Out of State Property & Wills

Yesterday, I spoke with a gentleman from Tennessee regarding wills and trusts. He owned property in Tennessee and Maine. After explaining to him the differences between wills and trusts, he fully understood why the trust make more sense. When you have property outside the state that you reside, a probate court procedure is required. For example, Sam owns property in Illinois and Florida. If he dies with or without a will, Sam must undergo probate court in Illinois and Florida. In contrasts, setting up an revocable living trust or living trust would enable Sam to avoid probate court and smoothly transfer the property to his beneficiaries without delay or court involvement.

What happens when you die and own property?

This morning, I was speaking with a business client who also owns his own home with his wife. In Illinois, when you die without a will, a state law called "intestate succession" determines who is the rightful heir of your estate. Yes, your loved ones must undergo a court process called "probate". Probate court typically takes 9 months to 2 years and higher to finalize. This court process is expensive because you must typically pay an attorney and your costs are excessive. More importantly, you cannot sell your property or your inherited property, without providing good time to a prospective buyer.

Second, if you have a will, you still must undergo the probate procedure. The will must be admitted to probate and must be mailed to all the potential heirs. This often times creates court challenges, which makes the probate court procedures more costly and time consuming. Additionally, with the economic challenges of today, your inheritance may be seized by your creditors or a divorcing spouse. In contrasts, a living trust or otherwise known as a "revocable living trust" is similar to a will. Unlike a will, a living trust will not be subject to any court proceeding. In fact, a living trust creates a smooth transition upon your death or incapacity. Unlike a will, there are no expensive attorney's fees and costs. Your estate may be administered in less than a week or thirty (30) days.

Sean Robertson is an estate planning attorney that concentrates in estate planning, wills and trusts planning, probate and guardianship proceedings, and asset protection law. Sean can be reached at 312-498-6080 or 630-364-2318.

Gary Coleman and Updating Your Will

I enjoyed watching Gary Coleman and A Different Strokes as a kid. Gary Coleman was a talented and funny actor. Unfortunately, Gary Coleman did this week. This blog is about the importance of updating your will or trust documents. Gary Coleman did not get the opportunity to update his will prior to his death. He likely had his ex-wife down as a beneficiary. There are a lot of divorcees that likely have not amended their will or trust or changed their beneficiaries.

You should update your will or trust every two (2) years. Your executors and trustees die and new children are born throughout the years. At the Robertson Law Group, LLC, we will provide you a free initial consultation. We can get all of your documents signed and funded within two (2) weeks.

We can be reached at 312-498-6080 or 630-364-2318. Check out our website at www.RobertsonLawGroup.com.

Probate and Estate Planning

Probate court is often times a feared court because it is expensive and time consuming. One is affected by probate court when they die with or without a will or an adult loses their ability to make healthcare and financial decisions for themselves.

Most people misunderstand that wills are excellent post-death legal strategy. In fact, a will must undergo a probate proceeding called probate. Thus, you must hire an attorney, pay court costs, and wait a minimum of 9 months to 2 years. In contrasts, setting up a trust or revocable living trust is a way to avoid a court proceeding and to avoid the pain associated with probate court. A trust is similar to a will because it distributes property upon a death. Unlike a will, a trust is an effective estate planning solution. There is no need for a court processs upon death and the estate administration is simple.

A trust also enables you to plan for an incapacity and designate a guardian for your children. A trust is an excellent legal strategy for planning your affairs upon your death.

Sean Robertson, Attorney at Law
Robertson Law Group, LLC
(312) 498-6080 or (630) 364-2318
Offices in Chicago and Naperville, Illinois.
Email: RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com

Economy and Estate Planning

Today, I was speaking with a fellow attorney from downtown Chicago. This attorney msde a comment that he would not attempt to counsel or draft a trust or a will. Why is this? Estate planning and wills often times involve real estate and tax issues and unfortunately, most attorneys are ill equipped to understand when your matter may be simple or more complex.

For example, I recently had a client that was married but her husband was disabled and unable to make decisions for himself. This simple situation is more complex because the estate planning attorney must understand medicaid eligibility and elder law. Thus, it is important to hire an attorney that has the proper qualifications because a simple mistake may costs you thousands of dollars.

In my conversation with this attorney, we discussed that the economy is getting better. I have personally witnessed estate planning increasing because the economy is getting better. For many individuals and families, estate planning is a serious but often neglected conversation. Estate planning is crucial because if you die with a will or without a will there are serious negative consequences.

If you die without a will, the State of Illinois will determine who should inherit your property. Furthermore, doing nothing will costs your family more money in the long-run. Often times, an accident can occur and you and your family are ill-prepared for an incapacity or family death. Combining the family death with the legal proceedings creates a difficult time period for your family members. This is further worsened because an ill-prepared estate plan causes severe family fights. These fights commonly occur with blended families such as step parents and children. There are natural conflicts which exist and inheritance and money matters threaten family harmony. These conflicts result in hurt feelings and thousands of dollars in legal fees and court proceedings that last years and longer.

Sean Robertson is an estate planning attorney that concentrates in estates and trusts, advanced estate planning, and asset protection. Sean can counsel you and your family on how to properly set up a realistic but effective estate plan. Sean Robertson can be reached at 312-498-6080.

Robertson Law Group, LLc
(312) 498-6080 or (630) 364-2318
Email: RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com

Why Standard Powers of Attorney are Good?

A couple weeks ago and last week, I was presented with two (2) powers of attorney for healthcare that were not standard short-form powers of attorney. Standard powers of attorney for healthcare and property are important. They are important because hospitals, physicians, and banks are accustomed to seeing them. This gives them ease about accepting them. Non-standardized powers of attorney cause concern because hospitals, physicians, and banks are afraid that may not be legal. Therefore, the important lesson of the day is to use standard powers of attorney as highlighted in the power of attorney statute in Illinois.

Why Wills Are Worthless?

The topic of estate planning is not a sexy topic, but one that must be addressed by individuals and families. A Will is a common myth among the U.S. Society. Everybody believes that a will is the way to distribute your assets upon your death. In fact, a will is not a good way to gift your assets upon your death.

First, a will does not avoid the court process called probate court. Probate court is the court that administers wills after a person has deceased. A will must undergo a court process called probate because it is required by law. This probate process takes a minimum of nine (9) months to two (2)years to complete if you are lucky. An attorney often makes between $1,500 to $5,000 on an average probate case plus costs. Costs include filing fees, process server fees, publication fees, and other fees. A will often times encourages disputes because an lawyer must mail out certified notices all the potential heirs. This leads to disputes because one heir may not be happy with the will. The will is a public document, which means that anybody has the right to view your will.

In contrasts, a revocable living trust or otherwise known as a "living trust" is not probatable if set up correctly. The living trust avoids all court proceedings because your assets are not titled in your personal name. They are titled in your living trust's name. The living trust has a trust agreement, which outlines your wishes upon your death. Thus, your assets get distributed per your wishes. Unlike a will, a living trust is a private document. It also is not a document that must go through the probate court process.

Sean Robertson is an estate, corporate, and asset protection attorney. Sean can be reached at 312-498-6080 or 630-364-2318 or via email at RobertsonLawGroup@gmail.com.