Cancer and Estate Planning

Lately, I have encountered a lot of people that are facing estate planning issues when they have cancer. The best time to complete an estate plan is prior to an illness. However, I understand estate planning or drafting your will is oftentimes not a priority. Most people are surprised that a will does not avoid probate court. There is a new strategy in Illinois in 2012 called a "Transfer on Death" device, which is essentially a Quit Claim Deed where you designate a beneficiary. Unlike a will, this device will avoid probate court if your designated beneficiary is alive and well. Setting up your Revocable Living Trust is a better alternative simply because you can have a good contingency plan in place. Unfortunately, a lot of times our best plans are theory and not realistic.