You may think that leaving a will sorts out all your estate plans. However, that is not entirely true. For instance, your heirs may mismanage your estate, and there will be nothing to show for it within a few years. In short, a simple will exposes your estate to the...
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LAKE FOREST ILLINOIS TRUSTS AND ESTATES LAW BLOG
How to quickly end an estate dispute
An estate dispute can be expensive for your family. It’s necessary to take steps to resolve disputes as soon as you can so that you can distribute the estate’s assets as intended. If you are the executor of the estate and are faced with litigation, it’s important for...
Estate planning, legacy planning or both?
When starting the estate planning process, you may hear the term “legacy planning.” There is a current trend to replace the former with the latter to give a fresh face to the process. Is estate planning and legacy planning synonymous? Yes, and no. Everyone has an...
Dynasty trusts and preserving family wealth
A dynasty trust carries on from one generation to the next. Unlike other irrevocable trusts, dynasty trusts are not subject to the anti-perpetuity rule that ends most trusts after some time. They last forever, as long as there are assets held in the trust. You may...
Does Illinois enforce no-contest clauses in wills?
No one likes the idea of their family tearing itself apart with lawsuits and will challenges after they are gone. That’s why many Illinois residents who create their wills insist that their attorneys include a no-contest clause, in an attempt to force their family...
What is your art collection really worth?
If you’re making an estate plan and you have an extensive art collection, it’s very important to understand the true value of that collection. Things may have changed massively -- for better or worse -- since you bought those pieces. In fact, an increasing value is...
