Tag: will
How Do Powers of Attorney Complement an Estate Plan?
Posted on October 21, 2024
Often when individuals consider estate plans, they think about planning for a person’s death. While the purpose of an estate plan is, to a large extent, to make a plan for disposing of assets following death, powers of attorney are an important element of an estate plan for the living. An experienced Illinois estate planning attorney can advise on how the power of attorney can work alongside the rest of your estate plan. What is a Durable Power of Attorney? A durable power of attorney is an estate planning document […]
What Is the Amendment to the Probate Act of 1975? | IL
Posted on September 30, 2024
HB 1268 amends the Probate Act of 1975, providing that a person who has been convicted of a felony is qualified to act as an executor of an estate if: The bill’s sponsor stated during Senate debates that individuals who have committed a felony and served their time should be allowed to help their families. A person chosen to serve as an executor following incarceration for a felony must be at least 18 years of age and must not be unsound in mind or body. Another Senator argued against the […]
What is a Laughing Heir – And Can It Be Avoided in Illinois?
Posted on August 26, 2024
Have you ever fantasized about receiving a notification stating that your great, great, great-uncle Henry has died, leaving you his entire huge estate? At one time or another, most of us have had this happy daydream. While it is extremely rare in most states for this to occur, there is a name given to those who unexpectedly inherit in this manner. A “laughing heir” is the heir of an estate who is so remotely related to the decedent that he or she feels no grief over the decedent’s death. The […]
What Are the Estate Plan Benefits of Establishing a Trust?
Posted on August 16, 2024
A widely held belief says that including a trust in your estate plan is only for the super-rich. Many even believe that having an estate plan at all holds no benefit for the “average” person and that a will is all that is necessary. In truth, trusts provide a wide variety of benefits for virtually every family, and including a trust in your estate plan can be a sensible choice regardless of your financial status. A trust offers benefits that cannot be achieved with only a will, thanks to the […]
What Mistakes Should You Avoid in Estate Planning and Updating?
Posted on August 10, 2024
Creating an estate plan is one way of showing your family members how much you care about them. While confronting our own mortality is never easy, having an estate plan in place and then updating it regularly can be beneficial for you and your loved ones. When you leave behind a well-thought-out estate plan, clear directives in the plan will help your family members avoid disputes and conflicts. If you have done well for yourself financially, proper estate planning can help preserve your wealth for future generations and establish a […]
How is a Special Needs Trust Created?
Posted on July 30, 2024
People with disabilities or other special needs often require financial assistance, which can come from multiple sources. Family members or other loved ones can provide much-needed support by assisting with expenses and in many cases, the best way to do so is through a special needs trust. This kind of trust helps ensure that a person with a disability will be able to receive financial support without jeopardizing eligibility for government benefits. An experienced attorney can help a disabled person, his or her family members, and other involved parties navigate […]
What Steps Should Beneficiaries Take During Probate Litigation?
Posted on June 20, 2024
When a person passes away, her assets are distributed to her heirs through the probate process. During this process, beneficiaries may become concerned about the proceedings, and may need to take legal action to address certain issues. Sometimes this results in allegations of misconduct by the executor of the estate, or a beneficiary who disputes the validity of a will that was filed in probate court. Probate litigation may be necessary to protect the rights of beneficiaries or address other legal issues. The probate litigation process can be complex, but […]
6 Steps to Follow When Updating Your Estate Plan
Posted on June 6, 2024
Planning for the future is important for everyone, and estate planning can ensure that your and your loved ones’ needs will be properly addressed in the years to come. A comprehensive estate plan can ensure that your assets are distributed according to your wishes, and it can provide peace of mind for your entire family. However, as life changes, your estate plan should change too. Understanding the steps for updating your estate plan is essential for ensuring that it will reflect your current circumstances while honoring your wishes. An experienced […]
How Should an Estate Plan Be Updated After a Divorce?
Posted on May 28, 2024
A divorce can upend the lives of spouses and multiple other family members. The end of a marriage will require multiple types of financial changes as each spouse determines how to address their needs on a single income. In addition, it is essential to update estate planning documents to ensure that they reflect the new circumstances of different family members. An experienced attorney can help navigate the complexities of estate planning post-divorce. The Importance of Updating Your Estate Plan Following a divorce, many aspects of a person’s life change, and […]
What Role Do Trusts Play in Legacy Planning?
Posted on May 24, 2024
While planning for the future is essential for anyone, it can be especially important for people and families with a high net worth. Legacy planning can ensure that loved ones are taken care of and that a person’s assets will be distributed according to the person’s wishes, while also upholding the person’s values, promoting causes he or she believes in, and establishing a positive framework that a family can continue to follow. Trusts are a powerful tool in legacy planning, providing flexibility, control, and tax benefits that can help a […]
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
