Core documents
Wills, revocable living trusts, Illinois statutory powers of attorney for property and for health care, and guardian designations for minor children.
Real estate in the plan
Deeding property into a trust, Illinois transfer on death instruments for residential property, Illinois land trusts, and coordination with mortgages, homeowner exemptions and title insurance so a transfer doesn't create new problems.
Free planning workbooks
A good first step before an estate planning meeting is getting organized. AARP Foundation's free Personal Estate Planning Kit has two parts: the Lesson Book, a plain-language walk-through of wills, trusts, beneficiary designations and the documents every adult should have, and the Record Book, a fill-in organizer for your accounts, property, insurance, documents and final wishes.
Bring the completed Record Book to your consultation and we can build a plan around it. Keep it somewhere safe; it holds sensitive information. The kit is general information, and Illinois law may change how some of it applies to you. More forms are on the client resources page.
Protecting investment property
Rental owners often hold each property in a separate LLC, with appropriate insurance and clean records. The right structure depends on the property, the financing and the family's goals, and it's reviewed with your tax advisor.
Questions clients ask
Does a will avoid probate?
No. A will directs what happens through probate. Trusts and transfer on death instruments are the usual ways to pass real estate without a probate estate.