Most people want to leave assets to at least their closest loved ones. However, not all loved ones may be prepared to handle them. That’s why a conditional trust is commonly used as an estate planning tool. A conditional trust (sometimes referred to as a spendthrift...
Child custody orders in Illinois are meant to provide stability for children after a divorce or separation. However, circumstances can change, and sometimes an existing order no longer meets a child’s needs. In these cases, parents may request a modification, but the...
A no-contest clause can be used in your estate plan if you want to limit disputes between family members. It essentially says that someone who challenges the will gives up their inheritance. There are situations in which this could be useful. For instance, say that...
Your spouse asks you for a divorce. You know that the two of you have a prenup. In fact, your spouse is very happy to have the documentation in place because they believe it is going to keep you from getting assets you otherwise would have received during property...
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...
Parents of adult children drafting estate plans may want to make the fairest arrangements they can. When they know their children are likely to fight over certain property, they may develop more thorough estate plans to limit that risk. Many times, testators with...
A divorce can feel like your world is shifting beneath your feet. When emotions run high and trust runs low, it’s natural to want space, and sometimes, that means wanting the locks changed. But even though the home may feel like your safe space, it’s also part of the...
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...
