Probate: 
Probate is the legal process of transferring property following a person's death. Although probate customs and laws have changed over time, the purpose has remained much the same: an individual formalizes his or her intentions as to the transfer of his or her property at the time of death (typically through a Will); his or her property is collected, certain debts are paid from the estate and the property is distributed accordingly.

Wills:
A Will is a written instrument containing directions on how the assets and property of the testator (individual creating the Will) shall be divided upon his or her death.  Wills can also contain instructions regarding the care of minor children, gifts to charity and formation of posthumous trusts.  In order for a Will to be legally valid, the testator must sign the Will in the presence of two witnesses and he or she must be mentally competent and not acting under duress or under the controlling influence of another.

Trusts:
Trusts are estate-planning tools that can replace or supplement Wills and can also help manage property during life.  A trust manages the distribution of a person's property by transferring its benefits and obligations to different people.  Maintaining assets in a Trust often makes it easier to minimize taxes and leave a larger inheritance.  A Trust is also a way to provide a steady income to the Beneficiary over time (as opposed to distribution in a lump sum), thus reducing the Beneficiary's tax burden, allowing the Trust to grow through investment, and keeping assets free from creditors of the Trust beneficiary.  Trusts can also be established for the benefit of charitable organizations.

Probating Estates:
Estates are categorized as probate or non-probate property.  Probate property is property that is transferred by the provisions of a Will.  Non-probate property is property that is either jointly held and passes by right of survivorship, is directed by beneficiary designation such as an IRA or a life insurance policy, or passes according to the terms of a trust.

Estate Planning:
Good estate planning is more than just a simple Will.  It minimizes potential taxes and fees (including Federal and State gift and estate taxes), and sets up contingency planning to make sure wishes regarding health care treatment are followed before and after death.  A good estate plan also coordinates what happens to a home, investments, business, life insurance, employee benefits (such as a 401K plan) and other property in the event of disability or death.

Estate Litigation:
Estate litigation is a legal dispute usually initiated by someone who feels they did not receive all they were entitled to in a Will.  Wills can be challenged if it is suspected that the Will is not legally valid or if the person who was writing the Will was wrongly influenced while creating it.

Conservatorship:
A conservatorship is a court order that a person deemed fully or partially incapable be subject to the legal control of another person.  The conservator is responsible for the assets and finances of an incapacitated person.  Many jurisdictions use the term "guardian of the person" to refer to the same legal principle.  It may be necessary to petition a court to appoint a conservator for persons:

• Who have physical or mental problems that prevent them from managing their own financial affairs;
• Who have no person already legally authorized to assume responsibility for them; and
• Where other kinds of assistance with financial management will not adequately protect them. 

Guardianship:
A guardianship is a legal relationship created by a court between a guardian and his ward, either a minor child or an incapacitated adult.  The guardian has a legal right and duty to care for the ward.  This may involve making personal decisions on his or her behalf, managing property or both.  Usually, a person has the status of guardian because the ward is incapable of caring for his or her own interests due to infancy, incapacity or disability. 

Courts generally have the power to appoint a guardian for an individual in need of special protection.  There are different types of guardians that can be appointed.  A guardian with responsibility for both the personal well-being and the financial interests of the ward is a general guardian.  A person may also be appointed as a special guardian, having limited powers over the interests of the ward.  A guardian appointed to represent the interests of a person with respect to a single action in litigation is a guardian ad litem. 

Private Annuities & Charitable Trusts:
In a private annuity trust, an owner transfers property to an irrevocable trust in exchange for a promise to make prescribed payments to the owner for his or her lifetime.  The trust then sells the property to a third party, the proceeds of which are invested to provide the payments promised to the owner.  On death, the remainder of the trust estate typically passes to the heirs of the property owner.  The trustee must be someone other than the property owner. 

A charitable trust is somewhat similar to a private annuity trust, except that the owner transfers property to an irrevocable trust of which one or more charitable organizations will be beneficiaries.  The type of charitable trust most likely to be used is a charitable remainder trust, in which the owner retains an income interest for his or her lifetime.  The property can be sold by the trustee and the proceeds invested to provide the payments to the owner.  On death or after a specified term of years, the remainder of the trust estate passes to one or more designated charitable organizations.  Unlike a private annuity trust, the trustee can be the property owner. 

If you or a loved one anywhere in Illinois needs the services of an experienced Chicago Trusts and Estates Attorney, contact Kerry Peck today at 866-707-0081, or complete the contact form provided on this site to schedule your initial consultation.

If you or a loved one anywhere in Illinois needs the services of an experienced Chicago Trusts and Estates Attorney, contact Kerry Peck today at 866-707-0081, or complete the contact form provided on this site to schedule your initial consultation.

ADDRESS OF THE FIRM:
Peck Bloom, LLC
105 West Adams, 31st Floor
Chicago, IL 60603
Telephone: 866-707-0081
Fax: 312-201-0803

MEMBERS OF THE FIRM:

Kerry Peck
Kerry Peck, Managing Partner, concentrates his practice in will contests, probate litigation, trust litigation, probate administration, elder law, estate planning, and guardianship litigation. He is a past President of the 22,000-member Chicago Bar Association. Kerry is also licensed to practice law in Florida. Kerry's clients include families, hospitals, banks, The State of Illinois, County of Cook, and City of Chicago. He was selected by his peers in two statewide surveys of Illinois attorneys as a Super Lawyer (Chicago Magazine, February 2007) - an attorney to whom other attorneys would refer their family. Kerry was named a delegate to the December 2005 White House Conference on Aging.

Kerry regularly educates attorneys at events hosted by the American Bar Association, the Chicago Bar Association, and the Women's Bar Association of Illinois to name a few. He also presents seminars to health care institutions, banks, and the City of Chicago Department of Aging. His broad speaking experience includes a presentation to geriatric psychiatrists at the International Psychogeriatric Convention in Vancouver, Canada. In the past, Kerry worked with the U.S. Department of Health and Human Services, the Food and Drug Administration, and the U.S. Railroad Retirement Board to present pre-retirement seminars to employees nearing retirement age.

Kerry's legal talent is recognized by television, radio, and print media. He has been featured as an estate planning expert by the Chicago Tribune. Other public appearances include several television and radio shows such as Front and Center on CLTV News and Will Fights on The Oprah Winfrey Show. Kerry was interviewed by Andrew Leckey, financial reporter for ABC7 News on his experience with probate and wills. He appeared on TV and radio during the Terri Schiavo case. He was also featured for several years in a monthly segment on the CBS-WBBM radio program, The Dave Baum Talk Show. Kerry continues to contribute articles to the Chicago Tribune, Chicago Daily Law Bulletin, Chicago Bar Association Record, and various other bar association journals and newspapers.

Kerry served on the National Board of Directors of the National Academy of Elder Law Attorneys. He continues to serve on the Board of Directors for both The Center for Disability and Elder Law and The Suburban (Cook County) Area Agency on Aging. He is also a member of the Governor's Task Force regarding Elder Abuse.