Estate Planning
What is Digital Estate Planning, and Why is it So Important?
Posted on May 23, 2023
Consider the last time you shared pictures of your grandchildren or your latest vacation with your friends. Were the pictures in a physical photo album? If you are like most people, your recent photographs are likely on your smartphone, tablet, or computer. Every day, our lives are becoming more and more digitalized. A crucial part of estate planning is determining what happens to online accounts and digital assets. E-mail accounts, photographs, videos, social media accounts, and smartphone applications are just some of the thousands of digital assets you probably own. […]
Estate Planning Instruments for Transferring Real Estate
Posted on May 17, 2023
For many people, real estate properties are the most valuable assets they own. Personal residences, vacation homes, and other real estate properties also have significant personal and sentimental value. Many people include their home in their will, but there are many different estate planning instruments above and beyond a will that allow for the transfer of real estate. If you intend to leave one or more real estate properties to your loved ones, make sure you are using the right legal tool for the job. Joint Tenancy with Right of […]
Unmarried? Make Sure You Understand How This Influences Inheritance Rights and Estate Planning
Posted on May 8, 2023
Did you know that less than half of adults in the United States are married? Over the past few decades, marriage rates have dropped significantly. Fewer and fewer people are choosing to get married, and living with a romantic partner to whom you are not married is becoming increasingly frequent. For many couples, waiting to say “I do” is the smart choice. Nobody should rush into a marriage unless they are truly ready to marry. That being said, unmarried couples should understand the risks involved in foregoing an official marriage […]
Understanding Testamentary Capacity in the Context of Estate Planning
Posted on April 28, 2023
Anyone who signs a legal contract must do so of their own free will. An individual cannot be forced, manipulated, or tricked into signing a contract. These rules also apply to estate planning documents such as wills and trusts. Testamentary capacity refers to a person’s ability to create and agree to a valid will. An individual must be of sound mind to create a will that holds up against a will contest. Whether you are planning to create your will or you have concerns about the validity of a deceased […]
Key Estate Planning Considerations for Anyone Getting Divorced
Posted on April 25, 2023
If you are in the middle of a divorce or thinking about ending your marriage, make sure you understand how to update your estate plans to reflect your new marital status. Divorce can be very overwhelming, and it is not uncommon for people to neglect crucial estate planning concerns during and after their divorce. Update Your Power of Attorney for Healthcare and Finances A power of attorney is a legal tool used to designate an individual who has the authority to make decisions on your behalf. A power of attorney […]
Using a Special Needs Trust for a Child With a Severe Disability
Posted on April 18, 2023
If you are the parent of a disabled child, you are probably all too familiar with the expenses that come with a serious disability. The cost of special education, medical care, assistive devices, and other needs can be significant. For now, you may be able to cover these expenses by directly paying for your child’s needs. But what happens when you pass away and can no longer directly provide financial assistance to your child? A special needs trust is an estate planning tool that parents of disabled children can use […]
Leaving Inheritance to a Caregiver? Make Sure You Know Illinois Law
Posted on April 7, 2023
For elderly individuals and those in poor health, caregivers can be valuable sources of assistance, compassion, and support. Private nurses and other in-home healthcare workers assist with meals, hygiene, everyday tasks, and medical needs, providing crucial help to those in need. Understandably, many people come to think of paid caregivers as much more than just hired helpers—they become like family. If you are considering leaving assets to a caregiver through your will, make sure you understand how Illinois estate planning laws address these types of gifts. Illinois Law Regarding Inheritance […]
What Every Estate Plan Should Take into Account
Posted on March 23, 2023
Creating an estate plan should be thought of as an ongoing process. Your personal and financial needs and goals will inevitably change as time passes, and with those changes, your estate plan should be revisited. Furthermore, an estate plan is much more than simply a list of assets and a designation of who will receive the asset. Comprehensive estate planning can also address how medical and financial decision-making should be handled if you become incapacitated, your wishes regarding end-of-life care and organ donation, and much more. Every estate plan should […]
Most Common Estate Planning Mistakes Everyone Should Avoid
Posted on March 9, 2023
Estate planning is important for individuals of all ages, races, income levels, and backgrounds. With a proper estate plan, you can ensure that your assets are distributed to beneficiaries in the way you want them to be. You can also use estate planning instruments to reduce estate taxes, avoid probate, donate to charitable causes, plan for incapacitation, set up financial support for a disabled loved one, and much more. Unfortunately, many people make costly mistakes when creating their estate plans. Here are some of the most common estate planning mistakes […]
Do All Wills Go Through Probate?
Posted on March 7, 2023
A last will and testament is generally considered to be the most fundamental element of an estate plan. With a will, you are given the chance to dictate how your worldly possessions are distributed to beneficiaries upon your death. Wills are also used to designate a guardian for minor children to take care of the children if the parents pass away. Unfortunately, there are many misunderstandings and misconceptions about how wills work. One question many people ask is, “Does my will have to go through probate?” Probate is a legal […]
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Please note: These blogs have been created over a period of time and laws and information can change. For the most current information on a topic you are interested in please seek proper legal counsel.
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