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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 29523
Experience:  Texas lawyer for 29 years in Estate law
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Im having surgery in a few days, and wanted to draw up a revocable

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I'm having surgery in a few days, and wanted to draw up a revocable trust beforehand (I have access to 'do it yourself' trust documents online - with audio instructions).
However, I'm not certain what steps I have to take to include my real estate/properties in the trust. Do I have to amend/rename the title(s) of each property with the recorder of deeds (and tax bills, etc.)? If so, I won't have time to get this done prior to surgery - but could opt to do a simple will instead, with the understanding that my properties will have to go through probate - and my beneficiary will have to pay taxes (in fact, wouldn't he have to pay taxes even if with a revocable trust)?
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.

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.htm

You can preview these for free--click on the free preview under the picture on teh page of the form that fits you.

Living Trust forms

http://secure.uslegalforms.com/cgi-bin/forms/query.pl?S-B-IL-B-Trust~Living


Warranty Deed form you would use.

http://www.uslegalforms.com/il/IL-015-77.htm


If 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.pdf


Also 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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This communication does not establish an attorney client relationship here.Information provided is not legal advice. Rather it is simply general information.

 

Customer: replied 1 year ago.


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).


 


 

Expert:  RayAnswers replied 1 year ago.
Yes once the living trust is completed and signed then you would sign and file the quitclaim deed in the county deed records of the county where each property is located.They microfilm it and return it to you for your records with volume and page number on it for reference.A will here in the meantime is a good idea since you are going to have surgery.It offers you interim protection.


Good luck with all of this including the medical treatment.Thanks again and have a great fourth of July.
Customer: replied 1 year ago.


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.

Expert:  RayAnswers replied 1 year ago.
The current exemption for federal estate taxes 2013 is $5.25 million for 2013.So unless the state exceeds that amount no federal tax would be due.The Illinois state tax limit for estates is $4 million befoer any taxes are due.

Here is reference to that,I am so sorry that I missed this.Thanks for the chance to clarify and follow up.

http://www.mondaq.com/unitedstates/x/225062/property+taxes/Illinois+Estate+Tax+Exemption+Increases+In+2013


So there are not likely to be any taxes due unless you have a more than $4 million dollar estate /assets.
Customer: replied 1 year ago.

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?

Expert:  RayAnswers replied 1 year ago.

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.

Customer: replied 1 year ago.


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?

Expert:  RayAnswers replied 1 year ago.

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.

Customer: replied 1 year ago.

He's also the executor. No problem/conflict with that, is there?

Expert:  RayAnswers replied 1 year ago.
No there would not be a problem with that.Hecan be both here.
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 29523
Experience: Texas lawyer for 29 years in Estate law
RayAnswers and 10 other Estate Law Specialists are ready to help you
Customer: replied 1 year ago.

Thanks for your help, Ray - and for your best wishes for my upcoming surgery. I appreciate both. Have a good 4th.

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