PREPARATION OF WILLS & TRUSTS
- WILL: A Will is essential to make sure that you clearly establish who gets what when you die. If you do not have a Will, the state of Illinois has a Will written for you in the form of its intestacy statute. Therefore, if you die without a Will, your assets may be distributed to individuals that you don’t necessarily want to give your property to. Additionally, Wills are essential to name a trusted person as a Guardian to care for your minor children upon your untimely death. Contact SG LAW for a free telephone consultation regarding Wills and Trusts.
- TRUST: Depending on the nature of assets you own, how you own them and the value of said assets, a Will may not be sufficient to avoid the payment of estate taxes or avoid the opening of a probate proceeding upon your death. The death of a family member can be emotionally challenging enough such that burdening the surviving heir or beneficiaries with an expensive and cumbersome court proceeding like a probate case may be avoided with the preparation and proper funding of a Trust. Contact SG LAW for a free telephone consultation regarding the importance of having a Trust and to determine whether you need one.
REPRESENTATION IN PROBATE MATTERS
Probate is a court proceeding that is initiated to transfer ownership of a deceased individual’s assets to his or her heirs in the event the decedent dies with assets in excess of $100,000 held solely in his or her individual name.
- INTESTATE ESTATE: If an individual dies without a Will and with assets in excess of $100,000 held solely in his or her individual name, a probate estate will need to be opened. Opening an estate will enable the Court to issue Letters of Office to the Administrator who will then be able to administer the decedent’s estate.
- TESTATE ESTATE: An individual who dies with a Will, and no properly funded Trust, will still need a probate estate opened as long as he or she dies with assets in excess of $100,000 held solely in his or her own individual name. SG LAW has extensive experience representing executors and administrators in probate proceedings involving intestate and testate estates. Call SG LAW for a consultation regarding what your rights may be as an heir or beneficiary of a testate or intestate estate.