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When someone dies without a will in Illinois, many families are surprised to discover who actually inherits their loved one's assets. Without a will to guide these decisions, the state's intestate succession laws take over and these laws can lead to unexpected...
As an executor, you may worry that someone could hold you accountable for managing estate assets. For instance, not accounting for the estate funds appropriately or even using the estate’s funds for personal expenses could lead to disputes or potential liability. Such...
Estate delays can cause stress, especially when beneficiaries receive few updates. Concern often grows when silence becomes a pattern. If an executor controls assets you may inherit, knowing the warning signs can protect your interests and uncover possible misconduct....
Planning for long-term care is an important part of creating a complete estate plan. Unfortunately, when it comes to Medicaid eligibility in Illinois, a revocable trust may not provide the protection you expect. In Illinois, the type of trust you choose can affect...
When you create a will, you choose someone you trust to carry out your final wishes. You may select a family member, a close friend or another trusted person to serve as your executor. Over time, however, life can change. Your chosen executor may die before you,...
Many people hear the term “estate planning" and picture people with vast wealth, sprawling estates and trusts. However, estate planning is for everyone and not just the wealthy. An estate plan is more than just deciding who gets your assets when you die. It’s also...
Many people avoid discussing estate planning with their parents because it’s an uncomfortable topic. No one likes to think about illness, incapacity or death. However, waiting until a crisis occurs often creates stress, confusion and conflict during a time when...
People often wonder if they need to include their life insurance policy in their estate plan. Unfortunately, there is no one-size-fits-all answer. It really depends on the situation. First and foremost, when someone purchases a life insurance policy, they should name...
An executor or personal representative manages an estate. They attend hearings in probate court and carry out the last wishes of the deceased person. Those obligations come with a degree of personal risk. If they make mistakes during estate administration, personal...
Many people assume that once they create a will, every asset they own will automatically be distributed according to its instructions. Unfortunately, that is not always how estate planning works. In fact, some of the most valuable assets you own may pass outside of...