Estate Planning

The legal practice area known as “estate planning” is an umbrella term to cover what you want to have happen upon your death. The paperwork that outlines your wishes can include a number of tools, such as paperwork designating who receives what, information on which medical treatments you do or do not want to be performed, and naming someone to be in charge of the asset distribution process. Some clients choose to utilize all of these estate planning tools, while others may rely on one to have their wishes followed. […]

The creation of a will can be one of the most important legal decisions you will ever make; however, many people put this critical document on the backburner. Life circumstances can get in the way, as your first job may quickly lead you to marriage and children, and before you know it, your kids are off to college. Legal professionals always advise people to formulate their will early in life, continuing to edit the details as life changes. This is especially pertinent during these tumultuous times as COVID-19 runs rampant, […]

Many people die with some debt, whether it is credit card debt or unpaid utility bills. The executor is tasked with paying valid claims that have been submitted in a timely manner. When the estate has cash in it, then it is relatively easy for the executor to pay the claims. Problems can arise, however, when there is not enough cash in the estate to cover all debts. In this situation, the executor will need to sell estate assets, but these sales can anger beneficiaries who were expecting to inherit […]

Under Illinois law, the executor must file a decedent’s will with the probate court and, within 30 days, institute a proceeding to have the will admitted to probate. Ideally, the testator would have told relatives where his or her will was being stored while living. Unfortunately, this is not always the case. Instead, nobody might know where a will was stored—or if one was even created. As experienced probate attorneys, the Gierach Law Firm has helped many family members search for wills. Below, we offer our tips for the best […]

Being the executor of someone’s estate is a serious responsibility. If someone has appointed you as their executor, you may be a bit overwhelmed and unsure of what the role actually involves. An executor is a trusted individual that is appointed to “tie up loose ends” after a person passes away. Whether you have been appointed as someone else’s executor or you want to learn more about choosing an executor in your estate plans, an experienced estate planning attorney can help. Duties of an Executor If a friend or family […]

More and more couples are choosing to share their lives together without being legally married. There are many different reasons that a couple may decide not to get married. Some may feel like marriage is an outdated concept while others cite divorce fears as the reason for not tying the knot. Other couples simply do not believe that they need a marriage certificate to validate their relationship. Whatever your reason, if you are in a committed but unmarried relationship, there are several estate planning concerns you should be aware of. […]

If you have already developed an estate plan, congratulations! You are in the minority, but you have taken the steps toward providing security for your loved ones. However, it is also important to understand that there are certain situations or life changes that may require you to update or make amendments to your estate plan. As a Naperville estate planning attorney, I can help you know how to recognize the need for such updates and will work with you in utilizing new tools and developing terms to meet your evolving […]

When debts become overwhelming, a person may have no other choice but to file for bankruptcy. Through bankruptcy, an individual may find relief from crushing debts and enjoy a fresh start. However, bankruptcy may also have an effect on estate plans. If you are struggling financially and are considering filing for bankruptcy protection, you might also be wondering what will happen if you were to die while you are in bankruptcy. You may wonder, “What happens if a person passes away while he or she is in bankruptcy?” As an […]

When you are looking toward the future and beginning the process of developing a comprehensive estate plan, it is easy to look at account statements, insurance policies, and other documents that list physical assets to determine what property will need to be considered in your will, trusts, or other planning instruments. In today’s increasingly digital world, though, you probably have a number of other assets—whether you choose to think of them that way or not—that are only accessible through electronic means. This may include downloaded songs or apps on iTunes, […]

Do you have a plan for the allocation of your property and assets in the event of your death? Obviously, such concerns can be difficult to address, as many people, including a large number of my clients, have trouble with the concept of death and estate planning. It is extremely important, however, to formalize arrangements for your estate well in advance, because as uncertain as the future may be, leaving your estate in the hands of the state without a will or other direction, can be even more unpredictable. Personal […]