As you may know, an estate plan must be reviewed and updated to reflect changes in your life or assets. Another reason is due to new and changing laws and regulations. One new law, the Corporate Transparency Act, may significantly impact your estate plan if you plan...
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lake forest illinois trusts and estates law blog
Can it be helpful to give away assets before you die?
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...
How age and health issues can lead to probate litigation
Estate planning allows someone to take control over their resources and provide for the needs of their closest family members. Under Illinois state law, most adults have the legal authority to draft estate planning documents. Unfortunately, sometimes those left behind...
3 estate planning steps to take after your divorce
Ending a marriage is never easy. For months or sometimes even years, your divorce may consume all your energy and dominate your thoughts. Reviewing and updating your estate plan is probably the last thing on your mind. Unfortunately, it is risky to put off this task,...
How often should you update your estate plans?
When many people create their estate plans, they often think that there’s nothing left to do. As a result, many estate plans end up collecting dust, figuratively speaking. However, there’s a glaring issue. While an estate plan doesn’t expire, it may need to be...
2 factors that could invalidate a will
A will is a crucial component of any estate plan. This legal document sets out instructions on how your assets should be divided upon your death. In your will, you are also able to nominate legal guardians who can look after your young children should you pass away. ...