Illinois, like a majority of other states, has an equitable distribution statute for property division when people divorce. Couples should look for fair ways to divide their shared assets. Instead of a 50/50 split, the goal is a reasonable arrangement based on the...
Powers of attorney are legal documents that authorize one adult to manage legal, medical or financial matters for another. Some people establish durable powers of attorney in case they become incapacitated as they age or undergo medical care. Others establish...
After the death of your loved one, you are likely dealing with grief and a long list of tasks at the same time, which can make each decision feel heavier than it should. A will often feels like it should bring immediate clarity, but that is not always the case in...
Many people who might benefit from creating trusts assume they do not have enough resources to properly fund one. Some people address inadequate funding by arranging to have their primary residences or their life insurance policy proceeds transferred to a trust after...
Testators revising or creating estate plans have their own unique goals. Some people want to leave resources for their children, while others skip a generation to leave assets for their grandchildren. Others might prioritize charitable organizations as their main...
One of the hardest challenges for many divorcing parents is creating a parenting plan. Neither parent wants to give up time with their kids; however, the courts want both parents actively involved in their children’s lives. To that end, the courts encourage parents to...
An individual's estate consists of any property they own directly at the time of their death. The personal representative they name must distribute their property according to their wishes. However, they must first fulfill the responsibilities of the now-deceased...
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...
