Law & Accounting Offices of Bryan A. Gutraj & Associates
Law & Accounting Offices of Bryan A. Gutraj
1862 E Belvidere Rd.
Suite 382
Grayslake, IL 60030
ph: (847) 566-1040
fax: (847) 637-0896
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Estate planning is the process of anticipating and arranging for the disposal of an estate during your life and typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries in incapacity.
Estate planning involves the will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety, TOD: transfer on death), gift, and powers of attorney, specifically the durable financial power of attorney and the durable power of attorney for health care.
A will is a legal declaration by which a person, the testator, names one or more persons to manage his or her estate and provides for the distribution of his property at death.
Laws governing the creation and administration of a will differs from state to state. In Illinois, every person who has attained the age of 18 years and is of sound mind and memory has power to bequeath by will the real and personal estate which he has at the time of his death. Others rules for a last will and testament in Illinois is the will must be in writing, witnessed by two disinterested individuals, and a self-proving affidavit can be attached.
A trust is a relationship whereby property is held by one party for the benefit of another. A trust is created by a settlor, who transfers some or all of his or her property to a trustee. The trustee holds that property for the trust's beneficiaries.
You can put almost any asset into a trust including real estate, cash, stocks and bonds, certain insurance policies, and tangible personal property. A trust goes into effect when the trust creator signs the document, unlike a will, which goes into effect when the creator dies and only after it is admitted to probate court.
There are many benefits of a trust including:
Probate is a judicial process by which property is transferred from a deceased person to that person’s heirs. In Illinois, if the estate includes $100,000 and/or real property, it must be probated. The probate process takes at least six months, and sometimes years, to complete.
We want to make this process as easy on you and your family as possible. When you meet with us, we will explain the probate process, assess your situation, and help you proceed with the administration of the estate including probate, trustee services, will contests, creditor claims, and citations to discover or recover assets.
"My eldery parents have been procrastinating for years in updating their estate plan, but Bryan put them at ease when reviewing their trust and will in explaining the changes in law as applied to their intentions since their documents were executed three decades prior. Although I originally believed a full re-write would be in order to update the documents, Bryan was able to draft codicils to the wills and amendment to the trust to save time and money."
Tom
Cary, Illinois
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Law & Accounting Offices of Bryan A. Gutraj
1862 E Belvidere Rd.
Suite 382
Grayslake, IL 60030
ph: (847) 566-1040
fax: (847) 637-0896
info