Illinois Essential Legal Life Documents for Baby Boomers

Category:
State:
Illinois
Control #:
IL-P003-PKG
Format:
Word; 
Rich Text
Instant download

Description

This package contains essential legal documents for Baby Boomers who desire to address important legal issues relevant to a later stage of life.The documents in this package are State Specific and include the following:



1.) A Will that meets your specific needs;

2.) A Living Will;

3.) A Durable Power of Attorney for Health Care;

4.) A General Power of Attorney effective immediately;

5.) An Estate Planning Questionnaire and Worksheet;

6.) A Financial Statement for an Individual;

7.) A Personal Property Inventory sheet; and

8.) Personal Planning Information and Document Inventory Worksheets.


Purchase this package and save up to 40% over purchasing the forms separately!





4.) A General Power of Attorney effective immediately; and


5.) An Estate Planning Questionnaire and Worksheet.



Purchase this package and save up to 40% over purchasing the forms separately!

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FAQ

But do you really need a trust? Illinois does not use the Uniform Probate Code, which simplifies the probate process, so it may be a good idea for you to make a living trust to avoid Illinois's complex probate process. Illinois has a simplified probate process for small estates (under $100,000, excluding real estate).

Many states allow you to make your will "self-proving," which allows the probate court to accept the will without contacting your witnesses. However, Illinois allows your will to be self-proved without a self-proving affidavit, as long as you sign and witness it correctly.

Figure out which type of trust you need. Single people only have the option of a single trust. Take stock of your property. Pick a trustee. Create a trust document. Sign the trust document in the presence of a notary. Lastly, you'll need to fund your trust by moving your property into it.

Generally speaking, beneficiaries have a right to see trust documents which set out the terms of the trusts, the identity of the trustees and the assets within the trust as well as the trust deed, any deeds of appointment/retirement and trust accounts.

A trust is a legal entity that you transfer ownership of your assets to, perhaps in order to decrease the value of your estate or to simplify passing on assets to your intended beneficiaries after you die. An estate planning attorney may charge at least $1,000 to create a trust for you.

It's very common for a lawyer to charge a flat fee to write a will and other basic estate planning documents. The low end for a simple lawyer-drafted will is around $300. A price of closer to $1,000 is more common, and it's not unusual to find a $1,200 price tag. Lawyers like flat fees for several reasons.

Does a Beneficiary Have the Right to See the Trust? The California Probate Law section 16061.7 provides for the beneficiaries right to see the trust. Trustees should furnish beneficiaries and heirs with copies of the trust document.

Of the trust's existence, the beneficiary's right to request a copy of the trust agreement and right to an account (within 90 days of the trust becoming irrevocable or a change in trusteeship) when a trust becomes irrevocable (within 90 days of the event) appointment of a new trustee (within 90 days of acceptance)

Basic revocable living Trusts may be included in a flat-fee estate planning package costing between $2,500 and $6,000. Revocable living Trusts help you bypass the costly and public probate process and can evolve into testamentary Trusts that allow you to control your assets long after you have departed this world.

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Illinois Essential Legal Life Documents for Baby Boomers