Estate Planning, Probate & Elder Law Attorneys

» Cook County Probate Procedure Changes

A couple of things involving probate in Cook County that have changed recently (or maybe I just became aware of):

1. Fee increase. It now costs $304 in fees to open a probate estate worth more than $15,000, up from $279. The entire fee schedule can be found here (as a PDF).

2. Cover sheet. One procedural thing that needs to be done when you go to file your petition to open an estate: completing a probate division cover sheet. I don't know why it's needed, but it is -- the form is here (again, as a PDF).

» Wills with Testamentary Trusts

I usually talk about estate planning in terms of two different approaches:

Simple: having a simple Will, where you give away all of your property outright

vs.

More involved: having what's known as a pourover Will and a separate living trust. You give your property away in your living trust -- you leave it to a trustee, who holds it for one or more beneficiaries

But there's also a middle way, which involves having only a Will, but incorporating trusts into that Will. This is known as having a Will with a testamentary trust. What's the drawback to this approach, and why isn't it more popular?

Well, when I talk about the advantages of a living trust, I address 5 of them in particular:

1. Probate avoidance
2. Control
3. Creditor protection for beneficiaries
4. Privacy
5. Estate tax minimization

If you create trusts under your Will rather in a separate document, those trusts can't be funded during your life (since your Will has no effect until death). As a result, you will need a probate. Your beneficiaries also don't get privacy, since the trust information is all located in your Will, which is a public document. But the other three advantages still exist.

» Lower net at Gamco, loss at SMH

» Nursing Homes to Avoid
Find out about the federal government's Special Focus Facility designation for nursing homes before choosing a facility for a loved one.

» Marketing in the Recommendation Age
As customer review venues and their influence increase, business owners should capitalize on this trend.