Through the use of trusts, wills, powers of attorney and living wills, the law firm of Michling Law Firm PC can assist you in planning what happens upon your death or upon your inability to make decisions for yourself. Preparing these documents in advance will make the process easier during a difficult time for your family and loved ones.
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When someone passes away (the decedent), it is a very emotional time. It is also a time when it becomes necessary to divide up the assets he or she had and pay his or her debts. How this happens depends on the value of the assets and what estate planning documents are in place.
Assets which are held jointly with another person do not require court intervention to divide. Upon death, the jointly named person receives the property.
Assets which have a named beneficiary do not require court intervention to divide. Examples are 401(k)s and life insurance policies. Upon death, the named beneficiary receives the property.
In the event that the decedent's assets are valued at $100,000.00 or less, a document entitled Small Estates Affidavit can be used to divide the assets as long as the decedent did not have any real estate or debts, there are no unknown heirs, or heirs that are minors and all assets are known. You will need a death certificate, a certified copy of the will (if there is one) and a list of the heirs and a list of assets. The death certificate and certified copy of the will must be attached to the completed small estates affidavit. These documents are then presented to whoever is holding the decedent's property (for example a bank). That person or business must then distribute the assets according to the terms of the small estates affidavit.
In the event the decedent's assets are valued over $100,000.00, the decedent owns real estate or has significant debt, probate (court action) will be used to distribute the assets and pay debts. In Illinois probate law provides for publication in a newspaper so that creditors can file their claims within 6 months of the publication or the debts will be barred from being collected. If there is no probate, and no publication for claims, the creditors of the decedent have two years after the death of the decedent to collect their money from the assets of the decedent, even if his or her heirs now have the money or assets of the decedent.
If you have been named executor in a will and don't know what to do or if you have recently experienced the death of a parent, spouse, child or other loved one and need help figuring out what to do about their estate, the law firm of Michling Law Firm PC can help you through this process with compassion, understanding and skillfulness.
There are two types of guardianships in Illinois. There are guardianships of minors and guardianships of alleged disabled adults.
Child Guardianship
Guardianships of minors are used for two purposes. One purpose is to allow a person other than the parent to be responsible for the clothing, feeding, housing and educating of the child. This occurs when the parent(s) are unable or unwilling to care for their child. The other reason for guardianship of a minor is in the event a child will be receiving money. This can happen as a result of a personal injury settlement or an inheritance.
A minor cannot receive money in their own name. Therefore, in order for these moneys to be dispensed, the court must appoint a guardian, usually a parent, to watch over the money until the child turns 18. At that time, the money can be released directly to the child. A guardian must be: at least 18 years of age; a U.S. resident; of sound mind; not found to be disabled by the court and not convicted of a felony.
Adult Guardianship
The second type of guardianship is guardianship of an adult. Guardianships may become necessary for people over the age of 18, if that person is unable to make and communicate decisions about his or her healthcare, where he or she should live or is unable to manage his or her assets. The reasons for needing a guardian can be a mental, physical or developmental disability.
Needing a guardian appointed by the court usually means there is not any other way, such as through the use of Powers of Attorney, to have someone else make those decisions on their behalf. In order to obtain guardianship of an adult, you will need to file a petition and have a mental evaluation completed of the alleged disabled adult to confirm that he or she is in need of a guardian.
The alleged disabled person is then entitled to a hearing by the court to determine whether and who should be appointed as guardian. If you are unable to care for your child, you want to become a child's or an adult's guardian, or you want to contest a guardianship, the law firm of Michling Law Firm PC can provide you with the representation necessary to achieve your goals.
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