Legal Question in Wills and Trusts in Illinois
Wills and Living Trust
If a will is outdated; more than ten years old and it's language is not current; for example it reads; ' if the event of my death, my children are to reside with my parents.' and the parents are; one deceased and the other living in care homes; and these children are now all adults...what is the value of the will and if the spouse's will was written more than 15 years ago; what would happen to the estate; with the home representing 95% of all assets. The home is paid for and in the testator's name. What is the best way to convenience aging parents to wirte a current will and a living trust to avoid probate which could be vital; as one of the four children has learning limitations and is currently living with the parents in the home. The ages are 81 and 75.
2 Answers from Attorneys
Re: Wills and Living Trust
Your questions is actually several questions with several different legal issues:
1. Doesn't matter how old the will is it still controls;
2. House should be in a living trust or illinois land trust depending on certain circumstances;
3. Absolutely have to have powers of attorney for health care, property and living will (terry schiavo case) from florida)
4. May need medicaid planning for nursing home care. I'm sure your mom and dad would rather have money go to the disabled sibling than to the state/nursing home
5. Probably need Special needs trust for disabled sibling.
email me if you have any questions
Re: Wills and Living Trust
Getting older parents to make necessary changes to their estate planning should be based on their wishes.
For instance, the learning disabled person is likely depending on disability or SSI payments. You need to explain to your parents that if their money is given to him outright, it may disqualify him for the aid he is currently receiving, and even worse, that the money may go to REFUND the government for what they have already paid. I'm sure they wouldn't want this unintended consequence.
And, for their own benefit, they should talk to an estate planner to see what can be done to protect assets in case one or the other needs a nursing home, etc.
Good luck to you and let me know if I can assist.
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