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

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

Archive