Luckily, I was represented in my civil case by Mr. He was compassionate, persistent, and thorough. He did a wonderful job of keeping me informed, staying on top of my case, explaining all of the details of the case to me, providing feedback any time I needed it he was always available for my questions or concerns , and pushing the case forward so that it could close in a timely manner.
I have recommended Mr. Brabender we call him Andy because he is so friendly! He is intelligent and has a wealth of skills; however, he is also down-to-earth and sympathetic to a client's feelings, specifically he understands how traumatic these events are to the client. My case was closed in a timely manner and successfully.
I truly believe this occurred because Andy worked so diligently on my case. I walked away literally and figuratively! Non-Probate Property Understanding Property Ownership and Beneficiary Designations To understand who inherits when there is no will, it is necessary to understand what property will become part of the probate estate and what property will pass outside of the probate process.
Property Owned Jointly Property that is owned jointly with the right of survivorship or in tenancy by the entirety passes automatically to the other living owner s at the time of death. Jointly owned property is most commonly seen in real estate and bank accounts.
Property with a Named Beneficiary Property with a named beneficiary also passes outside of probate irrespective of whether there is a will or not. Transfer on Death Accounts Transfer on death accounts are similar to property with a named beneficiary. While it is not always the easiest or most pleasant subject to think about, estate planning is one of the most important things you can do to protect your loved ones in a difficult time.
Estate planning is not just for the ultra-wealthy or the elderly. Preparing in advance can make it easier for your loved ones to manage without your input and attention down the line, and help ensure that your wishes are honored when it comes to many crucial decisions — including who will care for your children, what medical care you may receive, and how your most treasured assets will be handed down to the people you love.
Creating a will, and taking regular steps to keep it up-to-date over time, is an important consideration if you want to pass along your assets in a manner that is different than what the state allows. For example, you may want to leave money or property to friends, neighbors, or charitable organizations that are near and dear to your heart — and which are all left out of the intestate succession process.
You may also wish to apportion your assets differently, depending on your relationships with your loved ones; intestate laws do not allow for any such distinctions based on your personal preferences.
You can also set up your will to work with other parts of your estate plan; if you have a trust, for example, a pour-over will can be used to dictate that any property that passes through the will at your death is immediately transferred to your trust. Jeltes, Ltd. As you get started with estate planning or prepare to update your current documents, our team can help prepare basic wills, trusts, powers of attorney, and living wills also known as advance directives.
Need a guide in navigating the challenges that may arise during probate administration — from minor and disabled heirs and legatees, to dealing with creditors or unfunded trusts? By Julie Garber. Julie Garber is an estate planning and taxes expert with over 25 years of experience as a lawyer and trust officer.
Learn about our editorial policies. Reviewed by JeFreda R. Article Reviewed November 10, JeFreda R. Brown is a financial consultant, Certified Financial Education Instructor, and researcher who has assisted thousands of clients over a more than two-decade career. Learn about our Financial Review Board. Fact checked by Emily Ernsberger. Article Fact Checked June 20, Emily Ernsberger is a fact-checker and award-winning former newspaper reporter with experience covering local government and court cases.
She also served as an editor for a weekly print publication. Her stint as a legal assistant at a law firm equipped her to track down legal, policy and financial information. Illinois levies no inheritance tax but has its own estate tax. Some individuals only take the federal estate tax into account while doing estate planning.
But Illinois residents and those who own property in the state but live elsewhere need to be mindful of the Illinois estate tax. There are no inheritance taxes , though. That tax has to be paid before money can be dispersed to your heirs.
After you pass away, there are many federal and estate tax situations that will become relevant for those who survive you. Besides the state estate and inheritance taxes, you need to look out for the following:. The Internal Revenue Service requires each estate to have its own employer identification number EIN to represent itself in any tax-related matters. That generally means the testator has not been determined incompetent in a prior legal proceeding.
The testator must sign their will in front of two witnesses and the two witnesses must sign the will in front of you, at the same time. If the testator is not able to sign their own will, the law allows them to name a different person to sign the will on his or her behalf.
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