Often the word “estate” can be intimidating and associated with wealth, but that isn’t always the case. If you own any asset – home, car, life insurance – then you have an “estate,” which means you need a plan and an estate planning attorney. We go over a comprehensive estate plan for you and your assets, ensuring that your loved ones will be taken care of regarding your requests.
At Norsigian Law Office, we have experience with estate planning and will draft estate planning documents tailored to each client’s specific needs or wants. We answer the critical questions of:
For inquiries or concerns about any estate planning or probate litigation, call us today for a free consultation!
Dying without a will isn’t an uncommon thing. After all, sudden deaths happen all the time. However, if you don’t have a will, then your state’s laws of descent and distribution will determine who receives your assets by default. While state law tries to be fair, it certainly does not guarantee that your assets get distributed as you want. The only way to ensure that your loved ones are granted ownership to your assets and wealth is a will – a legally binding document. A will allows you to exercise control over all the financial distribution and decision-making process.
A Trust is a separate legal entity in the eyes of the law, analogous to a corporation, for example. Trusts are legal arrangements – outlined in the trust document itself –that are flexible in terms of ownership of certain assets. A trustee is tasked with holding specific property per the terms of the contract. The trustee is the legal owner of the trust property, and the beneficiaries are equitable owners. A person can be both a trustee and a beneficiary. Although we encourage you to educate yourselves on the concepts and principles of trusts, we aren’t expecting you to become an expert overnight. That’s what we are here for. Contact Norsigian Law Office today to get a trust established or for any questions regarding your estate planning.
A Power of Attorney (POA) is a document whereby one person gives another person the authority to act on his/her behalf. POAs can be broad or specific. In Illinois, like most other states, we have two broad POAs – the POA for Property (sometimes called POA for Finance) and the POA for Healthcare. It is essential to have these documents in place before the person becomes mentally incapacitated. If mentally incapacitated (e.g., dementia, Alzheimer’s disease, severe mental loss), the person cannot sign the POA. In such circumstances, a much more costly guardianship procedure would be needed.
If you have any questions regarding the power of attorneys in O’Fallon, Illinois call us today! We provide free consultations and are more than happy to assist you with your legal aid.
The Illinois Residential Real Property Transfer on Death Instrument Act authorizes another way to transfer residential real property without the probate process. This instrument allows an owner of residential real property to transfer it to one or more beneficiaries upon the owner’s death. The beneficiary has the right to either accept or disclaim the transfer on the death instrument.
For more information on the transfer of death instruments and ways to avoid the lengthy probate process, call Norsigian Law Office today! We offer free consultations throughout O’Fallon, Illinois.