No two families are the same. Whether you currently have no children but are planning to start a family, or whether you have multiple children from different relationships, your family is as unique as you are. All parents want to make sure their children are cared for when they die, and parents of...
Category: Estate Planning
How Do You Revoke Your Will?
You’ve met with attorneys, considered your options, and carefully drawn up and executed a will. Then, something unexpected happens. Maybe it’s a divorce or a death, or maybe you gain or lose significant assets. If your will isn’t accurate anymore, what are your options?
Common Estate Planning Mistakes to Avoid
Despite the fact that financial information is more accessible than ever before, there are still many misconceptions about estate planning. By working with an experienced estate planning attorney, you can avoid the following common estate planning mistakes.
(more…)Avoiding Probate
Probate is the administration of an estate. It is the formal, court-monitored process that results in the distribution of the estate assets to the appropriate beneficiaries. Probate, while sometimes necessary, is a notoriously lengthy, complicated, and sometimes expensive process. Fortunately, through proper estate planning, you can spare your loved ones the trying experience...
Small Estate Affidavit
Illinois allows for use of a small estate affidavit, a useful tool for some of those dealing with smaller estates who are looking to avoid formal probate proceedings. A small estate affidavit does not need to be filed with a court. Use of the affidavit allows for the transfer of estate assets without...
Incentive Trusts
One thing many people worry about is the best way to provide for their loved ones after they are gone. Sometimes, we want to leave assets or property to a family member, but worry about things like spending habits that may lead him or her to squander an inheritance. The desire to best...
Third Party Special Needs Trusts
Establishing a special needs trust can be an invaluable part of the estate planning process. A special needs trust is a specific type of trust used to provide supplemental support to a person with disabilities without jeopardizing the individual’s continued receipt of government benefits. You may have a loved one with special...
Dying Without a Will
While many people might have to create a will on their to-do list, they may not realize the consequences that come with passing away without having a valid will in place. When someone dies without creating a legally valid will, it is referred to as dying “intestate.” Without a will, all assets that...
Advance Health Care Directives
An advanced health care directive is an important part of developing a comprehensive estate plan and critical to making sure your wishes for your health care< treatment are always honored. An advance health care directive is a legal document that memorializes how you want medical decisions made on your behalf if, at any...