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.


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.


Recent Posts


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