What is a Revocable Trust? What is an Irrevocable Trust? What is a Living Will? What is Power of Attorney? With so many documents and terms, it can all get overwhelming very quickly. Richtman & Richtman, P.C. sits down with each client to go over all of your options and create a customized estate plan for you. We work with estates of all sizes to come up with the best plan for you and your loved ones. Going through substantial life changes such as having children or getting married are excellent reasons to talk to an attorney to review your estate plan. Richtman & Richtman, P.C. can help get this process started for you immediately.
5 Most Commonly Asked Questions
I really do not own that much. I don’t think I need an estate plan. False. Estates of all sizes can benefit from proper planning. An estate plan includes not just what you own, but how you want your estate handled after you pass, and who you want to handle it, just to name a couple of things. Big life events, such as having children, getting married, divorcing, or starting a business are reasons to review your estate plan with an experienced estate planning attorney.
If you have a will, doesn’t that mean you avoid probate? False. A will is essentially instructions for probate court. A will tells the probate court who you want to act for you (your Executor), and how you want your estate administered. A living trust, on the other hand, is one way to avoid probate.
What are reasons to have a living trust? Do you have a blended family? Do you own real estate in more than one state? Is your net worth over Illinois’ estate tax threshold of $4 million? Do you wish to avoid probate? These are all items to discuss in-office during an initial meeting for your comprehensive estate plan.
What are Powers of Attorney? Powers of Attorney are statutory documents that are effective while you are alive but incapacitated. There are two kinds: 1.) Power of Attorney for Healthcare; and 2.) Power of Attorney for Property. When you execute a Healthcare POA, you name an agent to make decisions for you concerning your personal care and medical treatment. When you execute a Property POA, you name an agent to manage your finances, assets, and real property for you.
What are your fees for preparing an estate plan? Please call or email an attorney directly for quotes.