Living Will

Provides direction to health care  providers concerning life sustaining measures; avoids legal battles over life support

Power of Attorney (Health Care)

Allows you to name an agent to act for you with respect to health care decisions; avoids guardianship proceeding

Power of Attorney (Property)    

Allows you to name an agent to act for you with respect to financial decisions; avoids guardianship proceeding

Will

States who will receive your property after your death and who will administer your estate

Trust     

Helps to keep your estate out of probate and provides for orderly administration in the event of incapacity; also allows for tax planning

Pre- & Post-Nuptial Agreements

Provides for disposition of assets in the event of dissolution of marriage or death

Probate                    

Process to transfer assets after death; requires court action and public notices

The use of Payable on Death (POD), Transfer on Death (TOD), and beneficiary designations

• These designations help to avoid probate
• These designations override conflicting provisions in wills and trusts
• Effective January 1, 2022, Illinois allows TOD designation for all real estate

Putting children’s names on assets as owners

• Not recommended due to creditor claims and tax issues

The importance of planning ahead

• Helps ensure your estate is administered and distributed according to your wishes
• Saves money
• Saves your children or other heirs time and trouble
• Consult with attorney after major life events:
  • Birth of child or grandchild
  • Serious illness or hospitalization
  • Death of spouse or child
  • Marriage, separation or divorce
  • Relocation out of state

Disclaimer

This website is for informational purposes only.  It is not a substitute for legal advice from an attorney and use of this site does not create an attorney-client relationship.  Ms. Buettner practices law in Illinois and Missouri and does not provide advice concerning the laws of other states.

This website could be considered to contain advertising material.  The choice of a lawyer is an important decision and should not be based solely upon advertisements.