Contact info:
T. Andrew Coyle
The Coyle Law Office
901 South Hamilton Street
Lockport, Illinois 60441
Phone: 815-557-0086
Fax: 815-588-3680
Email: andy@coylelaw.org
Web: www.coylelaw.org
Company info:
Law firm specializing in Estate Planning, Probate, Elder Law, and Guardianships. In Lockport since 2007. Hours: 9-5, Monday-Friday, after hours and weekends by appointment. The firm is run by T. Andrew (Andy) Coyle, an attorney and Lockport resident. Andy is active in many community organizations, including Lockport Rotary and the Lockport Chamber of Commerce. Andy opened The Coyle Law Office in 2007.
Question/Answers:
a. How much many money do I have to have before worrying about having a Will prepared? Answer: Anyone who owns a home, has children, or is interested in designated specific heirs should have a Will. The fact is that if you don’t have a Will, your property will be distributed according to Illinois laws, which rarely matches with your real wishes. Further, a Will allows you to name an executor that you trust to take care of your wishes and you can also name guardian for your children.
b. Does a Will avoid probate? Answer: No. If you pass away having a Will, probate will be necessary if you own real estate or have over $100,000 in other assets (like bank accounts, investments, IRAs, life insurance, etc.). While probate is really not as painful or as expensive as many believe, there are some delays and fees which are unavoidable. If you wish for your estate to avoid probate, you may need to have additional planning done.
c. I have my children listed as beneficiaries on all of my bank accounts, so I don’t need to have an Estate Plan, right? Answer: Using beneficiaries on your assets as an estate plan will ensure that those people you name receive that property at your death; however there is a lot of property that you cannot name a beneficiary (like your car, furniture, house, sentimental property, etc.). A Will allows you to state your wishes clearly which can avoid often destructive fighting amongst your children after your death. Further, a Will allows you to state how you would like property divided should any of your children be unable to receive your property.
d. What is a trust and do I need one? Answer: Generally, trusts are used to achieve greater flexibility in your estate plan (such as stating a minimum age for your potential heirs to receive cash gifts) and to avoid probate. There is generally no downside to having a trust, it is simply a matter of if you think the cost of having one prepared is worth the potential benefits it can give you and your heirs. An estate planning attorney can explain those benefits and help you decide what is best for you.
e. Mom is forgetting more and more and I’m afraid she needs a legal guardian. How can I get myself named her guardian? Answer: You can petition in probate court to be named guardian for your mom. Such a proceeding is generally fairly painless and simple as long as no one objects. The court will have a guardian ad-litem visit with your mom and assess her situation and, assuming that person sees that a guardianship is needed and that you would be a candidate, guardianship would likely be granted.
