Now more than ever, having a properly executed estate plan is an important tool in ensuring that your property and intentions are safeguarded in the event of the unthinkable. Further, it is a bit of a myth that someone who passed away with an estate plan will avoid probate court. In Illinois, as a general rule of thumb, where a decedent passes away with (a) $100,000 or more in tangible, personal property and/or (b) a sole ownership interest in any real estate, regardless of the existence of an estate plan, that individual’s estate is subject to probate court.
Therefore, it is in your best interest and the best interest of your descendants, that an estate plan is created to govern how these assets should be distributed.
Equally as important as creating an estate plan is making sure the individual, or individuals, you nominate are ready, willing and able to act on your behalf and enforce the terms of your estate plan. While some estate plan documents (such as your Last Will and Testament or a trust) create legal duties on the representative, others (such as healthcare and property power of attorneys) do not impose such legal duties.
A properly executed estate plan can be as detailed or simple as you need it, so long as your intentions can be determined by the plain meaning of the terms contained therein. For an understanding of the documents which your estate plan would consist of, please click here (link to EP article/page) and feel free to contact us at (708) 299-5827 or frank@serritellalaw.com in order to discuss creating your personal estate plan.
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