Estate Planning
The Basics of Intestate Succession From a Naperville Estate Planning Lawyer
Posted on August 12, 2016
For many people, even beginning the conversation about estate planning can be difficult. It is not easy to confront the fact that you will not live forever and drafting a will, trust, and other estate planning documents forces you to look beyond the end of your life. As an estate planning attorney with decades of experience, I truly understand the challenges involved in the process, but I also recognize how crucial it is to have a plan in place. If you die without having executed a will, there is a […]
Attorney-Client Privilege During a Will Contest
Posted on March 26, 2015
Lately, I have been hearing a great deal of talk about a case currently before the Illinois Supreme Court. The high court recently heard oral arguments in a case called Brunton v. Kruger, which asks the court to consider the scope of the accountant-client privilege during probate. Specifically, the court must determine what happens to the privilege after the client dies and to what extend this privilege can be waived. Here are the basic facts of the case: An elderly couple hired an accounting firm to perform estate planning services. […]
The Rights of Surviving Spouses and Dependent Children
Posted on January 26, 2015
Preparing an estate plan is a wise decision. However, even with a valid estate plan in place, your express wishes might not be carried out. For example, Illinois probate law affords special rights to surviving spouses and minor children that could contravene specific provisions in your will. Electing to Take a Statutory Share The surviving spouse has the right to renounce the decedent’s will in favor of taking a statutory (or elective) share of the decedent’s probate assets. This statutory share amounts to one-third of the estate if there are […]
Filing a Claim against a Decedent’s Estate
Posted on January 12, 2015
When a person dies in Illinois, anyone who has a claim against a decedent’s estate —whether it is a contract, tort, or statutory custodial claim—may file that claim with the estate representative or with the court. (Note that if you file the claim with the representative, he or she has no obligation to file the claim in court.) The claim must be in writing and provide enough information so that the representative understands the nature of the claim and the relief sought. For example, someone who entered into a contract […]
How to Proceed in Probate When the Life Status of the “Decedent” is Unknown
Posted on April 29, 2014
Nine years after Samuel Zagaria disappeared, his sister Joanne petitioned the Cook County probate court for a presumption of death. The court complied and appointed Joanne, Zagaria’s only heir, the administrator of her brother’s estate. But in the course of administering the estate and trying to collect insurance benefits, Samuel turned up alive. Unfortunately for Samuel, that was not the end of the story. The physical fact of his existence did not immediately invalidate the legal presumption of death. Samuel had to ask the court to revoke the presumption and […]
Convenience Account or Joint Account?
Posted on February 1, 2014
Many times our clients will add a name to their bank accounts, making the account a joint account. Sometimes that client wishes to have the person who was added to the account handle the account for the convenience of the client. It may be that the client is an elder person and wishes to have an adult child help to pay bills, reinvest the amounts in the account from time to time. This account would be considered a convenience account. It may also be that the client intended that the […]
What Happens to Your IRA or 401(k) When You Die?
Posted on February 1, 2014
Many people are not aware that your IRA and any other employee benefit plan that was tax deferred is taxable in a number of ways at your death. It may be taxed by the federal government as part of the federal estate tax. It may also be taxed by the State of Illinois for the Illinois estate tax. In addition, there are specific rules on when the money in these accounts needs to be pulled out by the recipients, which are complicated depending on the circumstances, the beneficiary and if […]
How to Write a Last Will and Testament in Illinois
Posted on October 22, 2013
“When an older man or woman passes away, usually he or she has a last will and testament, usually or just a will. All people above the age of 18, though, should have a will that can be updated when necessary. It is important for everyone to know how to write a will and what to put write in it. Even if a person does not have many belongings or money, a will can state what is to be done with a persons property and how that person wishes to […]
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