Real Estate Closing Attorney
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Real Estate Closing Attorney
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One of the most loving acts you can do for your family is to create an estate plan for the proper disposition of the assets you worked your whole life to acquire.
If you do not have a valid will or trust, Illinois Intestacy Laws determine where and how your assets will be distributed. Do you want the State to determine who and how your assets will be distributed after your death, or do you want to decide?
An estate plan allows you to control who and how your assets will be distributed after your death and advanced directives explain your health care desires. Lohse Law will help you put your wishes into place. Please note that Lohse Law only prepares basic and simple estate plans, wills and trusts.
Your Last Will & Testament allows you to name beneficiaries of your assets upon your passing. It must be in writing, signed by the testator, and signed by two credible witnesses. The witnesses must be in the testator’s presence when the testator signs the will. A person named in the will cannot be a witness. Assets must be "probated" if your estate plan is in the form of a will.
Similar to a will, a revocable trust determines how your assets will be distributed after your death. The important difference is that a trust avoids probate. Therefore, If you wish to avoid probate after your death, you may want to create a revocable living trust. Typically, the person who creates the trust is named as the "trustee." The trustee handles the assets and administration of the trust.
A living will is a written document that spells out medical treatments you would and would not want to be used to keep you alive and preferences for other medical decisions (such as pain management or organ donation). Living wills only apply to decisions regarding life-sustaining treatment in the event of a terminal illness. In most cases, your living will directions will supersede the decision of your medical power of attorney.
A Medical Power of Attorney for health care gives another person the authority to make medical decisions for you in the future. These decisions should be based on your personal values and wishes. Selection of your agent should be considered carefully because your agent is the person you trust to make health care decisions for you if you are no longer able to do so.
A Power of Attorney for Property allows you to name an Agent to make financial decisions on your behalf when you are unable to do so. The power transferred can be as general or specific as you like and can be for limited time. A few items that this POA covers is real estate, bank accounts, and insurance. If you do not have a POA, a guardian will be appointed by the court to make financial decisions for you.
A Mental Health Treatment Preference Declaration allows you to make decisions in advance about three types of mental health treatment: psychotropic medication, electroconvulsive therapy, and short-term (up to 17 days) admission to a treatment facility. This Declaration remains in effect for 3 years unless you become incapable of participating in mental health treatment decisions (it will then continue until you are capable).
These estate plan packages include a Will, Living Will, Medical Power of Attorney, an Advanced Directives wallet identification card, and Property Power of Attorney for each person.
These estate plan packages include a Revocable Living Trust, Pour-Over Will, Living Will, Medical Power of Attorney, an Advanced Directives wallet identification card, and Property Power of Attorney for each person.
This document is only valid for three (3) years unless you become incapable of making decisions. If that occurs, this document will remain in effect until you are capable.
If you need to change title on a piece of property into your trust. The fee doesn't include any local transfer stamps or recording fees. Please visit the Quitclaim Deed Fee page to see total price based on where the property is located.
If you have only one asset (your home), and you do not wish to create a will or trust, you can opt for a TODI instead. This is a fairly quick and easy alternative that will avoid probate after your death. It will transfer title of the property to the person you designate. For more information about TODIs, click here.
Prices subject to change and based on complexity of the plan.
At this time, Lohse Law only offers services to help prepare basic or simple estate plans. Lohse Law is not a full-scale estate planning, elder law, or tax attorney. Lohse Law estate planning services are geared towards small estates or individuals with limited assets. Further, at this time, Lohse Law does not handle probate or estate administration.
Before preparing your custom estate plan, you and I will have a phone conversation to discuss options. This phone call will take about an hour.
To help you prepare, some of the questions I will ask include (but not limited to):
Lohse Law is happy to notarize any documents we prepare at no charge if you schedule an appointment.
You will need two (2) disinterested witnesses when signing the estate planning documents. Generally speaking, a disinterested witness is someone not named as an agent or beneficiary in your estate documents.