A Standard Revocable Living Trust Plan

The truth of the matter is that you will get different answers and different documents from every estate planning attorney.  If you are doing research and interested in completing your estate plan, you really need to know exactly what you are getting when you commit with the attorney.  If you commit with us, below is our standard revocable trust estate plan.  We believe that the more informed you are, the better chance we have at working together.

Every estate plan we draft is different. Each depends on the individual’s assets and ultimate goals for those assets. We work hard to tailor each estate plan so that it meets the goals and objectives for each individual client whom we are fortunate enough to work. The following is a short explanation of each document that is included in our standard revocable trust Estate Plan. If you have any questions, please contact us. 

• Revocable Living Trust
  • Benefits of this type of trust:
    • Provides continuity in the handling of your affairs by efficiently transferring your property to your beneficiaries.
    • When fully funded, your trust avoids probate upon your disability or death for the property transferred into your trust.
    • Easily moves with you from state to state.
    • Is difficult for disgruntled heirs to attack.
    • Ensures your privacy following your disability or death.
    • Achieves your death tax objectives.
    • You may remove property from, or transfer assets to, your trust at any time.
    • The trust has control over the property, which has been transferred into it.
      • It is crucial that you transfer all of your assets into your trust during your lifetime.
        Click here for Assets Requiring Title be Transferred to your trust

• Pour over Will(s)
  • The pour-over will leaves property (which you haven’t transferred into your trust during your life) to your trust after your death.
  • It functions as a “catch-all” to make sure that any property which you neglected to transfer into your trust during your life can be ultimately managed by your trustees or executor pursuant to your instructions.
  • Your pour-over will is also the place where you name guardians for your minor or disabled children. In order for anyone to become a legal guardian they must be appointed by a judge.   Therefore, in order for your designated guardian to actually become the legal guardian for your children, the pour-over will must be filed with the court in the county you resided in when you died. A judge will then conduct an investigation of the person you selected to become the guardian to make sure they are still a suitable choice. Ultimately, the judge will appoint the individual guardian and issue an order to that effect, presumably the individual or individuals you designated.

• Real Estate Quit Claim Deed
  • This deed transfers your home into your trust. If at any time you plan on selling or refinancing, your attorney or loan officer will need to know that it is in the trust.
• Healthcare power of attorney
  • Your power of attorney for healthcare allows the agents that you named to make health care decisions for you should you become unable to do so yourself.
  • In the event of a medical emergency, this form can be presented to a health care provider. This form does not constitute a do-not resuscitate (DNR) order. You should contact your primary doctor for that.
  • You should keep your power of attorney forms in a safe place accessible to your agents.

• Power of attorney for property
  • Your power of attorney for property allows the agents that you named to take care of your property if you are alive but unable to do it yourself. It allows your agent to make decisions with respect to your retirement accounts, insurance policies, real estate and many others and including making gifts on your behalf.
  • You should keep your power of attorney forms in a safe place accessible to your agents.

• HIPAA Authorization
  • This form allows all of your trustees and executors access to your medical information if in fact they are the ones making the decisions. This form will streamline the process so the doctors and hospitals do not give them trouble. 

• General assignment of property
  • The general assignment is a document that transfers all of your personal property that doesn’t have “title” into your trust, i.e. furniture, jewelry, paintings, etc.

• Appointment of agent to control remains
  • This is where you name an individual who you would like to decide where you are buried or cremated (or whatever wish you have in mind). 

• Living will
  • This document is your formal refusal of future medical treatment, if the treatment would only delay your imminent death.
• Certification of trust
  • provides your banking institution, brokerage firm, or other third party with necessary information regarding the trust to facilitate this transfer.
  • This document also confirms the trustee’s authority to act on behalf of the trust. 

• Funding instructions
  • Gives you detailed instructions on how to transfer your accounts into your trust.
• Name and fiduciary summary
  • A one page summary of all names listed and their responsibilities that were mentioned in your estate plan.
• Trust summary
  • An easy read document that breaks down what your trust is.
• Trust reference page
  
• Notarization of all documents
  • All of your documents will be properly witnessed and notarized based on Illinois laws.
• Free consultation with your trustee at death
  • When the time comes and your trustee has questions, they can call me and we will work together to make sure all of your wishes come true in regard to your estate.

All of our clients love the fact that we offer base rate billing.  After our first consultation you will know the exact amount it will cost based on the estate plan you would like drafted.  All of the documents can always be drafted on an as needed basis in case you feel that you don’t need all of the documents.

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