You may find yourself worrying about how your heirs are going to spend the money that you leave to them. Perhaps it’s a significant amount of money and you’re afraid that it will take away their motivation to work. Maybe you know that they’ve struggled with certain...
The importance of regularly updating your estate plans cannot be understated. You never know when they will come into play, and you do not want to have a situation where your estate plans do not reflect your current wishes. Reviewing your estate plans every couple of...
Estate planning is the preparation for the distribution of your estate in anticipation of your passing. An estate plan is made during the testator's life. Typically, an estate plan includes a will, trust, beneficiaries, executor of the estate and power of attorney....
A last will is a crucial legal document that lets you distribute your assets to the people and causes you care about when you die. Without one, Illinois intestacy laws would dictate who gets what, and you might not like this. However, you cannot include everything in...
Sometimes when a couple who has been married for many years embarks on their estate planning, they initially plan to have a joint will. They share their assets and agree that whoever is the first to go will leave everything to the other. Then, when they’re both gone,...
Have you remarried? Does your new spouse have children that are now part of your family? If so, it is important to update your estate plan to ensure your new, blended family receives your assets after you pass away. While this can be somewhat confusing, these three...
Creating a will is a smart and responsible step to take as an adult. It's also an important part of any estate plan. However, before thinking all your affairs are settled, you must ensure the will is valid in the state, which means you have met all legal...
In many cases, people who are setting up a trust will do so with a set of written directions and instructions. This creates a very specific way that the money in the trust can be used. For example, you may be hoping that your heir will go to college, so you set the...
Picture this. You just received news that a distant relative has died and left millions of dollars in your name. On the one hand, you might be excited since you’re now wealthy. But on the other hand, you might worry that other people will find out about it and pester...
It’s very common for people to owe taxes after they pass away. You may have had an income that year that you still have to pay taxes on when the year comes to a close, for instance. You may also have to deal with things like property taxes on your house or a vacation...
