Tag: estate planning
5 Common Estate Planning Mistakes to Avoid
Posted on August 7, 2023
Estate planning is an important process that allows individuals and families to protect their assets and ensure a smooth transfer of wealth to loved ones after a person passes away. However, many people make common mistakes during the estate planning process that can lead to unintended consequences and legal challenges for their heirs. These mistakes include: Failing to Create an Estate Plan One of the biggest estate planning mistakes is simply not having a plan in place. Many people assume that they do not need an estate plan because they […]
When Can Assets Be Transferred to Beneficiaries Outside of Probate?
Posted on July 27, 2023
Probate is the legal process in which the assets a person owned will be distributed to their heirs and beneficiaries after their death. However, not all assets need to go through probate. In certain circumstances, assets can be transferred directly to beneficiaries without the need for court involvement. Understanding when this is possible can help simplify the estate administration process and ensure a smoother transfer of assets. When creating a comprehensive estate plan, it is important to understand how the following types of assets may be passed to beneficiaries: Joint […]
Can a Living Trust Help Me Protect My Assets?
Posted on July 21, 2023
Protecting your hard-earned assets is a crucial aspect of estate planning. One effective tool that can help you achieve this goal is a living trust. This type of trust allows you to maintain control over your assets while providing some protections. However, while a living trust can provide a variety of benefits, it may not be the best method for protecting assets in certain situations. By understanding how living trusts may be used and what other options may be available, you can determine the best options for preserving your wealth […]
Do I Need to Address Estate Taxes in My Estate Plan?
Posted on July 17, 2023
When considering your estate plan, it is essential to understand the potential impact of estate taxes and other types of taxes that may apply when you transfer your assets to others. Estate taxes, which are sometimes referred to as death taxes or inheritance taxes, may apply when a person’s assets are transferred to their beneficiaries after they pass away. For high-value estates, these taxes can be a significant issue that can greatly reduce the amount of wealth that is ultimately passed on to beneficiaries. By understanding when estate taxes may […]
Do I Need a Living Will in My Estate Plan?
Posted on July 12, 2023
Addressing issues related to your estate is an essential and responsible step you can take to ensure that your wishes will be honored after you pass away. However, your estate plan can also address your health care wishes prior to your death. When making decisions about incapacity planning, you may use several different types of legal documents, including a living will. By understanding what exactly a living will does, you can make sure you follow the proper procedures to address end-of-life care. What Is a Living Will? A living will […]
Essential Estate Planning Documents: Protecting Your Assets
Posted on July 5, 2023
Estate planning is about protecting more than your assets. It is about protecting you and the people you love and care about. Part of estate planning involves protecting yourself while you are still alive. The other important part is protecting your loved ones after you are gone. By protecting your assets with the right estate planning documents, you can maximize the benefit to your survivors. You will likely need a variety of different documents. Modern estate planning involves far more than making a will. In fact, a will might not […]
How Often Should You Revise Your Last Will and Testament?
Posted on June 15, 2023
Making a will is one thing, but knowing when to revisit it is another thing altogether. When a person makes decisions about their property and assets, as well as how their estate will be distributed amongst their beneficiaries, they record such wishes in a document called a last will and testament. Though estate planning is essential, it is only effective if the document’s provisions reflect the person’s current intentions, wishes, and family circumstances. This is why it is essential to revise a will periodically, especially when significant life changes take […]
Six Signs it is Time to Update Your Will
Posted on June 2, 2023
Your last will and testament is the foundation of your estate plan. Your will explains how your property should be distributed to beneficiaries, designates a guardian for minor children, and describes your final wishes. It can be thought of as an instruction manual in probate showing how you want your assets to be distributed. Creating a will is essential. However, it is not a one-and-done task. Many different life changes and circumstances will necessitate an update of your will and other estate planning documents. In this blog, we will explain […]
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 […]
Practice Areas
Blog Sign Up
Like what you see?
Follow us to stay current!
630-228-9413
CONTACT US
Providing You With
Peace of Mind
1776 Legacy Circle, Suite 104, Naperville, IL 60563 |
630-228-9413
