There are various important aspects of estate planning, with drafting a will being at the top of the list. A will provides instructions about how your assets should be divided if you become incapacitated. It can also designate legal guardians to look after your...
A Commitment
to Each Client.
Month: August 2022
Unequal bequests are becoming more common
When someone leaves unequal bequests in their estate plan, it simply means that they are leaving different amounts to different children. For example, someone may have three children and $1 million to split up. Rather than dividing the sum in thirds, they give half of...
When should you update your estate plan?
Estate planning is one of the most important tasks you can ever undertake. A solid estate plan protects your future, assets and loved ones. Without one in place, it would be up to the state of Illinois to decide how your assets will be distributed when you pass on....
When might a will be contested?
A will can ensure that your assets are distributed in a manner of your choosing. After you pass, this can help your family to remain financially secure. Additionally, if you have been generous to charity in the past, this legacy can continue through your will long...
Are you too young to think about estate planning?
There are numerous aspects to estate planning, but a large part of the process centers around providing for your family. This is extremely important. However, some reports suggest that over half of the population has yet to draft a will. There are many reasons behind...
Avoid probate by establishing trusts for your heirs
Do you want to ensure your loved ones are cared for after you die? If so, you should consider setting up trusts. Trusts can help you avoid probate and provide financial security for your loved ones. What are the benefits of trusts, and how do you set them up? What...
Can your beneficiary’s creditors seek compensation from your trust?
When you started planning for the future, one of the first things you did was set up a trust for your child. You wanted to make sure that they’d have money to support themselves and invest in the future, so you set aside some each month for several years. Then, you...
Is a transfer on death deed the right solution for your home?
Your house is worth thousands of dollars, so it is not an asset that you want to lose control of while you're still alive. On the other hand, you don't want your family members to experience a long-term legal limbo during which they cannot use the property. If your...
Do you believe a trustee has violated their fiduciary duty?
If a family member created a trust for their estate, they may have wanted to limit how you use your inheritance or to protect their property from tax liabilities. The trustee assigned to manage trust assets and distribute them to family members will have a challenging...
Will your estate require ancillary probate proceedings?
Whether you have a lakeside cabin up in Wisconsin, a vacation home in Colorado or one of your kids is living in your old condo in Brooklyn that you still own, those assets will need to be covered in your estate plan. If you still own the assets when you pass away,...
