Everybody has an estate and they need to arrange for what happens to it in the event of incapacity and their ultimate passing. Most people believe that estate planning is limited to wills and revocable living trusts. That’s not at all accurate. You could be determined to be incapacitated, but you might live for another five years beyond that. Estate planning also contemplates what might occur during your lifetime. That’s why you also need to contemplate documents like a living will, healthcare power of attorney, and durable power of attorney.
Wills
You already know who the people are who you wish to inherit your personal property and real estate. If you don’t have a will though, the Illinois laws of intestate succession control, who takes what, you won’t even have the opportunity to designate who your executor is. According to our estate planning attorney in Rockford, IL, a Winnebago probate court judge could even appoint somebody to that office that you have never met before. You can prevent issues like who takes and who distributes your estate by drafting and properly executing a simple will.
Revocable Living Trusts
A revocable living trust is a flexible estate planning device for purposes of managing your personal property and real estate both during your lifetime and after your death. As opposed to even a simple will that might need to be probated, you might be able to avoid the burden and expense of probate court through a properly managed revocable living trust. As a trustee, you can have complete control over your revocable living trust during your lifetime, and your successor trustee can distribute your estate immediately upon your death.
If you want to learn more about estate planning, contact us here at The Crosby Law Firm by calling 815-397-2006 and arranging for a consultation with an experienced and effective estate planning attorney in Rockford, IL. You can also use our easy contact form. It’s never too early to think about your estate.
