Estate Law Questions? Ask an Estate Lawyer.
Thanks for your question and good morning.My sympathy here for your situation and dilemma.I would suggest a simple will here and if you were to decease they can file for probate.Since you have time constraints this is the simplest way to resolve your last wishes for the time being.Then you can after surgery put the property into a trust.Once you create the trust you do have to do a warranty deed for each property.This would be from you as grantor to your trust as grantee.This would transfer the property into the existing trust.I would make this a long term goal if you want to avoid probate.I would not fool with trying to accomplish all of this prior to surgery.It just creates additional stress here.Here are valid will forms if you need them.They come with instructions to allow you to execute it.Make sure that no relatives or heirs witness the will to avoid exection problems.http://www.uslegalforms.com/wills/illinois-will-forms.htmYou can preview these for free--click on the free preview under the picture on teh page of the form that fits you.Living Trust formshttp://secure.uslegalforms.com/cgi-bin/forms/query.pl?S-B-IL-B-Trust~LivingWarranty Deed form you would use.http://www.uslegalforms.com/il/IL-015-77.htmIf you have not done so I would strongly suggest you make a health care power of attorney.This allows someone to make healthcare decisions for you in the event you are unable to do so.Free forms here.The hospital usually has these forms too.http://gac.state.il.us/pdfs/poahc.pdfAlso you may want to add a right of survivorship to your bank accounts.If you do this at the bank the account passes outside probate to the named survivor.It has been my pleasure to assist you today.Please let me know if you have more follow up.Thanks again and good luck with the surgery.
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I'm not expecting to 'decease' anytime soon - but I did want to make sure something updated is in place and figured a Trust wasn't something I realistically could do without some legwork. So, the short answer is, I do have to file a form to change the name/title, correct? Would this be filed with the recorder of deeds and/or the tax assessor's office?
Am I also correct that both a will and revocable will result in taxes for the beneficiary? (My understanding is that only a irrevocable trust will prevent this).
Can you answer my question regarding tax implications (to beneficiary) with revocable trust versus will, and if it's only an irrevocable trust that results in no taxes.
My estate is large - but less than the amounts you quoted. Are you sure there would be no taxes owed by a non-related beneficiary?
No there would not.The cost advantage here is really in that you save the time, filing fees, lawyer fees of probate and the year it takes to go through the process.A trust here is some work on the front end to get it set up and assets into it but then there is no probate when you decease.But unless you have a large $4 million plus estate there would not be any state or federal taxes due from it here by anybody.
I gave you reference above so you could verify the exemption limits for 2013.
Thanks for your patience here.
My fiancé lives with me in my two residences (which I own). If he outlives me, what would happen while he's waiting for my will (and properties) to go through probate? Could he continue to live in my home until the probate process runs it's course? If not, who would remove him - and under what circumstances? What, is anything, can I do to ensure he can remain here?
No if he is the legal heir he could remain in the property.During probate here the executor(personal representative) would deed it to him and then he has legal title.But as an heir here he would have right to live there during probate since it was willed to him.That should not be a problem.
He's also the executor. No problem/conflict with that, is there?
Thanks for your help, Ray - and for your best wishes for my upcoming surgery. I appreciate both. Have a good 4th.