There have been many changes in recent years that make it easier than ever for families and individuals to work with their attorney to draft affordable wills, trusts, powers of attorney and estates that pass their property exactly the way they want at the time of their death.
If you have not updated your will or trust or assessed your estate in several years because you are worried about the expense, it may be time for you to consult with an attorney to make sure your will or trust will accomplish the objectives that are most important in the simplest possible way.
- Unmarried individuals may not want their property to pass to their nearest relatives. A will, a trust, or the relatively new Illinois Transfer on Death Instrument (TODI) can leave assets to the desired legatees without extensive probate costs or delays.
- Parents of young children can name the person or persons they would trust the most to raise their children in the event of the parents’ death.
- Illinois has adopted a new standard Power of Attorney for Health Care and Power of Attorney for Property in Illinois. Most attorneys recommend additional language for the greatest flexibility. If you have not updated your Power of Attorney in the past 5 years, take some time to review your documents and meet with your attorney to make sure they will give your agent the right powers at the right time.
- Illinois has enacted the Pet Trust Act to help individuals make plans for the care of their pets after they die.
If you would like to review your existing will, trust, power of attorney, prepare new ones, or assess your estate, call The Law Office of Joni Beth Bailey.