![]() How to make sure your wishes are honored if you get sick, become incapacitated, or pass away.The top five legal documents every adult over age 18 needs.We promise to keep your personal information private.ĭownload this free e-book by attorney David Wilks and discover: Signing Requirements – A certification of the Trust must be signed by one or more of the trustees and a Notary Public.Free Planning Guide Presented by Legacy Law Group of Northern Virginia, PLLC:.During their lifetime, the grantor continues to benefit from their assets, and at the time of their death, all of the assets held by the Trust will be distributed to its beneficiaries without probate. Ī Living Trust (Revocable) is similar to except for the fact that the individual who makes it (the grantor) transfers the ownership of the assets to the Trust as a separate entity. Signing Requirements – Must be signed by at least two (2) witnesses.When the testator dies, their estate will be divided among the beneficiaries according to the Will’s specifications after the Will has been proven in court (probate). The Last Will and Testament is a legal instrument in which an individual (the testator/settlor) bequeaths their property to a list of named beneficiaries as specified within the document. An individual may choose to use one (1) or both options to administer their estate. There are two (2) options that residents can choose to distribute their estate and property the Last Will and Testament and the Living Trust. ![]() ![]() and other requests as allowed within the State by the Principal.Voter registration and absentee ballot requests and.Benefits from government programs and military service.Bonds, shares, and commodities transactions.Transactions involving tangible personal property, chattels, and goods.The Financial Agent can also be asked to sign a Certification and Acceptance of Authority at the principal’s behest. Signing Requirements – The principal and one (1) witness are required to sign a Power of Attorney form.For example, a Financial Agent can authorize the financing of the best available health care for the principal if the principal is incapacitated.ĭurable (Financial) Power of Attorney Form – This form is used to authorize an individual to represent the principal (the person for whom the document is created for) in making financial decisions in the event that the principal is unable to make such decisions for themselves. Making this preparation helps to ensure that the principal’s assets and finances will be managed in line with their wishes and best interests. (This guide merely relays information and should not be interpreted as legal advice.)Ī F inancial Agent is authorized by the Principal to make financial decisions in the event that they are incapacitated due to an accident or medical event. These instructions can be followed by Illinois residents to make sure that they have all the legal instruments necessary to plan for their end-of-life medical treatment, as well as the distribution of their property when they pass away. Create a Last Will and Testament or Living Trust.How to Create an Estate Plan in Illinois (6 steps) To plan the administration of their estate following their death, residents will need to complete a Last Will and Testament and/or a Revocable Living Trust. By completing the Durable Power of Attorney for Health Care (also referred to as an Advance Health Care Directive) and the Durable Power of Attorney forms, a resident can appoint the individuals who will have the authority to make decisions on their behalf in a medical emergency or death. ![]() Without the proper legal instruments in place, it cannot be guaranteed that an individual’s affairs will be managed according to their wishes. An Illinois estate planning checklist helps residents plan for end-of-life treatment and the distribution of their property in the event of their death or incapacitation.
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