Winnebago County Estate Planning Lawyers
Estate Planning, Trusts, Wills, Living Will, Power of Attorney for Health Care, Power of Attorney for Financial Matters
Estate Planning
Prime Law Group, LLC represents clients in estate planning, probate administration, trust administration, and charitable intention development. We help clients create comprehensive plans that accomplish their objectives while ensuring they understand the nuances of their specific plan. In doing so, we seek to minimize tax liabilities, provide a plan for the possibility of future incapacity, and avoid the need for a lengthy and costly probate administration. It all begins with an initial consultation.
Estate Planning Documents
- Wills
- Trust Construction
- Qualified Terminable Interest Property Trusts (QTIPs)
- Medical and Financial Durable Powers of Attorney
- Living Wills
Last Will & Testament
A Last Will and Testament, or, more commonly just a “will,” is the foundation document of your estate plan. This document determines what is to be done with your property after you pass away. The maker of a will must be at least 18 years old and be of sound mind (a.k.a, they know what their property is, who their heirs are, and have a plan for their property). Your will needs to be signed by you in the presence of at least two witnesses who are not named beneficiaries in your will. What happens if you want to change your will? It is straight-forward, but there is some nuance to the process; call us today to learn more.
Trusts
A trust is an option in some estate plans. However, trusts aren’t for everyone. Some advantages are privacy, avoiding probate, and other benefits. A trust is created by a “grantor” or “settlor”. Once the grantor executes the trust, the grantor then transfers ownership of property to the trust. In essence, your trust acts as a separate legal entity from you and has ownership and control of the property. The “trustee” is the person who is in charge of disbursing out the property owned by the trust. You can act as your own trustee and maintain control until you pass away. Similar to a will, a trust will help make sure that your property goes to who you wish it to go.
Qualified Terminable Interest Property Trusts (QTIPs)
A qualified terminable interest property (QTIP) allows you to provide for their surviving members once you pass on. The QTIP allows you to enjoy passing on certain assets while avoiding estate and death tax liabilities.
Power of Attorney for Health Care
A power of attorney for health care is another foundational document, especially for aging individuals. There are many ways to customize a POA for healthcare. Your agent can be anyone you want, but again make sure you are certain whoever you choose is someone that you can trust. You can limit the scope of their appointment, put declarations regarding life-sustaining treatment, grant or deny your agent access to your medical records, and much more.
Power of Attorney for Finance/Property
A power of attorney, or POA for short, is an instrument that gives someone you choose (your “agent”) the ability to make decisions for you when you are no longer able to do so on your own. Illinois has two standard POA’s: one for healthcare decisions and one for personal and real property. Your agent must be 18 years or older. Similar to your will or trust, the “agent” you select should be someone you consider trustworthy. If you change your mind as to your agent or the scope of their appointment, you can revoke or change your POA at any time.
Appointment of Agent for Disposition of Remains
Here you would select what is to be done with your body after the event of passing away. Similar to the other documents listed, you will select an agent to take charge of your burial plans. Your agent must follow your wishes you seek whether it be cremation or burial for example. This is especially helpful for individuals who are estranged from their family, or have particular burial wishes.
Living Wills
A living will is a document which is separate from your actual will. To clarify, a living will determines what will happen in the event you go into a vegetative state or have a terminal condition. If your attending doctor determines there is no path to recovery this document declares what you want done. Some options include only allowing comfort care, keeping you alive at all costs, or allowing care that, although it may speed up the process of passing away, give more comfort care than simple hospice. Living wills are done when the individual making the declaration is still mentally competent. At the end of the day your wishes in your living will override what your POA healthcare agent thinks.
We assist our clients in preparing the deeds and accompanying documents necessary to transfer title to interests in real property into the trust, and offer guidance on how to transfer other assets into the trust, ensuring the assets of the trust avoid probate.
