If you are moving to Illinois from another state, it is a good idea to meet with an experienced estates and trusts attorney that can advise you on the pros and cons of having an out-of-state estate plan.
Any time you move out of state permanently or temporarily you should review your estate plan, explains Lombard attorney Mario Godoy:
Today people live very mobile lifestyles. Many people travel extensively for work and for vacation, and they should make sure all their legal documents are in order before they leave. To protect your loved ones, I’d suggest reviewing your estate plan with an experienced attorney before you begin long-term travel or if you move to Illinois or another state.
1.Will and Trust Documents
Because your estate will be probated in Illinois you should review your estate plan to decide whether you want to keep the out of state plans or redraft a new estate plan under Illinois law. Local estate planning lawyers have a good understanding of how local judges make estate decisions.
2. State-Level Estate Taxes
Illinois is one of six states that levy taxes after death often called a death tax.
3. Your Estate Executor or Agent
Being the executor of an estate can be very simple or very complicated. State laws differ on who can be named an executor, but generally, will executors tend to come from the close ranks of a family—spouses, children, parents and siblings.
4. Powers of Attorney
Illinois has 3 types of Power of Attorney. It’s important that your Power of Attorney is legally binding and that you can demonstrate that you did – or did not – authorize someone to act on your behalf.
5. Health Care Directives
A Healthcare POA is a durable power of attorney, a legal device that allows one person to indefinitely make decisions on behalf of another. A Health Care POA, like all other Illinois Powers of Attorney, has specific requirements to make it legally enforceable in Illinois.
6. Irrevocable Trusts
An irrevocable trust cannot be changed, modified, or terminated by the person who created it – the only one who can make changes to an irrevocable trust are the beneficiaries.
7. Retirement Plan Beneficiaries
If it’s been more than 5 years since you last did a thorough review of your account beneficiaries, or if you’ve had significant life changes, now is the time to rethink your beneficiaries.
There is a lot to do when you move to a new state and its easy for things to get forgotten or overlooked. If you have recently moved to Illinois you should review your legal documents with an experienced estate planning attorney to make sure they meet the legal requirements of Illinois. The experienced estate planning attorneys at Estate and Probate Legal Group serve clients in Cook, Dupage, Kane, Lake, and Will counties in Illinois can advise you on the best options to protect your assets and loved ones. To talk to an estate planning attorney contact the Estate & Probate Legal Group at 630-687-9100.