02/09/2022
Estate Planning, what documents are you needing to complete? (cost $50 to $400 depending on estate size)
Lets go through a few!
⚜️Durable Power of Attorney (ask for custom form)
**appox 10-15pages**
A Durable Power of Attorney (PoA) is a legal document that grants a selected individual or organization the authority to handle legal and financial affairs on your behalf, such as signing contracts, accessing your bank account, and buying or selling property, when you are unable to.
It is "durable" because it endures or remains in effect even if you are incapacitated.
🏥 Declaration & Health Power of Attorney
(ask for custom form)
**appox 10-15pages**
A Healthcare Power of Attorney is a legal document that gives a trusted person or entity the authority to make medical decisions on your behalf, if you are incapacitated or cannot do so on your own.
🏦 Payable on Death (P.O.D.) accounts
(contact your bank for specific form)
A bank account with a named beneficiary is called a payable on death (POD) account. People who opt for POD accounts do so to keep their money out of probate court in the event that they pass away. ... The named beneficiary is not entitled to any of the money in the account while the account holder is still alive.
**more info:
https://trustandwill.com/learn/payable-on-death -to-set-up-a-payable-on-death-account
⚜️Last Will & Testament (13 types)
(ask for custom form)
**appox 8-15pages**
The requirements will vary by state; however, it is strongly recommended to have your Will signed by two disinterested witnesses and notarized to reinforce the credibility of the document.
A Last Will and Testament (a "Will") is a legal document that sets forth your preferences regarding asset distribution after death, such as who will inherit your personal belongings, your money, or your home.
⚜️Small Estate Affidavit
A small estate affidavit is used in Cook County, Illinois to settle an estate whose total value is less than $100,000. The affidavit is made under penalty of perjury. If any disputes or claims are expected against the estate, a small estate affidavit cannot be used.
https://www.ilsos.gov/publications/pdf_publications/rtopr31.pdf
🚙Secretary of State Beneficiary Affidavit (Vehicle)
Pursuant to the Illinois Application for certificate of title (625 ILCS 5/3-104), Illinois residents can
now transfer their Vehicle upon death with one document called a Beneficiary Affidavit.
https://www.ilsos.gov/publications/pdf_publications/vsd773.pdf
⚜️Affidavit of Heirship
(ask for custom form)
An Affidavit of Heirship is a legal document that allows lawful heirs or someone who knows them to confirm their relationship to the deceased. This affidavit can be used to settle the estate of someone who has died without a Will.
🏠Transfer on Death Instrument - TODI
If you own a home, but have yet to prepare some type of estate plan, your loved ones could be in jeopardy of having to endure the often lengthy and expensive probate process upon your death.
The Probate process (named after the division of the Circuit Court where estate matters are adjudicated) frequently involves the assistance of Real Estate or Probate attorneys to help determine what happens to the assets of someone who died intestate (aka without a Will).
https://www.cookcountyclerkil.gov/sites/default/files/pdfs/Transfer%20on%20Death%20Instrument%20-%20TODI%20-%202022.pdf
—
—
Attorney Recommendation:
J. Andrew Brabender
Brabender Law, LLC
77 W. Washington St. #2120
Chicago, IL 60602
312.566.8456
——
Benjamin P. Kailin - Partner
FirmEquity LLC
444 North Wabash Avenue, 5th Floor
Chicago, IL 60611
Ben: [email protected] or 312-479-8611
