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.
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