Wills are common estate planning instruments used to enable a person to designate the beneficiaries of their estate. A Will allows you to make specific bequests. For instance, if you want your daughter to receive your diamond necklace, your friend to receive your sports memorabilia or a certain amount of your estate to go to a charity, a Will enables you to make the specific designation. A Will also enables you to choose whom you wish to be the executor or administrator of your estate, and can be used to state preferences for whom you wish to be guardian of your minor children.
Power of Attorneys
Illinois, by statute, allows you to designate, by a written power of attorney, who you wish to have power of attorney over your affairs. There are two types of power of attorneys in Illinois. There is the power of attorney for property and the power of attorney for health care. The power of attorney for property allows you to designate a person to make decisions regarding your property and finances. Unless specifically restricted, the person you nominate can pay bills, access bank accounts, sell real estate, apply for you to receive benefits, etc. The power of attorney for health care allows you to designate a person to make decisions regarding your medical treatment.
A Living Trust is created by a trust document and designates one or more individuals or corporations to act as trustee. The trust document sets out in detail how the trust is to be administered. It contains the directions of the person who sets up the trust to guide the trustee. A Living Trust avoids the requirement of probate as your property is conveyed to the trust during your life time, and often times can also be used to derive tax advantages in larger estate cases.
Contacting an Estate Planning Attorney
Our Estate Planning attorneys know and understand all of the intricacies of estate planning in Illinois, and we can help you make sure that your interests are diligently protected at all times. If you are interested in learning more information about estate planning, please contact an Estate Planning attorney at The Law Offices of Robert F. Kramer, Ltd. today to discuss your needs or learn more about our services. We have offices conveniently located in Lombard and Plainfield, and we look forward to working with you!