Oak Lawn Estate Planning | Wills Must Be Probated

 This is a news flash to most people, "A Will must be Probated!" Most people think that if they simply have a Will, they will not need their estate probated. This is a common misconception with the general public. Although many people do not have their will probated, without an official closing of their estate by the court, there estate remains in an open state. Additionally, without probate the assets of the Estate, even if distributed, are always available to creditors. A probate attorney will have to take a number of steps to get an estate ready for probate. This ranges from getting the names and addresses of all family members within a certain range from the decedent. Additionally, the probate attorney will have to gather the addresses of all creditors of the estate. He will then take that information along with some other forms to court, along with the Will, so that the judge can determine if an estate should be opened and the Will admitted. This probate of a Will process has some advantages, but it also is an expensive task.

Now that you know that Wills must be probated, what should you do next? You should contact an Estate Planning Attorney to advise you on the best plan for you. You may be better served with a trust to dispose of your assets. Generally, a trust is cheaper over all than the cost to have a will drafted and then probated. You can find out more in my article, "What Does a Will Cost?"  To speak to a knowledgeable attorney for free about your plan, call;

Law Office of Jonathan W. Cole
5013 W. 95th St.
Oak Lawn, IL 60453
708-529-7794

Oak Lawn Estate Planning | Did your old attorney really do a good job?

Problem: Your old attorney gave you your estate planning documents and sent you on your way. You have no plan for when you die, just some documents that state who your property goes to upon your death.

Needs: What you needed was a comprehensive plan that includes both a property distribution plan and the methods that that plan can be implemented.

Solution: You need to find an attorney that focuses on more than just a document "pump and dump".

It has been an unfortunate problem that attorneys, particularly older attorneys, have asked some basic questions of clients and then pumped out a will or trust for the client. They have the client come into the office and sing the documents and send them on their way. Often, the client is confused about what this document does and how anyone will be able to use it after their death. Additionally, the attorney doesn't care to help these individuals because she hopes that she will do the probate in the event of your death. What I always tell the Executors of an estate is, "The more disorganized the estate is, the more money I make." This may be why old attorneys simply dump the documents on the client and provide no instruction later. This pump and dump method was par for the course in the old days. Now, clients should expect more. The proper instruction can make the passing of a loved one a manageable process from property standpoint.

You may be asking, what things should my attorney have told me?

 This question is very specific to your situation. People have so many different types of assets and family situations, it would be wrong to try and give a cookie cutter answer. There are some pieces of information that he should have discussed with you which are almost universal to everyone. This type of information makes administrating your estate much easier. I always advocate creating a critical information sheet with your attorney that will be given to the executor that will make their life much easier. This critical information sheet will contain things that would take a good deal of manpower to find and, in some cases, may never be found. A sampling of things that should be included on this sheet would include: passwords to emails, passwords to Facebook, passwords to a blog, passwords to finacial institution accounts, location of keys to lock boxes, listing of all certificate of deposits, listing of all savings/checking accounts, names of brokerage firms, names and numbers of insurance companies, instructions for care of pets, lists of credit cards, etc.

Most Estate Planning lawyers don't even include these things with their documents. This type of estate planning is simply unacceptable. A good estate planning attorney should ensure that they are counselors and not simply a document manufacturer. There is no doubt that a good will or trust makes all the difference in the word in regards to the property going to the proper party and with the least governmental hassle. Why not choose an attorney who makes the hassle on loved ones as small as it possibly can be. After all, is that who you had the trust drafted for anyways.

For more information on getting your Will or Trust, call,

Law Office of Jonathan W. Cole
5013 W. 95th St.
Oak Lawn, IL 60453
708-529-7794
Jonathan@JWColeLaw.com

Oak Lawn Estate Planning | How do I know if I need an Attorney for my Will?

I will begin this post with the disclaimer that you probably already know, I am an estate planning lawyer. What does this mean for you, perhaps my opinion iss a little biased, but I also have more experience than you in this area. I warn you to take my opinion as one of many you will look up and you will surely find the answer you are looking for. 

So the question is, when do I need an attorney to do my Will?

 My answer is, almost always. You question should be why. I will give you three options that are non-attorney related and the reasons these option will leave you lacking.

Option One: Get a sample Will online and just change the name to my name.

        Why This Is A Dumb Idea: You Google a Will online and think it may fit your situation. You say, "I don't have a big estate anyway, what could go wrong?" The short answer is everything. Wills have state specific requirements. In order fr Wills to be valid, you must comply exactly with the rules of your state. Do you know how many wittnesses you need in your state. Do you know the requirements for the execution ceremony for your Will? Do you understand how your property will be divided after you pass? You will have to know the difference between per stirpes and per capita with representation. You probably have not even heard of the concept of per stirpes before. I am sure you will Google it now though. An online Will may seem to fit your situation, but in most cases, they do not. There is a good chance that you do not understand what parts of that Will do not apply to you and what parts you may need that are missing. An online Will can only lead to frustration for you and your family. 

Option Two: I will simply hand write my own wishes and leave them where they can be found.

     Why This Is A Dumb Idea: Some states do not recognize a holographic Will. I am sure you will be Googleing holographic Will now. If you do not know if your state recognizes it, you are asking for a world of trouble. Additionally, Holographic Wills are easily challenged in court. This option leaves either two results. One, your will was never valid in the first place and your property will be distributed through your states intestate statute. Option Two, is that your Will is challenged and that means your sanity is challenged  This is a horrible process and usually breaks up families that were tight before the process. 

Option Three: Purchase a Will from a legal zoom type website.

     Why This Is A Dumb Idea: You are hiring an "attorney" to prepare you a Will. Your Will will be a template, based upon a few questions you answer in a pull down menu. What are the chances that an attorney will be able to find out the proper information in a few pull down menu? Not very likely. This is not a customer satisfaction survey from an online retailer. No attorney can create a plan from you with only a few questions. This is a sham of an operation. People can only provide you a proper plan if they can ask you a question and get a response that is not forced to fit one of three options. You are not the same as your neighbor and your plan can not be the same as your neighbors. This is you Will, not an I pod. The ability to have a dialog is vital to getting a plan that is proper for your situation. Additionally, the cost of a live attorney is not substantially more than an online service. I call those who use this service penny wise, pound foolish. 

So this leaves you with the final question, who doesn't need an attorney to draft their Will? Only those individuals who do not care where their property goes when they die. If your opinion is that, I am dead and I don't care what happens to my stuff, intestate is the way for you. If you would like to have some control where your property goes, you should get an attorney to prepare a Will for you.

Law Office of Jonathan W. Cole

5013 W. 95th St.

Oak Lawn, IL 60453

(708) 529-7794

Chicago Estate Planning Attorney | What is Probate?

You have heard much about it. Probate. It is such a foreign word. You know the kind. The word you here everyone say, but know one seems to know exactly what it is. Probate. What the heck is Probate? You may have heard people on TV say that you need to avoid probate at all costs. Is probate like a trip to the dentist? What about this word could be so bad that it needs to be avoided at all costs. This post will give you the in's and out's of probate. When you are done, you will be one of the few who is no longer muttering this word like it is the evil bogey man of your nightmares. A "Chubacabra" of sorts.

History: The word probate comes from the Latin word "Probatus" meaning proven. But what is proven? In the case of Estate Planning, and more specifically Wills, the Will is Proven. To Prove a Will.  

Now that leaves the next question, What if their is no Will? If there is no Will, the individual is is considered to die intestate. Intestate means simply without a Will. I will leave the whole intestate discussion to another post, but it is important for you to understand that there are two ways for you to find your estate in probate. 

So back to, - Proving What? We have to prove one of two things. If their is a Will, we must prove the Wills Authenticity, Contents, and the Capacity of the Will Maker (Testator). If their is no Will, you die intestate, we must prove and certify the lineage of the deceased both north and south. North meaning those lineal descendants who came before you. Such as your parents and your grandparents and so on and so forth. The descendants who are south are your children and grandchildren and....on and on and on. This includes lateral descendants such as your brothers children as well. 

How Do We Prove It?  I am so glad you asked. 

 
  The method of Proving the Will is simpler than the the intestate method. In order to prove a Will, a court will be the judge of the validity of the will. A Will will be submitted to probate and an opportunity for for people to contest a Will will be set. This time will also allow creditors an opportunity to submit their claims against the decedents estate.  If their are no challenges to the Will, a simple "certification" by the executor of the estate claiming that the Will is valid and accurate will usually suffice. If their is a Will contest, the drama really starts. I will leave that explanation to another post, but rest assured it is a messy and dirty ordeal.

   If you die intestate, the proof is in showing all potential beneficiaries under your states intestate statute. In Illinois, the method that the State disposes of your assets in a manner called "per stirpes". The method of distribution is not important for the purpose of this post, but what is important is that all potential beneficiaries under the per stirpes plan must be identified and either receive a myriad of letters or sign a certification about the probate. The proof come in when you must show the judge that you did not leave a single individual out of the search to notify all potential beneficiaries of the passing of the deceased.

So where does all of this information leave me?

This post leaves you a little more educated about the probate process and what probate is. The next post will help you determine if you would like to avoid probate, or if probate is right for you. Hopefully, your mind is a little more open to probate after understanding what probate is and what is involved in probate.

If you would like to speak to a lawyer about Probate, a Will, a Trust, or the Administration of an Estate, call the Law Office of Jonathan W. Cole at (708) 529-7794. The Law Office of Jonathan W. Cole has been helping people in Oak Lawn and the Chicago-land area with their legal needs and would like to help you as well.

Law Office of Jonathan W. Cole

5013 W. 95th St.
Oak Lawn, IL 60463
(708) 529-7794

Oak Lawn Estate Planning | What is a Trust?

To explain what a trust is and how it works, consider the following example. This example is a common action of a parents throughout the U.S.

You give money to your baby sitter for things that may be needed for your children. You “trust” that she will use the money for the children’s benefit and not for herself. This, in essence, fulfills the four necessary requirements for a trust.

1. Grantor – The person to creates the Trust …i.e. funds the trust

2. Trustee – Some other Person or entity most agree to hold money or property for the benefit of someone else.

3. Corpus – Also known as the “principal” of the trust.

4. Beneficiary – The person or persons who benefit from the trust

This is an example of a basic trust. We will call it a "Babysitter Trust". In this case, you as the parent are the grantor of the trust. You became the grantor when you handed the money to the babysitter. The babysitter is the trustee of the trust when she is holding the money in accordance with your directions. The money you give to the babysitter is the corpus of the trust. This also could have been property that the babysitter had possession and control over. Finally, your children are the beneficiaries of the trust. The children are the ones who the money is intended to benefit.

This is the basic four necessary parts of a trust. It really makes a lot more sense when it is broken down into its four parts in a simple everyday example. Now that you know what a trust is, look for the next post explaining how to categorize a trust. If you need help setting up a trust, contact the Law Office of Jonathan W. Cole at (708) 529-7794. 

Law Office of Jonathan W. Cole

5013 W. 95th St.
Oak Lawn, IL 60463
(708) 529-7794

Oak Lawn Estate Planning | The Need to Follow Up

The problem with any plan is complacency. With the big three changes always happening, you can not rest on your estate plan forever. The big three being, 1) changes in the laws that effect your estate plan, 2) changes in your assets, and 3) changes in your family structure. In light of this obvious and inevitable change that will occur in the real world, people are stuck believing that their static plan for their assets will be good forever. It is like taking a picture today, only to be curious about why you do not look like this 20 years later.

 The excuses are endless. It costs too much money, it is impossible to know how many changes should prompt me to re-evaluate my plan. I don't have time to update my plan. The list goes on and on. I am always perplexed by the ignorance of people. Good intentions are not enough. You need to take action. If I could yell this any louder, I would lose my voice and my neighbors would be mad at me. You need to take action. If your estate plan provides for your darling two children, who are now both college graduates and getting married themselves, you are long past time. I will give you a rough guide to go by, for determining your re-evaluation period.

No major changes to the big three (see above) - every 7-10 years
A major change to any one of the big three (see above) - every 3-5 years
A major change to any two of the big three (see above) - every 1-3 years
A major change to all of the big three (see above) - see your attorney immediately

If you have a decent relationship with your lawyer, you can probably ask him or her to review your estate plan, and there will be no changes that need to be made or only a minor change. In most cases, this minor change will cost very little and you will now have a current estate plan. In most cases, you would not need to draft a new Will or Trust. All that will be needed is a codicil to your current Will. I can not stress enough how frustrating a stale Estate Plan can be. In some cases, a stale Will or Trust can frustrate the entire purpose that it was meant to support. Please keep you Wills current. As always if you would like to know more about the Will, Trust, and Power of Attorney Process contact:

Law Office of Jonathan W. Cole
5013 W. 95th St.
Oak Lawn, IL 60463
(708) 529-7794

Chicago Estate Planing | Meeting Your Attorney For The First Time

So after much thought and deliberation, you have decided you need an estate plan. You already know, from my previous post, not to ask "What does a Will Cost?"  The question is, what should you ask and what should you bring into your first meeting? If you have a good attorney, he or she should have already sent you some information. The information may consist of a letter, a questioner, and/ or a financial assessment. I personally send all three to a client before I meet the client for the first time. The letter that I send to a client helps the client know what to expect of the estate planning process. The questioner helps the client get into the frame of mind that is necessary to know who are potential people for testamentary gifts. It also helps the client know what property they have and know about, and what property they have and might have forgotten. It also helps a client understand that the title of property (i.e. the way your deed is titled) is important for estate planning purposes.

 So now you have the proper documentation for your first meeting with your attorney. What else should you have. I have found that the most satisfied clients bring with a small notebook and a pen and ask questions that they have prepared before the meeting and take down my answers. After the meeting with me, they look over their notes and the information I have told them can sink in. By having questions in advance, you can wait until I explain the process to you, and when my explanation is done you can ask any questions that I may have not addressed. Without those preset questions, you may be overwhelmed with other parts of the Estate Planning process and forget to ask some of the questions you wanted to know. Additionally, I usually cover some part of the Estate Planning process that my client never heard of before. By coming prepared with questions and have a notebook to jot down new concepts, you will feel better about your initial consultation and have a more pleasant estate planning process. I would love to hear from you about your estate planning needs in the comments below. If you need an estate plan, contact my office, The Law Office of Jonathan W. Cole, or learn more about Estate Planning on my offices estate planning page. Good luck with your estate plan.

 Jonathan W. Cole

Welcome to the Blog

I would like to welcome you to the first post of Chicago Estate Planning. This blog will focus on providing unique insight into the world of estate planning, how to choose an estate planning attorney, what to bring to your initial consultation, and other estate planning tidbits. If you would like to know more about me personally, please follow me here to see what I am up to personally and learn more about me. If you are here, you are probably interested in planning your estate and this blog will start you on your way to doing that. It will probably seem like a daunting task to get your estate plan in order. I assure you that this process will be made simpler by following the steps that I list here and reading some of my sage advice on this process. I look forward to leading you down an important path in your life and congratulate you on your first step in the process.