Estate planning might not be your top priority when other life events have your attention. However, that should not stop you from planning for the future.
If you have been avoiding the daunting task of estate planning, speaking to a local attorney might ease your mind. A skilled Naperville trust & estates lawyer might be a beneficial resource as you consider your options for bequeathing your assets and heirlooms.
The Illinois Compiled Statutes have codified the rules that must be followed when engaging in estate planning. In accordance with the local laws, Naperville residents may select one or more of the following legal measures as they plan for their golden years.
A well-informed Naperville trust and estates attorney may discuss other viable options with interested clients during a consultation.
Trusts in Naperville are governed by Chapter 760 of the Illinois Compiled Statutes. Some trust instruments may be administered while the testator is still living while others are described in a will and take effect after death.
The maker of the trust is generally called the settlor, and those who receive the assets are referred to as the beneficiaries. A trustee holds legal title to the funds in the trust. The settlor may provide the trustee with specific instructions, or allow prudent discretion to invest and distribute the funds.
Some residents of Naperville may elect to publish a last will and testament as part of their estate planning. Persons of sound mind may write a will if they are over the age of majority.
Under 755 ILCS 5/4-3, for a will to be legally valid, it must be signed by the testator. Further, the signing of the will must be observed by two reliable witnesses. If the testator is unable to sign on their own, they can direct a trusted person to sign for them in their presence.
The regulations for probating a will in Naperville are described in the Probate Act of 1975. Per 755 ILCS 5/4-13, property that is itemized in a last will and testament may generally be distributed according to the directions of the author of the will. If the testator has already chosen an executor, that representative may file the will with the county clerk and also submit a petition for probate.
It may be important to choose an executor for a testamentary document and inform that person, so that they may take action soon after the passing of the testator. Otherwise, the Naperville court may need to appoint a personal representative to be in charge of the distribution of the assets according to the will.
If you are part among the many Americans who does not have a testamentary document, it might be time to start planning for the future. A local legal professional might be able to make the process of estate planning easier than you thought it could be.
Call the law offices of a seasoned Naperville trust & estates lawyer to discuss your options for bequeathing your assets and property. An appointment for a consultation may be available today.