victims social media after death insurance negligence natural gas explosion Schaumburg personal injury attorney Illinois pet lawyer Schaumburg criminal law attorney Crystal Lake pet attorney privacy Deer Park traffic lawyer fault based insurance Palatine probate lawyer taxes Schaumburg car accident attorney Illinois business law atorneys sexual harassment sexual images DGAA healthcare claims health insurance dispute Illinois Probate Act of 1975 Illinois personal injury Home Remodeling Repair Act IRELA employment law, Illinois employment laws insurance claim delay Barrington employment law attorney car accident lawyers foreclosure Illinois employment law attorneys Buffalo Grove insurance claim dispute lawyers slip and fall accidents Chicago corporate attorney caregiver underfunded trust liability claims Crystal Lake personal injury attorney employment lawyer pedestrian injuries, pedestrian fatality Rolling Meadows estate planning attorney advance healthcare directive Crystal Lake tax lawyer Arlington Heights employment law attorneys Rolling Meadows traffic law firm Rolling Meadows medical malpractice lawyers Illinois probate lawyer Des Plaines DUI attorney Deer Park motorcycle accident lawyer holiday statistics Deer Park real estate law firm drug crimes Rolling Meadows employment law attorney Long Grove wills and trusts attorneys natural gas personal injury Inverness real estate attorney crossover accidents Illinois law Barrington estate planning lawyer Chicago estate planning lawyer loss of consortium Arlington Heights wills and trusts attorneys Illinois personal injury lawyer DUI Inverness estate planning lawyer employment contract Chicago attorney Illinois job attorney Des Plaines civil attorney senior citizens Palatine insurance lawyer traffic tickets Buffalo Grove probate lawyer rumble strips Illinois Wage Payment and Collection Act Rolling Meadows insurance dispute lawyers dram shop law Crystal Lake employment lawyer Illinois estate planning attorney employment contract, employment law, employment at-will, Deer Park employment law attorneys, contract, insurance claim denial in terrorem provision new real estate form Family Medical Leave Act Barrington employment law firm Crystal Lake business law attorneys drug possession drugs Palatine trusts lawyer independent contractor products liability elder abuse investment property Illinois employment law firm guardianship attorney real estate zoning Inverness civil lawyer Schaumburg criminal attorney unfunded trust compensatory time Des Plaines accident attorney rollover accidents living trust vs will blended families icy parking lots Barrington criminal defense lawyer overtime violations Schaumburg estate planning attorney disability benefits fiduciary rule Palatine criminal defense lawyer llinois Real Estate Lawyers Association Illinois registered agent construction contracts personal injury law firm Arlington Heights personal injury lawyer insurance agents Palatine employment lawyer Affordable Care Act insurance dispute consent to a search contracts Arlington Heights Traffic Lawyer Des Plaines personal injury attorney license revocation Des Plaines personal injury lawyer institutional trustee Crystal Lake insurance lawyer Crystal Lake traffic attorney condo association medical malpractice estate tax FSLA life insurance lawyer liens School Visitation Rights Act civil litigation attorney Schaumburg employment law attorneys startup company Illinois medical malpractice claim Palatine business attorney Schaumburg Attorney Buffalo Grove criminal defense lawyer wrongful termination Barrington boating accident attorney bike accident Inverness DUI lawyer distracted driving accidents Arlington Heights employment attorney Rolling Meadows Traffic Lawyer Transfer on Death Instrument Rolling Meadows employment law attorneys life insurance policy speeding drunk driving statistics field sobriety test fatal car accidents murder defense Rolling Meadows personal injury attorney head on collisions South Barrington real estate attorney Illinois driving without license Des Plaines pet law attorney denied insurance claims Crystal Lake will lawyer wrongful death pedestrian accidents personal injury accidents TBI digital media accounts, estate planning, Arlington Heights estate planning attorney, rent to own real estate contracts boating accidents Forcible Entry Buffalo Grove medical malpractice lawyers Rolling Meadows tax attorney Rolling Meadows business lawyer Schaumburg estate planning lawyer dog bites Illinois traffic accident lawyer overtime pay operating agreements Colin H. Gilbert Crystal Lake medical malpractice attorneys capital gains tax Palatine civil attorney pain and suffering Federal Food Drug and Cosmetic Act car crash Arlington Heights injury attorney car accident lawyer Rolling Meadows insurance attorney traumatic brain injury Chicago trucking accident attorney Illinois insurance dispute lawyers Des Plaines motorcycle accident attorney medical malpractice, missed diagnosis, delayed diagnosis, medical mistake, Deer Creek medical malpractice lawyers personal injury lawyer Des Plaines criminal attorney special needs trust probate lawyer Illinois insurance claim dispute lawyers digital assets, digital fiduciary, estate planning, digital content, Long Grove estate planning lawyers Chicago biking tips Illinois defective products attorney Barrington workers compensation attorney Illinois living will Illinois insurance lawyer Crystal Lake medical malpractice lawyer auto accidents Barrington litigation attorney life insurance claims Illinois construction accident attorney texting and driving golf accidents landlord tax attorney workers comp Rolling Meadows corporate lawyer car accident Illinois estate planning law firm Chicago estate planning severance agreements PTSD Arlington Heights Attorney whistleblower protections traffic violations Illinois motorcycle accident lawyer Barrington personal injury attorney paid sick leave personal injury claim Palatine workers compensation lawyer DUI defense Schaumburg corporate attorney Buffalo Grove traffic lawyers Inverness injury lawyer Illinois wills and trusts Illinois wrongful termination lawyer cell phone accidents Class A misdemeanor Long Grove real estate attorney Illinois medical malpractice attorney real estate attorney Schaumburg personal injury lawyers civil rights violation Kenilworth estate planning lawyer Deer Park criminal attorney Detainer Actions Illinois Sales Representative Act Arlington Heights accident attorney Rolling Meadows accident lawyer DUI attorney Schaumburg insurance lawyers breathalyzer test BUI Chicago car accident lawyer controlled substance Illinois personal injury attorney Palatine injury attorney estate planning Arlington Heights criminal lawyer Illinois jet ski accident lawyer wills financial advisors preventable medical errors car collision Rolling Meadows personal injury lawyers Buffalo Grove corporate attorney surgical mistakes criminal defense Illinois traffic attorneys Crystal Lake employment attorney Illinois rollover accident lawyers Illinois employee rights attorney. traffic offenses Illinois traffic attorney Mount Prospect elder law attorney Illinois injury lawyer Buffalo Grove injury lawyer Retaliatory Discharge meal breaks gift tax exemption, estate planning, estate planning strategies, Illinois estate planning, South Barrington estate planning attorneys Schaumburg elder law lawyer rest breaks criminal record life insurance Rolling Meadows marijuana attorney estate plan Barrington injury attorney Mount Prospect wills and trusts lawyers Palatine corporate attorney power of attorney Arlington Heights real estate lawyer Schaumburg drug defense lawyer personal injury, auto accident injuries, delayed injuries, serious injuries, Des Plaines personal injury attorneys Rolling Meadows drug defense attorney DMV texting while driving first degree murder bicycle accidents Chicago will attorney, social media platforms, Illinois estate planning lawyer, Illinois employment laws Crystal Lake accident attorney Barrington employment attorney medical marijuana homestead rights trench injuries no contest clauses digital assets Des Plaines real estate attorney problem employees premises liability Illinois bicycle safety irrevocable trust Chicago employment attorney dynasty trusts Illinois Human Rights Act Illinois traffic ticket lawyer uninsured motorist Exclusions Illinois insurance claims lawyers Mount Prospect real estate lawyer South Barrington real estate lawyer personal injury claims subcontractor traffic accidents Illinois business lawyer boating DUI automated cars Arlington Heights tax lawyer Kenilworth estate planning attorney Fair Labor Standards Act Buffalo Grove personal injury lawyer mass shooting unpaid assessment Barrington personal injury lawyer ObamaCare Arlington Heights TBI attorney Illinois employment lawyer expungement employment law, meal breaks, rest breaks, hotel employees, Des Plaines employment law attorneys workplace sexual harassment job lawyers Schaumburg Kenilworth estate planning attorneys insurance claim denials medication errors Illinois trusts attorney murder charges Des Plaines insurance attorney Palatine traffic accidents DUI penalities drunk driving Illinois insurance claim attorney agent hiring employees commercial leases Riverwoods estate planning lawyer traumatic brain injuries living trust license reinstatement traffic deaths Self-Directed IRA Accounts clemency Inverness probate lawyer privacy laws Buffalo Grove real estate attorney Barrington Illinois estate planning lawyer POA probate fees Thanksgiving insurance dispute, insurance dispute lawyers, insurance claim denial, insurance claim delays, Rolling Meadows insurance dispute attorneys Inverness accident lawyer filing a medical malpractice claim traffic laws power of attorney for healthcare Illinois LLC creation Illinois workers compensation lawyer workers compensation income distribution deducation Long Grove estate planning IRS Long Grove estate planning attorney Buffalo Grove traffic attorney Illinois speeding lawyer cell phone car crashes trauma after an accident Rolling Meadows insurance lawyer Des Plaines injury law firm Illinois criminal defense attorney Illinois red light cameras Schaumburg real estate lawyer Inverness corporate attorney Barrington estate planning attorney Deer Park personal injury lawyer GM ignition switches living trust benefits Illinois estate planning cell phone tower data Super Mario changes to mortgage law Schaumburg injury lawyer estate planning, digital assets, Revised Uniform Fiduciary Access to Digital Assets Act, Illinois digital assets, Illinois estate planning, Whistleblower Claims Palatine employment attorney Arlington Heights trucking lawyer preventing accidents Arlington Heights lawyer insurance claim dispute attorney unpaid overtime condo Joliet general practice lawyers pedestrian-automobile accident estate planning attorney Illinois will lawyer Arlington Heights traffic attorney insurance agent negligence liability Illinois insurance claim dispute lawyer Illinois collections attorney Illinois insurance attorney trucking accidents Palatine construction attorney Illinois corporate lawyer Barrington business law firm Deer Park employment law attorney civil litigation Long Grove estate planning attorneys car accidents suspended license Illinois tax attorney Illinois trucking safety nursing home negligence Schaumburg personal injury lawyer real estate lawyer Illinois elder law attorney Deer Park workers compensation lawyer Illinois personal injury lawyers IRA trust transfer Chicago insurance claim attorneys Crystal Lake estate planning lawyer trustee unauthorized overtime motorcycle accident lawyer trucking accident lawyers Chicago insurance law firm Illinois Rolling Meadows Crystal Lake medical malpractice law firm Arlington Heights insurance attorney Crystal Lake personal injury lawyer Des Plaines medical malpractice attorney Jay Andrew Palatine traffic lawyer Schaumburg probate attorney Palatine personal injury lawyer

Archive