Most people have no experience with wills or the probate process. As a result, if you’ve been named the executor of a will, you’re likely wondering what you have to do, what is the process like and whether there is any way to simplify things. There may be, but it...
The passage of time occurs more quickly than anticipated and unexpected events can arise anytime. Regardless of your level of wealth, you should start an estate plan and have these documents prepared. Power of attorney A durable power of attorney is one of these...
It is a wise and responsible decision for Illinois residents to have an estate plan. Even if it is a barebones will that details how the person’s property will be distributed at the time of death, it is a key document to have. This is true for people of any age. For...
The old adage of the only things guaranteed in life are death and taxes continue to be as true today as it ever was before. And, the realities of death have never been more acute than they have been in recent memory. This is why we often get questions from business...
You may have executed what you believe is a comprehensive estate plan including a will, living trust, power of attorney, advance medical directive and other important documents. But just having an estate plan is not the end of the story. There are additional steps to...
Parents experience indescribable and immeasurable joy as their children grow. They shudder at the thought of life without their kids – or of their children’s life without them. No wonder, then, that only 36% of parents with minor children have written a last will and...
Trusts are a potentially valuable part of estate plan to consider and to understand. For that reason, estate planners should be familiar with the benefits of including a trust in their estate and what they do. Advantages of a trust There are a variety of different...
Like other states, Illinois has a law which determines how a deceased person’s property will be divided if the person did not leave a will. The law also applies if the person did leave a will, but the will does not get admitted to probate or later gets invalidated in...
There are a variety of important reasons to have an estate plan. Estate planners should understand why an estate plan is needed and how they can develop an estate plan that protects the estate planner and expresses their wishes. Avoid the probate process One reason to...
Sitting down with one’s family to discuss the future of one’s assets can seem like a daunting experience. Planning one’s estate may seem final and cumbersome to those who have growing assets with many moving parts. A living, or revocable trust is meant to solve these...
