People who are creating an estate plan tend to focus on distributing assets after their death, but they should also think about what will happen if they become incapacitated. Planning ahead for medical decisions provides an opportunity to clarify your wishes if you...
High-value resources tend to dominate estate planning. Homeowners worry about who takes possession of their houses, while business owners may plan carefully for the preservation of the organizations they run. People generally realize they need to have clear legal...
When you go through a divorce, one of the first steps is to disclose to the court what assets you own jointly. Some assets are marital assets, meaning you and your spouse need to split them up. Others may qualify as separate assets, meaning that you own them and do...
Testators drafting wills and other documents often prioritize providing support for specific loved ones and naming beneficiaries for their most valuable assets. Wills and trusts are common instruments used by those thinking about the descent of their property. There...
As you are considering how your assets will move to the next generation, your life insurance policy might represent a significant portion of these assets. Say that you have a policy that will pay out $1 million upon your passing. It is crucial to decide who should...
Estate planning is one of the most important steps you can take to protect your family and your wishes. Yet, many people delay or rush the process without understanding the consequences of small errors. Avoiding common mistakes can save loved ones from confusion,...
Creating a will is often the first meaningful step in estate planning. It allows people to name beneficiaries, choose guardians for children and outline how property should be handled after death. Even so, many families discover that a will does not answer every...
Powers of attorney can be important additions to standard estate plans. People concerned about their health or finances can draft documents to address the possibility of a medical emergency. Powers of attorney extend authority to another adult who can manage the...
Here in Illinois, it can take months to go through the divorce process. In most cases, couples are separated during that time. When a couple has children, it’s generally advisable to put some temporary court orders in place to detail how parenting responsibilities...
Are you and your long-time partner among the increasing number of people who don’t feel like you need a piece of paper issued by the government to codify your commitment? There are a multitude of reasons why long-term couples never choose to “tie the knot.” Some are...
