Lawyers in DeKalb IL are available for a variety of legal situations, including estate planning, real estate, DUI defense, workers’ compensation, personal injury, and business law. Contrary to popular believe, estate planning is not just for wealthy individuals; in fact, estate planning is recommended for all individuals that own property, have financial assets including investments, and personal property. Estate planning is not just about wills and trusts, it also encompasses living wills and powers of attorney.
Why You Need A Will In Illinois
According to a Harris Interactive survey conducted for lawyers.com, over 58% of all U.S. adults do not have a will. If you pass away without a fully executed will, the courts will intercede and divide your estate evenly among your closest living relatives. This in fact, may not be what you desire. In order to ensure that your assets go to the people in your life that you desire, you must have a will. If the aggregate value of your estate is valued at $100,000 or more, you need a valid will. However, real estate that is held in a decedent’s sole name typically requires probate. If you die without a will, your estate will be administered according to state intestate laws.
An Irrevocable Trust Protects Against Probate
Revocable and Irrevocable Trusts are becoming more and more popular today across all income levels. State laws governing trusts vary widely and it is vital that you seek local estate planning lawyers in DeKalb IL for recommendations on which is best for your immediate and long-term goals. An irrevocable trust is created with assets from the estate to ensure that heirs do not have to go through probate. There are cases in which for long-term health care, an irrevocable trust protects the assets from being counted in determining eligibility for Medicaid. With an irrevocable trust, the beneficiary can receive income including interest, dividends, rent and royalties and is allowed to live in any trust-owned real estate. Over the next 25 years as more and more baby boomers come into retirement age with an eye on long-term healthcare, irrevocable trusts will become more and more popular.
Power of Attorney
A power of attorney is a legal document that grants the authority of a designated person to act as your legal representative. The decisions your legal representative makes on your behalf are legally binding. It is important when choosing a power of attorney that you have the utmost in faith that the person will act according to your desires. There are both general and specific power of attorneys. A general power of attorney is simply unlimited in duration and scope and directs the individual named to act in your name in all legal and financial matters. A specific power of attorney on the other hand, imposes limits on the scope of transactions that can be handled such as medical, financial, or single transaction real estate.
The crafting of wills, living wills, power of attorney, trusts, estate planning and business succession all need expert legal counsel.
If you have children, family members, or loved ones that you want to ensure are properly cared for upon your death, it is vital that you have a legal will. To start effective and legal estate planning, contact one of the lawyers in DeKalb IL today.