To speak with a probate, fiduciary and probate attorney in Chicago or Lombard about how to prepare and preserve your will, contact Estate & Probate Legal Group at 630-864-5835. Their will: The most common type of will is a will (the kind we`ve all seen in movies with all the fancy script that says “Last Testament”). This document tells your friends and family how you plan to share or distribute your assets, including financial assets like money or your home, and other personal assets like family heirlooms or jewelry, after your death. In your will, you also appoint guardians for your children or pets. Here it is important to remember to list a rescue person. You should also talk to others who might be affected – such as your agent or a health representative – about what you want if you can`t communicate your wishes yourself. If you do this in advance, they will be able to fulfill your wishes when the time comes. You may want to give your family members copies of your documents. If an original document is lost, the court may accept a copy in certain circumstances. For example, under Virginia law, an agent under a power of attorney does not have the automatic right to enter and remove the entire contents of a locker, although the agent may be allowed to enter the box for the limited purpose of searching for the original power of attorney. For this reason, protecting documents protected by a trusted family member may be less of a headache for trustees. If a client chooses to use a locker, it is generally recommended that it be the name of the co-owners so that the co-owner can access the contents of the box in the event of your client`s incapacity or death.
However, always let customers check with the bank to make sure this is the case. Each bank`s policies and procedures may vary. A comprehensive estate plan contains documents to be used in the event of legal incapacity and death. In both cases, it is important that those named in these records know that the records exist, where they are and how to access them. Because if the original documents cannot be found, they are of little use. A beneficiary of a will whose original cannot be found, for example, may be unlucky if the beneficiary had not inherited elsewhere under applicable state inheritance laws. For example, Virginia law assumes that if an original will cannot be found, its creator destroyed it with the intention of revoking it. Therefore, attempting to admit a photocopy of a will to the estate can be an expensive and time-consuming undertaking, and there is no guarantee as to whether the copy will ultimately be accepted.
Dying without a will is called “intestate dying” and you don`t want that. The probate process takes longer, costs more, and the state decides for you where your assets go and which heirs get them. Now, if you don`t agree with your state on everything, you may not like at all what they decide on your behalf after you die. (3) Tell those named in their estate planning documents where they keep the originals and how they can access them. (4) To avoid confusion, destroy all old revoked estate planning documents. The 15 minutes I`ve spent scanning and uploading my most important documents with the app means I have easy access when I need it. It only took five minutes to share selected files with my son and parents and also to share everything with my partner as a full-fledged employee. Knowing that they have instant access to all the documents, passwords or medical details they need is a huge relief and honestly helps me sleep better at night. One. For some people, their estate planning documents are as private as their tax returns, and no one ever receives copies.
For others, estate planning documents are no different from a spare house key, and each family member and personal and/or trustee representative named in the documents receives a copy of them. Power of attorney document: Although a will is written to distribute property after a death, a power of attorney refers to decisions made during your lifetime. With this document, you designate someone or certain people to act on your behalf or make decisions if you are unable to do so. This document can be very useful in situations where you or a family member becomes unable to work or is facing a serious illness (for example, if someone is very ill with COVID and is hooked up to a ventilator or needs long-term care). A power of attorney is also often used to advocate for and support aging parents. Many people keep their original estate planning records at home in a safe place. If you have a safe at home, this can be a good place to store them. However, be aware that when thieves enter your home and discover a locked safe, they often take the entire safe with them because they think they will find money and jewelry. The last thing they want is a folder with your estate planning documents, but that`s one of the things they get when you keep them in your vault. If your safe isn`t bolted to the foundation of your home, it may not be the best place to store your originals. To get it right, you first need to find the right place to store things.
I`ve been involved in consumer news for over two decades and understanding estate planning is an important topic that always needs to be covered and constantly updated. If you`re not sure how best to organize and store your documents, you can also contact your trusted financial and legal experts, such as your estate planning lawyer, to make sure all your estate planning documents are properly filled out and kept in a safe place. On the other hand, if you have a fairly open relationship with all your children, you regularly discuss finances with them, and you leave them your estate equally, so go ahead and give everyone a copy. Of course, if you decide to change your will or revocable trust, you should make sure to give copies of the new documents to the same people. If you don`t, there may be disputes after your death about the document that controls the disposition of your estate. If you decide to keep your estate planning documents in a locker, you must designate a family member or your personal or trustee representative as a co-owner on the box. This should simplify things after your death as someone can get into the box without delay. After you set up your will or trust, you`ll likely update your beneficiary forms (i.e. who will receive different payments if you are successful) and the ownership of your account. You may have a life insurance policy or business documents, as well as deeds for real estate.