A Commitment
to Each Client.
Your executor will perform crucial duties. From managing your estate to keeping beneficiaries and interested parties reasonably informed. Thus, it's crucial to reimburse them for their services. This can be a no-brainer if you hire a professional executor. But you can...
When creating your estate plan, your primary focus is likely on ensuring your assets get passed down to your beneficiaries as you intend. While that’s undoubtedly an important goal, you should also do what you can to protect those assets – and your broader interests –...
When someone makes an estate plan, they decide how they want to distribute their assets. Certain people may expect to inherit, such as children or a spouse. Disinheriting someone means cutting them out of the estate plan despite this expectation. Not everyone can be...
Individuals can put together testamentary documents before they die that will determine what happens to their assets after their death. A will can designate specific beneficiaries for someone's resources and name a representative to handle estate administration....
When many people are focused on estate planning, they are merely thinking about the future. They write a will describing which heirs and beneficiaries should get specific assets when they pass away. They will then wait for that day, and the estate executor handles the...
There are numerous estate planning tools that can be used for different purposes. For example, a will can name individuals who you want to inherit your assets upon your death. Trusts can be used for several purposes, such as donating to charity or setting up a college...
In some cases, it may be fairly easy for heirs to identify how to split up financial assets. For instance, maybe you and your siblings were given a will by your parents. It splits all of their finances up equally, so you each get the same portion. But that doesn’t...
No reasonable person creates an estate plan with the intention of making their loved ones feel guilty or undeserving of their inheritance. However, many people do suffer what’s known as “inheritor’s guilt.” Often, this happens when someone receives a large and...
It's beneficial to begin estate planning at an earlier age. However, if you didn't do so, you can still draft your estate plan documents at an older age. It's almost never too late to create a plan, but your experience may be different. Here is what you should know:...
Anyone with a very large estate may have to worry about federal estate taxes. Those obligations apply regardless of what state someone lives in at the time of their death. However, only a few states assess state-level estate taxes, and Illinois is one of them. Those...
