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In this article we compare First Party special needs trusts and Third Part special needs trusts in Illinois. A trust is a legal bonding of three parties, including a donor who supplies trust funds, a trustee who holds and administers the trust funds, and a beneficiary who receives the benefits of funds. A special needs trust is designed to financially care and provide for a person with special needs without jeopardizing any assistance received from governmental programs.
In this article we will explain Grantor Retained Income Trusts, Grantor Retained Annuity Trusts, and Grantor Retained Unitrusts (“GRITS, GRATs and GRUTs”) for estate tax planning, including: “what are GRITs, GRATs and GRUTs?,” and “how do GRITS, GRATs and GRUTs work with respect estate tax and gift tax?”
In this article, we will discuss why you should use an attorney when executing powers of attorney. We will cover the topics “What is power of attorney” and “Do I need an Attorney to Draft a Power of Attorney?”
In this article we compare First Party special needs trusts and Third Part special needs trusts in Illinois. A trust is a legal bonding of three parties, including a donor who supplies trust funds, a trustee who holds and administers the trust funds, and a beneficiary who receives the benefits of funds. A special needs trust is designed to financially care and provide for a person with special needs without jeopardizing any assistance received from governmental programs.
In this article, we explain Illinois ABLE Accounts, including how ABLE Accounts allow individuals with disabilities to save without jeopardizing government benefits such as SSI.
In this article, we will discuss why you should use an attorney when executing powers of attorney. We will cover the topics “What is power of attorney” and “Do I need an Attorney to Draft a Power of Attorney?”
In this article, we will discuss cryptocurrency and estate planning, and answer the following questions: how does the IRS classify cryptocurrency?, how do you list a cryptocurrency in your will or trust?, who has access to my cryptocurrencies when I die?, and how do cryptocurrencies affect taxes?
In this article we will explain Grantor Retained Income Trusts, Grantor Retained Annuity Trusts, and Grantor Retained Unitrusts (“GRITS, GRATs and GRUTs”) for estate tax planning, including: “what are GRITs, GRATs and GRUTs?,” and “how do GRITS, GRATs and GRUTs work with respect estate tax and gift tax?”
In this article, we explain alternatives to probate in Illinois. We explain Illinois Small Estate Affidavits, summary administration of Illinois estates, and using a Bond in Lieu of Probate to administer an estate. We also answer the questions: “what is probate?”, “when is probate required in Illinois?”
In this article we will explain how an executor of an Illinois probate estate should handle real estate assets of the deceased.
For more on administration of Illinois estates generally, check out our article: How to Administer an Estate in
In this article we explain family settlement agreements for Illinois probate litigation and trust disputes. A family settlement agreement can be used to resolve ambiguities within a trust or will in order to avoid tension between family members and costly litigation. We will answer the questions, “what is a family settlement agreement in Illinois probate or trust cases?” and “what can family settlement agreements in probate or trust cases resolve?”
In this article, we’ll discuss whether or not a creditor can file a claim against a living trust and what level of reach a creditor has against assets in a living trust. Setting up a living trust, also known as a revocable trust, is a common part of estate planning and acts as a way for certain assets to avoid probate.
The probate process is where a court checks the validity of a will and then oversees the proper disbursement of assets identified in the will as a gift to another person or entity. Historically people have used a last will and testament to make their wishes known regarding how their property is divided after their death and to give instructions as to things like funeral arrangements. Probate can last around a year, depending on the size of the estate, the complexity of the estate, issues with creditors, and if there are any will challenges or other legal issues.
In this article, we’ll discuss whether or not a creditor can file a claim against a living trust and what level of reach a creditor has against assets in a living trust. Setting up a living trust, also known as a revocable trust, is a common part of estate planning and acts as a way for certain assets to avoid probate.
In this article, we explain trust reformation in Illinois. Even the best plans can face unexpected hurdles. If a will or trust does not address unforeseen circumstances, one can expect litigation by competing beneficiaries.
Probate is a court case during which the court oversees the management and distribution of a deceased individual’s estate. Probate is required in Illinois when a deceased individual owned any real estate outside of a trust and without a deed indicating joint survivorship, or at least $100,000.00 in assets outside of a trust or outside of payable-on-death accounts.
Only an active will can be contested. Wills are activated upon the testator’s death, when they are filed with the court to begin the process to settle an estate.
If a person with an interest in the estate, such as an heir, beneficiary, or creditor of the decedent, believes the authenticity of a will is questionable, they have the right to contest the will in question. A will cannot be contested simply because interested parties are unsatisfied with its terms. Verbal confirmation of a will’s terms is not considered valid grounds to contest either.
When someone passes away, the person responsible for administering his or her estate (the “executor” or “administrator”) has a responsibility to determine who the deceased owed money to (known as a “creditor”) and to either pay the full amount owed from the estate or provide the creditor with proper notice of the estate. In this article, we explain the duty of an estate executor to determine creditors of the estate and provide notice of probate in Illinois.
In this article we will explain the procedure for will contests in Illinois probate cases. We will discuss the difference between will contests and formal proof of will hearings, the causes of action, defenses, and burdens of proof for Illinois will contests, the Illinois statute of limitations for will contests, as well as several procedural issues regarding will contests such as who has standing to contest a will, who is entitled to notice of a will contest, the executor’s duty to defend the will, and who is responsible for paying attorney fees in a will contest.
When family members of a deceased person are unable to locate a will, either because it’s unknown if a will was completed or because its location is unknown, the will is considered lost. This is an issue for heirs, beneficiaries, and creditors because only the original copy of a will can be admitted to probate in Illinois. A will must be filed within 30 days of a person’s death in Illinois. Though the grieving process is strenuous, avoid putting off searching for a will if its location is not known. On the other hand, it is a felony to purposely not file a known will in Illinois.
This article is the third in a series of nine articles explaining the Eight Goals of a Good Estate Plan. In this article we will discuss using a trust to ensure that your estate avoids probate when you pass.
What Is Probate?
A probate case consists of court oversight of the distribution of the assets of an estate to creditors and heirs. If probate is required for a particular estate, the executor of the estate cannot simply sell the real estate owned by the deceased individual or distribute the deceased individual’s bank accounts to the estate’s heirs.
In this article, we will answer the question, “can you avoid probate by having a will in Illinois?” We will explain what probate is, when probate is required in Illinois, why it is preferable to avoid probate if possible, and how a proper estate plan can be used to ensure that probate is not necessary.
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