Testators establishing estate plans often focus on providing support for dependent loved ones. Other times, they may focus on making arrangements for their most valuable assets. Businesses, real property and even retirement savings may require careful consideration as...
Family conflicts don't disappear when you begin estate planning – they often intensify. You face the challenging task of making fair decisions while managing existing tensions between relatives who may already struggle to get along. Creating a thoughtful estate plan...
To many people, estate administration is synonymous with receiving an inheritance after a loved one dies. They think of a personal representative as someone who carries out a deceased person's last wishes. While that is certainly part of estate administration, there...
For many Illinois grandparents, one of the goals of estate planning is to help provide a better life for their grandchildren. They often do this by earmarking assets for their education. One easy way to do this is by opening a 529 college savings plan in a...
When you were a child, your parents may have given you weekly pocket money. They could have given you a lump sum for the whole year, but they knew if they did that, you might quickly spend it all and soon have nothing to show for it. A similar thing can happen when...
If you’ve recently had your first child, it’s natural that you may begin thinking about estate planning. It becomes very clear that you want to plan for your child’s future and protect them in case something unexpected happens. One step that you want to take may be...
Drafting an estate plan is important. It’s a step that many people skip. They don’t make a plan, then they pass away unexpectedly, and their family has to try to navigate the process without any guidance. This often leads to confusion and conflicts, such as disputes...
Estate planning isn't just about death. It can also help people prepare for the possibility of a major personal emergency in the future. Many people establish living documents. Adults in Illinois have the right to draft several different advance directives that take...
When you create a will, one of the most important decisions is who to name as your personal representative. This individual is responsible for managing your estate after you pass away. Choosing someone trustworthy, capable and organized can help ensure your wishes...
When you use your will to leave someone an inheritance, you don’t have any say in how they use it or what it accomplishes. You’re simply leaving them a specific asset. It becomes their possession after you pass away, and the estate goes through probate. But if you...
