Lake Forest Illinois Trusts and Estates Law Blog

Losing a loved one can be a socially, emotionally and financially difficult time in your life. Not only do you have to adjust to a future without the support of the person you love, but you also have to embrace the new legal reality that comes from their death.

Children and spouses often get used to having access to certain assets that belong to their loved one. When that person dies, it can suddenly become much more difficult to access those assets. Until the probate process is over, you may not be able to utilize certain assets at all.

When an Illinois couple makes plans to marry, there may not seem to be enough hours in the day to get everything done before the big event. Where will the wedding take place? Who will be invited? How much money will they spend and where will they live after they are married? In addition to these topics, couples who want to start married life off on the right foot should include discussions about estate planning in their pre-wedding preparations.

Especially if one or both have been married before, it is critical that any existing estate plan be updated to designate the new spouse as a beneficiary. If there are children from a previous marriage, it is critical to decide how they will be incorporated into a new plan. Execution of a last will and testament is a basic part of the estate planning process; it's good to take care of this before marrying to avoid possible family disputes down the line.

Rap music star/entrepreneur Nipsey Hussle was gunned down in front of his own clothing store some time ago. In the wake of his sudden, tragic death, complicated issues regarding heirs and beneficiaries have arisen that will undoubtedly have a significant impact on the lives of his two children. Members of his immediate family, as well as the biological mothers of each of his children, are entangled in litigation regarding approximately $2 million the kids are in line to inherit. Illinois residents facing similar issues may want to follow this case.

Hussle died without having executed a last will and testament. This has sparked legal issues that have prompted several people to file petitions in court for various reasons. Lauren London is the 34-year-old mother of Hussle's two-year-old son. She has reportedly said that she wants to make sure she has control over her son's inheritance.

One of the most common reasons for creating an estate plan is the desire to leave a legacy that protects the people we love. Some of the most critical parts of an estate plan include naming a guardian for your minor children and creating legal guides that can help your family make decisions about your medical care and other issues in the future.

Unfortunately, the more successful you have been in life, the more likely it is that the estate you leave to your family could create some stress and hardship. In some cases, your family could have to pay substantial estate taxes to the state of Illinois, as well as the federal government.