Wills
Trusts
Powers of Attorney
Transfer on Death Deeds
Business Succession Planning
A will is a legal document setting forth your wishes for how your property is to be distributed upon your death.
A will also can let a court know who you wish to care for any minor children.
There are state laws that dictate how these matters are handled if there is no will, but many people want things to be handled slightly, or even significantly, differently than the default laws provide. For example, a person with both children and stepchildren may wish to provide for them equally, or someone may want to leave money or property to a charity, or someone may want to specifically exclude someone from inheriting.
Trusts are legal entities that hold property of many kinds, in the care of a trustee, who administers the trust, for the benefit of of the beneficiaries of the trust.
We help clients set up “springing trusts” that only come into being upon someone’s death, per instructions in their will.
We also help clients set up revocable living trusts that manage assets for the benefit of the client during their lifetime and for the benefit of others upon their death.
We do not offer Medicaid trust planning or any other kind of Medicaid planning.
There are two kinds of powers of attorney: health care and property.
Under each, the person you choose to represent your interests and act on your behalf, called an agent, has a duty to act in your best interests.
Also, both types of powers of attorney will expire upon your death, which is why a will is still necessary.
A Health Care Power of Attorney document allows you to designate the person you want to make decisions about your health care in the event you can’t do so yourself and allows you to specify which kinds of treatments you want and don’t want, whether you wish to be an organ donor, etc.
The Property Power of Attorney allows you to designate the person you want to manage your finances and property should you be unable to do so yourself. The Property Power of Attorney document is lengthy and deserves careful consideration, because the agent will have a great deal of power you’re your affairs under this document unless some of that power is specifically excluded in the document.
Transfer on death deeds and other transfer on death instruments are designed to allow you to have ownership and control of real estate while you are living, then have that real estate pass directly to another person or entity upon your death, helping your estate to avoid needing to go through the probate process in court.
What happens with your business ownership interests at death may be set forth in the business operating documents. Even if it is, it is a good idea to have your wishes known through your estate planning documents, which we ensure match any operating documents.
If you do not have operating documents dealing with succession issues, we help you create them.
We work using flat rates. You will know up front what the total cost will be for the services most appropriate for you, barring unforeseen circumstances. Common fees are listed below. Additional attorney and state/federal filing fees may apply to these listed fees. The fees listed here are starting points. Fees ultimately depend on the complexity of the work required.
Powers of attorney (property and health care) – $100 each with a will, we don’t do them without a will
Starting at $400
Starting at $3,000 when not part of full estate planning
A solid estate plan gives you control over what happens, both while you’re living and after you’re gone. If you don’t have one, or have one that’s inadequate, your nearest and dearest will most likely end up managing your estate in probate court when you pass, which is time-consuming and expensive compared to what can happen with a good estate plan.
Here are the most important estate planning dates to keep on your radar.
If you die while waiting for a copyright, trademark, or patent application to be granted, what happens to the application and to your intellectual property?
You’ve built a business and secured intellectual property—patents, trademarks, copyrights—but what happens to those rights when you pass away? Today, we’re covering what business owners and inventors need to know about IP and estate planning.
Estate planning is a deeply personal process that involves sensitive financial and family information. Non-disclosure agreements (NDAs) can help keep your estate plans private and secure.
Love lasts forever—but what happens to your assets when you’re gone? If you don’t have an estate plan, your loved ones might not inherit what you intended.
The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law and the certificate, award or recognition is not a requirement to practice law in Illinois.
The information on this website is for general purposes only and should not be interpreted to indicate a certain result will occur in your specific legal situation.
The information on this website is not legal advice and does not create an attorney-client relationship.
© King Business and Patent Law, PLLC, D/B/A King Patent and Business Law, PLLC
