Transfer on Death Instruments
After a person dies, his or her real property may need to be sold or transferred to a beneficiary of the person’s estate. Real property includes homes, plots of land, or condominiums.
Power of Attorney for Property – An Agent’s Responsibilities
A Power of Attorney for Property document is a very helpful and very effective estate planning tool. You are able to name a person who can act for you in business and financial affairs.
Estate Planning – What is a Will?
In reality, many people think that a will is not necessary unless one has extreme wealth. However, a will can be useful if you have young children, and little assets, because you are able to nominate a guardian for your children.
What is a small estate affidavit?
The small estate affidavit is a useful tool to transfer property after someone dies. It allows for the transfer of a decedent’s assets without the need to open a probate estate.
What is an advance directive in estate planning?
Advance directives are an essential part of estate planning. An advance directive is a document that spells out your wishes for the time period in which you are unable to make your own personal, financial, and health decisions
What is a durable power of attorney in Illinois?
A “Durable Power of Attorney” will stay in effect even after the principal is incapacitated. The durable power of attorney ends only after the principal dies.
Understanding Estate Planning Legal Terms
While you are in the process of planning your estate, you will hear certain terms spoken by your estate planning lawyer or see it referenced in legal documentation.
Can an Estate be closed if a lawsuit has been created?
There isn’t anything that slows down probate more than a pending lawsuit. Probate makes sure that all of the loose ends are tied up in a deceased’s life.
Power of attorney – How to sign the document?
A well-crafted Estate Plan includes power of attorney documents that name an agent that can make decisions for you when you are no longer able to.
What is the difference between Estate Tax and Inheritance Tax?
It is easy to confuse the terms “estate tax” and “inheritance tax”. Most people do not know if these terms are synonyms or if they are actually different types of taxes.