Hampilos & Associates, Ltd Frequently Asked Questions

Estate planning is the preparation of tasks that serve to manage an individual's asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law. If you need assistance from an estate planning lawyer in Rockford, IL, reach out to Hampilos & Associates, Ltd. today for a free consultation.

When someone dies without a will, it's called dying intestate. When that happens, none of the potential heirs has any say over who gets the estate. When there's no will, the estate goes into probate. A probate attorney in Rockford, IL can help you through the process. Reach out to us today to learn more. 

You aren't required to hire a lawyer to prepare your will, though an experienced attorney in Rockford, IL can provide useful advice on estate-planning strategies such as living trusts.

Living wills and other advance directives are written, legal instructions regarding your preferences for medical care if you are unable to make decisions for yourself. Advance directives guide choices for doctors and caregivers if you're terminally ill, seriously injured, in a coma, in the late stages of dementia, or near the end of life. An estate planning lawyer in Rockford, IL can help you draft a living will and advance directive.

The most straightforward way to avoid probate is simply to create a living trust with the help of an experienced attorney in Rockford, IL. A living trust is merely an alternative to a last will.

Unlike a will, a living trust passes property outside of probate court. There are no court or attorney fees after the trust is established. Your property can be passed immediately and directly to your named beneficiaries. Reach out to the estate planning lawyer Rockford, IL trusts to learn more.

Generally, when you inherit money, it is tax-free to you as a beneficiary. This is because any income received by a deceased person prior to their death is taxed on their own final individual return, so it is not taxed again when it is passed on to you. It may also be taxed to the deceased person's estate. To learn more, contact the estate planning lawyer Rockford, IL residents depend on.

A Power of Attorney is a document that gives one person the legal authority to act on behalf of another person and make decisions when the principal is unable to do so. Contact us today to have an attorney in Rockford, IL help you draft this document.

If the probate court does not agree with your claim that the trust is invalid, then the assets will be distributed as outlined in the document. However, if you win your trust contest, the trust will be deemed invalid and the assets will be distributed in accordance with state intestate succession laws. To learn more, contact an experienced attorney in Rockford, IL. 

Guardianship means obtaining the legal authority to make decisions for another person. A guardian is the person appointed by the court to make decisions on behalf of someone else. The person to whom the guardianship is granted is referred to as the protected person. Want to learn more about guardianship? Reach out to a qualified attorney in Rockford, IL today.