Nov 19, 2014

Posted by Shanell Calloway in Lawyers | Comments Off on What You Need to Know About Estate Trust in Gurnee, IL

What You Need to Know About Estate Trust in Gurnee, IL

What You Need to Know About Estate Trust in Gurnee, IL

Perhaps no one wants to think about having to settle the estate of a loved one, but these things must be addressed. If you or the deceased spouse resided in Gurnee, Illinois, you will want to seek the advice of an attorney for the Estate Trust in Gurnee. An estate trust is a trust in which the surviving spouse becomes the beneficiary in the case of the other spouse’s demise. These trusts are also good for tax purposes in qualifying the deceased spouse’s property as a marital deduction. The spouse who survives gets the assets of his or her deceased spouse’s estate if all variables are in place such as set by the donor spouse. Such business can get complex and needs to experienced eyes of an estate attorney.

Other things about the estate one should be abreast of is exactly how the disposition of the estate is handled. Once your spouse, or any person dies, for that matter, the estate must be handled by the survivor/executor of the estate. This simply means that the property of the decedent and all of the assets must be taken to pay the remaining debts of the deceased party. Anything that is left over will be distributed according to the will (if there was one). If no will was in place, then according to Illinois law, inheritance automatically takes over.

Some people get the idea that probate must be filed, but this isn’t always necessary. It depends on the terms of the estate and the financial condition it is in when the person died. Illinois provides for a simplified procedure to handle small estates. An estate that is less than $100,000 and with no land is considered a small estate.

Charles T. Newland and Associates handles estate trust cases and other legal matters pertaining to estate law in the state of Illinois. They represent clients in Chicago, Arlington Heights, Gurnee and other areas surrounding near Cook County. They understand how difficult handling an estate can be. It can be a complex process and emotional as well. If you need an attorney to handle your Estate Trust in Gurnee, IL, you can contact Charles T. Newland and Associates at their website.

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