Estate planning in the State of Illinois can be simple or complex depending on the steps taken by the estate owner prior to transfer of that estate. The estate can become difficult to manage if there are a lot of assets, beneficiaries, heirs, creditor claims, Will specifications, family disputes, ambiguous or conflicting circumstances etc. To lessen the complications associated with the management of the estate several considerations and familiarity with the Illinois estate management process may be worth while.
This article will discuss Illinois estate planning in terms of 1) Illinois estate law, 2) Illinois estate transfer options, and 3) Illinois estate planning and management methodology. To begin, before planning an estate, it can be helpful to gain an understanding of what is generally involved and required. These things are affected by the State(s) in which the estate and/or its assets are held and the laws governing the distribution of assets in the event of death.
Illinois estate law
Being aware of Illinois Estate Law or planning an estate with someone who is, can be quite important. The following link provides access to Illinois State laws pertaining to State estate taxes, probate, and legal Wills and powers.
These laws can serve as a reference to the estate planner when confirming a specific course of action such as how one's medical treatment will be managed in the case of incapacitation. For example, in Illinois, and according to the Illinois Living Will Act, an individual may create advanced directive limiting the application of medical treatment in the event of non-functional decision making capacity.
http://law.findlaw.com/state-laws/estate-planning-law/illinois/
A few aspects of Illinois State law that may be useful to the estate planner are those laws pertaining to 1) the probate or trust administering process, 2) the creation of legal estate management documents, 3) the management of the estate prior to transfer and 4) the taxation of an estate within Illinois. The following website provides information on Illinois taxes including estate, inheritance, property, and income tax. These taxes are relevant to the value and cost of an estate.
http://www.bankrate.com/brm/itax/edit/state/profiles/state_tax_Ill.asp
Illinois estate transfer options
When the time comes for the distribution of an estate in Illinois, the County and/or City Circuit Court may need to be contacted for registration of documents and determination of transfer options as there are several. The following website provides information on many county estate requirements within the State of Illinois and serves as a useful reference as to 1) what estate proceedings may be necessary, 2) what estate management options are available and 3) which Circuit Court and/or persons to contact for information.
http://www.probateillinois.com/index.html
1. Through probate
• File Will with county government as required by Illinois law
• Locate a flat rate probate attorney rather than percentage based if estate is of high value
• Obtain necessary documents of death, residency, creditors etc. of the estate owner
http://www.familyestate.com/main/probate.htm
http://www.illinoislawyerfinder.com/publicinfo/estate.html
2. Through Trust
Estate distributions via a trust are regulated by the Illinois Trust and Trustees Act. This act describes in detail the role of trustees, the extent of a trust's capacity, and the means by which a trust is implemented among other things.
For additional questions pertaining to trusts, registration requirements, and any State mandated documentation related to the death of the primary trustee and/or estate owner, and the execution of the trust the following resources may be consulted:
• Trust documentation itself
• Applicable Circuit Court
• Illinois Trust and Trustees Act
• Attorney's specialized in estate management and certified in Illinois
3. Other estate distribution options
In addition to probate and trust administration of an estate, other means may be available dependant on the size of the estate in terms of dollar value, and the provisions allowed by the Court in which documentation and process may be required. Some of these documents and/or methods include the following, and may assist the Illinois estate recipient(s) in saving time and money.
• Illinois Small estate affidavit: May help bypass probate court. (familyestate.com)
• Illinois Summary administration: Terminates probate proceedings, and allocates real property to be retained by heirs. (chicagoprobate.com)
Illinois estate planning methodology
To get a better grip on the estate planning process in Illinois it can be helpful to use a variety of tools such as a concept map, checklist, estate planning software, or independently derived estate planning method. The reason why these tools can be helpful are the many potential elements of the estate including asset allocation, estate management, creditor and family claims, and incomplete estate planning.
The following list includes the resources available that can help with the estate planning process in Illinois. If part of an estate is granted to a charity, the legal services of that department may be able to assist with the remainder of the estate planning as part of the agreement. Additional estate planning services include the following:
This article will discuss Illinois estate planning in terms of 1) Illinois estate law, 2) Illinois estate transfer options, and 3) Illinois estate planning and management methodology. To begin, before planning an estate, it can be helpful to gain an understanding of what is generally involved and required. These things are affected by the State(s) in which the estate and/or its assets are held and the laws governing the distribution of assets in the event of death.
Illinois estate law
Being aware of Illinois Estate Law or planning an estate with someone who is, can be quite important. The following link provides access to Illinois State laws pertaining to State estate taxes, probate, and legal Wills and powers.
These laws can serve as a reference to the estate planner when confirming a specific course of action such as how one's medical treatment will be managed in the case of incapacitation. For example, in Illinois, and according to the Illinois Living Will Act, an individual may create advanced directive limiting the application of medical treatment in the event of non-functional decision making capacity.
http://law.findlaw.com/state-laws/estate-planning-law/illinois/
A few aspects of Illinois State law that may be useful to the estate planner are those laws pertaining to 1) the probate or trust administering process, 2) the creation of legal estate management documents, 3) the management of the estate prior to transfer and 4) the taxation of an estate within Illinois. The following website provides information on Illinois taxes including estate, inheritance, property, and income tax. These taxes are relevant to the value and cost of an estate.
http://www.bankrate.com/brm/itax/edit/state/profiles/state_tax_Ill.asp
Illinois estate transfer options
When the time comes for the distribution of an estate in Illinois, the County and/or City Circuit Court may need to be contacted for registration of documents and determination of transfer options as there are several. The following website provides information on many county estate requirements within the State of Illinois and serves as a useful reference as to 1) what estate proceedings may be necessary, 2) what estate management options are available and 3) which Circuit Court and/or persons to contact for information.
http://www.probateillinois.com/index.html
1. Through probate
• File Will with county government as required by Illinois law
• Locate a flat rate probate attorney rather than percentage based if estate is of high value
• Obtain necessary documents of death, residency, creditors etc. of the estate owner
http://www.familyestate.com/main/probate.htm
http://www.illinoislawyerfinder.com/publicinfo/estate.html
2. Through Trust
Estate distributions via a trust are regulated by the Illinois Trust and Trustees Act. This act describes in detail the role of trustees, the extent of a trust's capacity, and the means by which a trust is implemented among other things.
For additional questions pertaining to trusts, registration requirements, and any State mandated documentation related to the death of the primary trustee and/or estate owner, and the execution of the trust the following resources may be consulted:
• Trust documentation itself
• Applicable Circuit Court
• Illinois Trust and Trustees Act
• Attorney's specialized in estate management and certified in Illinois
3. Other estate distribution options
In addition to probate and trust administration of an estate, other means may be available dependant on the size of the estate in terms of dollar value, and the provisions allowed by the Court in which documentation and process may be required. Some of these documents and/or methods include the following, and may assist the Illinois estate recipient(s) in saving time and money.
• Illinois Small estate affidavit: May help bypass probate court. (familyestate.com)
• Illinois Summary administration: Terminates probate proceedings, and allocates real property to be retained by heirs. (chicagoprobate.com)
Illinois estate planning methodology
To get a better grip on the estate planning process in Illinois it can be helpful to use a variety of tools such as a concept map, checklist, estate planning software, or independently derived estate planning method. The reason why these tools can be helpful are the many potential elements of the estate including asset allocation, estate management, creditor and family claims, and incomplete estate planning.
The following list includes the resources available that can help with the estate planning process in Illinois. If part of an estate is granted to a charity, the legal services of that department may be able to assist with the remainder of the estate planning as part of the agreement. Additional estate planning services include the following:
• Illinois Department on Aging legal assistance
• State specific estate planning documents (uslegalforms.com)
• Trust and Estate planning questionnaire (files.ali-aba.org)
• Illinois estate lawyers (lawyers.com)
• Additional estate planning resources I (legaline.com)
• Additional estate planning resources II (giftestate.com)
Disclaimer: The information contained in this article does not replace the advice of an attorney or certified estate financial planner. The author of this article does not claim liability for any consequences regarding the reader's use of such data. The information in this article is to be used at the sole discretion of its recipient.
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