A Commitment
to Each Client.
Financial obligations can have a negative impact on an estate. Debts owed by the deceased individual can require payments using estate resources. Additionally, the personal representative administering the estate may also need to pay taxes. Many people with millions...
When a parent names one child as executor, family tension often follows. You may wonder if being named executor by your parent gives you more authority than your siblings. Under Illinois law, the answer is more limited than most expect. Understanding these limits can...
When drafting an estate plan, a major part of the process involves deciding which beneficiaries will receive specific assets. With family heirlooms and other items with sentimental value, this may mean assigning individual items. With bank accounts or other financial...
People who opt to establish an irrevocable trust typically use this option so they can take advantage of the protective benefits. Those come in exchange for not being able to change or cancel the terms of the trust. While this isn’t an issue for some situations, there...
Creating a will is an important step toward protecting your wishes and providing clarity for those you care about. However, a will is not something that should be written once and forgotten. Life changes over tim,e and your documents should reflect those changes....
A payable on death account, or POD account, gives you a chance to select the beneficiary for your bank account. Ordinarily, if you pass away with a traditional bank account, it then has to go through probate and be distributed in accordance with your will. But with a...
