There have been several people that have asked about what happens when your mother or father passes away and there is no will? Probate court is required when one passes away without a will and they own real estate. In today's economy, the real estate often times has a mortgage on the property and sometimes the mortgage is greater than the property value.
For many families, the question is whether it is cost-effective and worth it to pay the attorney's fees and costs for the probating of the real estate property. Generally, attorney's fees and costs range from $1,500 to $3,000 for a simple probate matter in Circuit Court of Cook County, Illinois.
Probate court is a court that hears matters of inheritance issues such as who should inherit a piece of property or the decedent's assets upon their death. In conclusion, probate court is required and often times, a family member or loved one must have an attorney to assist with the passing of a deceased relative.
Sean Robertson is an estates and trusts attorney with his office in downtown Chicago and Naperville, Illinois. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318.
Monday, January 31, 2011
Thursday, January 27, 2011
Estate Planning for Elderly and Seniors
Estate planning for the elderly and Seniors is critical because ill planning creates family conflicts and costs a lot of money. In today's economy, many heirs are finding that it is simply unaffordable to spend the money to probate their parent's estates. This is true because many homes in Chicago and the Suburbs have little equity and many have mortgages that exceed the net worth of the home.
When an a senior passes away without a will, a process called intestate succession is necessary in Illinois. Intestate succession is the State law that governs who shall inherit when there is no will. When there is a will, probate court is still necessary. Probate court is the court which determines who shall be the executor of a deceased person's estate or who shall inherit the assets of an estate.
One way to avoid probate court is by having a revocable living trust. A revocable living trust is an alternative to a will, which avoids probate court. Like a will, a living trust is a document that explains who you want to be the executor or trustee of your will or trust and how you want your assets to be distributed upon your death or incapacity.
Seniors are now facing greater concerns over guardianship. Guardianship is when a senior or elderly person lacks the ability to make their own decisions and a court process called Guardianship is required. Guardianship often times requires a lawyer or attorney and is expensive and time-consuming. An alternative to guardianship is a power of attorney for property and healthcare and a revocable living trust. The purpose of the power of attorney is to designate a person to make financial or health care decisions for you when you are unable to assist yourself or when it is unwise.
Sean Robertson is an estate planning and elder law attorney in downtown Chicago and Naperville, Illinois. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318.
When an a senior passes away without a will, a process called intestate succession is necessary in Illinois. Intestate succession is the State law that governs who shall inherit when there is no will. When there is a will, probate court is still necessary. Probate court is the court which determines who shall be the executor of a deceased person's estate or who shall inherit the assets of an estate.
One way to avoid probate court is by having a revocable living trust. A revocable living trust is an alternative to a will, which avoids probate court. Like a will, a living trust is a document that explains who you want to be the executor or trustee of your will or trust and how you want your assets to be distributed upon your death or incapacity.
Seniors are now facing greater concerns over guardianship. Guardianship is when a senior or elderly person lacks the ability to make their own decisions and a court process called Guardianship is required. Guardianship often times requires a lawyer or attorney and is expensive and time-consuming. An alternative to guardianship is a power of attorney for property and healthcare and a revocable living trust. The purpose of the power of attorney is to designate a person to make financial or health care decisions for you when you are unable to assist yourself or when it is unwise.
Sean Robertson is an estate planning and elder law attorney in downtown Chicago and Naperville, Illinois. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318.
Wednesday, January 26, 2011
Probate and Death: No Will
When a deceased person dies, they are called a decedent. In Illinois, if you die without a will, intestate succession laws govern the inheritance or distribution of their assets or estate. Intestate succession is an Illinois based law that makes an assumption on who should inherit a person's assets. Thus, in Illinois, Jane Smith who dies without a will, there is a state of Illinois law that governs who should inherit her assets such as her spouse or kids or adult children.
Probate court is a court that hears issues such as who should inherit upon death. Probate court also determines who should be an executor of the estate. How do you get your case heard in probate court in Cook County or Will County? You or an attorney simply files a Petition for Independent Administration, which is a form, which gives details about the decedent such as the property that they own, their date of death, and their decedents or heirs. There also must be a person that applies to get appointed as independent administator or executor of the estate.
The estate is considered the assets of the deceased person. An independent administor is a person that is responsible for managing the day to day affairs of the deceased person's estate such as filing taxes, working with heirs, working with the attorney, and selling any assets such as real estate, a business, etc.
Sean Robertson is an estate planning attorney concentrating in asset protection, wills and trusts, and probate administration in Cook County, Dupage County, and Will County. Sean Robertson can be reached at (312) 498-6080 or 630-364-2318 (Naperville).
Probate court is a court that hears issues such as who should inherit upon death. Probate court also determines who should be an executor of the estate. How do you get your case heard in probate court in Cook County or Will County? You or an attorney simply files a Petition for Independent Administration, which is a form, which gives details about the decedent such as the property that they own, their date of death, and their decedents or heirs. There also must be a person that applies to get appointed as independent administator or executor of the estate.
The estate is considered the assets of the deceased person. An independent administor is a person that is responsible for managing the day to day affairs of the deceased person's estate such as filing taxes, working with heirs, working with the attorney, and selling any assets such as real estate, a business, etc.
Sean Robertson is an estate planning attorney concentrating in asset protection, wills and trusts, and probate administration in Cook County, Dupage County, and Will County. Sean Robertson can be reached at (312) 498-6080 or 630-364-2318 (Naperville).
Friday, January 21, 2011
Estate Planning for Seniors
Estate planning is crucial for seniors that are getting older and keep ignoring their estate and asset protection legal needs. What is estate planning law?
Estate planning law is a concentration that utilizes wills, trusts, powers of attorney, and other legal strategies to smoothly transition one's assets to their loved ones. Unfortunately, most seniors are unprepared for this transition period. Many seniors and their families will lose a lot of money due to large attorney's fees and families will split up due to a lack of planning. Many families fight because a parent failed to understand the importance of preparing one's estate planning documents.
Often times, seniors believe that wills are the best strategy for inheritance issues. In my opinion, wills are problematic because wills must undergo a court procedure called "probate court". Probate court is a court process, which determines who are the appropriate heirs after a decedent has passed away.
Probate court is time consuming and long drawn out process. Furthermore, family members often conflict with one another, which drags out the estate planning process and pits family members battling against each other. In contrasts, a revocable living trust is a private documents and disposes of one's assets in a smooth manner with no court involvement.
A will is a public document which may be seen by anybody. On the contrary, a revocable living trust is a private document and a document that avoids the long drawn out court battle of probate court.
Sean Robertson is an estate and asset protection attorney based in Chicago and Naperville, Illinois. Sean can be reached at 312-498-6080 or Sean@RobertsonLawGroup.com.
Estate planning law is a concentration that utilizes wills, trusts, powers of attorney, and other legal strategies to smoothly transition one's assets to their loved ones. Unfortunately, most seniors are unprepared for this transition period. Many seniors and their families will lose a lot of money due to large attorney's fees and families will split up due to a lack of planning. Many families fight because a parent failed to understand the importance of preparing one's estate planning documents.
Often times, seniors believe that wills are the best strategy for inheritance issues. In my opinion, wills are problematic because wills must undergo a court procedure called "probate court". Probate court is a court process, which determines who are the appropriate heirs after a decedent has passed away.
Probate court is time consuming and long drawn out process. Furthermore, family members often conflict with one another, which drags out the estate planning process and pits family members battling against each other. In contrasts, a revocable living trust is a private documents and disposes of one's assets in a smooth manner with no court involvement.
A will is a public document which may be seen by anybody. On the contrary, a revocable living trust is a private document and a document that avoids the long drawn out court battle of probate court.
Sean Robertson is an estate and asset protection attorney based in Chicago and Naperville, Illinois. Sean can be reached at 312-498-6080 or Sean@RobertsonLawGroup.com.
Tuesday, January 18, 2011
Power of Attorney for Property vs. Living Will
A Power of Attorney for Property (hereinafter referred to as "POA") and a Living Will are distinctly different from one another. A POA is designed to designate a person that will handle one's finances if they are unable to manage their own finances such as a sister, daughter or son, or husband. For instance, Jackie Smith is 70 years old and is experiencing problems with mobilility and memory. Jackie Smith has her daughter, JoLynn, has her POA. JoLynn is responsible for paying the mortgage payment, real estate taxes, and other bills for Jackie Smith. Therefore, a POA is designed to empower your loved ones to pay your bills and without a power of attorney, one must petition a guardianship court to have a guardian chosen for you.
A living will is a healthcare document, which describes how you want healthcare decisions made for you. Unlike a power of attorney for healthcare, a living will does not designate another person to make healthcare decisions for you. A living will answers key questions such as whether you want a breathing tube, whether you want life support and what kind, and whether you want blood transfusions.
Sean Robertson is an estate planning and elder law attorney that can be reached at (630) 364-2318 or (312) 498-6080 or Sean@RobertsonLawGroup.com.
A living will is a healthcare document, which describes how you want healthcare decisions made for you. Unlike a power of attorney for healthcare, a living will does not designate another person to make healthcare decisions for you. A living will answers key questions such as whether you want a breathing tube, whether you want life support and what kind, and whether you want blood transfusions.
Sean Robertson is an estate planning and elder law attorney that can be reached at (630) 364-2318 or (312) 498-6080 or Sean@RobertsonLawGroup.com.
Subscribe to:
Posts (Atom)