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Estate Planning and Administration Archives

Is estate planning one of your 2020 goals?

When a new year unfolds, it is not uncommon for people in Illinois and elsewhere to want to become more organized, get their affairs in order, and set numerous financial or personal goals for themselves and their families. Many people include estate planning as a top priority when they want to devise a system that helps protect their assets and plan for the future. No matter what your current age happens to be, if you're an adult, it is never too soon to develop a strong estate plan.

Learn about common estate planning errors so you can avoid them

There are several topics that many Illinois readers might consider issues to avoid talking about, especially when they're gathered with family members, friends or co-workers. Religion, politics and estate planning are often considered topics to avoid. Some people simply do not like to think about their own immortality. Others may feel they don't have enough knowledge about such issues to discuss them intelligently.

Is it time to talk with your parents about estate planning?

Many Illinois residents are adult children of aging parents. In some households, elderly parents live with a son or daughter. There are also older parents who are able to maintain independent lifestyles, and some who have transitioned into semi or fully-assisted living facilities. As parents age, estate planning often becomes a big concern.

Estate planning is useful for wealthy estates

Getting certain affairs in order can have its difficulties. When it comes to estate planning, Illinois residents have a lot to go through and organize in efforts to make their wishes known. Though it may seem like a challenging task, it is one that is often worth the effort.

Issues that warrant estate planning updates

No one can predict the future. That is why it pays to be as prepared as possible, especially regarding the estate planning process. Many people, no doubt including some in Illinois, procrastinate when it comes to planning their estates because they simply do not want to think about their own mortality. Others, however, understand the benefits of executing a thorough plan early in their adult lives.

No need to fear the estate planning process

There are certain things in life that many people, including some in Illinois, would rather avoid, such as going to the dentist. Even when what is being avoided is good for the person in question, he or she might have personal reasons for not wanting to do it. This is often true where estate planning is concerned.

Estate planning: What is a durable power of attorney?

Many Illinois residents have executed estate plans and regularly update them. Others resist the estate planning process for various reasons, such as those who simply do not like to think about their own mortality. It is worthwhile, however, to learn more about the helpful documents one can include in an estate plan, such as a durable power of attorney.

Financial power of attorney: How does it work?

Many Illinois residents worry about becoming incapacitated or not being able to act independently when it comes to financial or health care matters. This is one of many reasons a lot of people grant a power of attorney. It is definitely something to consider, particularly if a person wishes to designate someone to make financial decisions and transactions on his or her behalf.

Wedding bells soon to ring? Don't forget estate planning talks

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.

Estate planning: It's never too soon to start

Many Illinois readers who see this post are among hundreds, if not thousands of others, who have been hesitant to think about a topic that is applicable to everyone. Dying is an inevitable part of every life journey. Because many people do not like to think about their own mortality, they procrastinate when it comes to the estate planning process.

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