Tag: Naperville estate planning attorney
Key Estate Planning Considerations for Anyone Getting Divorced
Posted on April 25, 2023
If you are in the middle of a divorce or thinking about ending your marriage, make sure you understand how to update your estate plans to reflect your new marital status. Divorce can be very overwhelming, and it is not uncommon for people to neglect crucial estate planning concerns during and after their divorce. Update Your Power of Attorney for Healthcare and Finances A power of attorney is a legal tool used to designate an individual who has the authority to make decisions on your behalf. A power of attorney […]
Using a Special Needs Trust for a Child With a Severe Disability
Posted on April 18, 2023
If you are the parent of a disabled child, you are probably all too familiar with the expenses that come with a serious disability. The cost of special education, medical care, assistive devices, and other needs can be significant. For now, you may be able to cover these expenses by directly paying for your child’s needs. But what happens when you pass away and can no longer directly provide financial assistance to your child? A special needs trust is an estate planning tool that parents of disabled children can use […]
Leaving Inheritance to a Caregiver? Make Sure You Know Illinois Law
Posted on April 7, 2023
For elderly individuals and those in poor health, caregivers can be valuable sources of assistance, compassion, and support. Private nurses and other in-home healthcare workers assist with meals, hygiene, everyday tasks, and medical needs, providing crucial help to those in need. Understandably, many people come to think of paid caregivers as much more than just hired helpers—they become like family. If you are considering leaving assets to a caregiver through your will, make sure you understand how Illinois estate planning laws address these types of gifts. Illinois Law Regarding Inheritance […]
What Every Estate Plan Should Take into Account
Posted on March 23, 2023
Creating an estate plan should be thought of as an ongoing process. Your personal and financial needs and goals will inevitably change as time passes, and with those changes, your estate plan should be revisited. Furthermore, an estate plan is much more than simply a list of assets and a designation of who will receive the asset. Comprehensive estate planning can also address how medical and financial decision-making should be handled if you become incapacitated, your wishes regarding end-of-life care and organ donation, and much more. Every estate plan should […]
Most Common Estate Planning Mistakes Everyone Should Avoid
Posted on March 9, 2023
Estate planning is important for individuals of all ages, races, income levels, and backgrounds. With a proper estate plan, you can ensure that your assets are distributed to beneficiaries in the way you want them to be. You can also use estate planning instruments to reduce estate taxes, avoid probate, donate to charitable causes, plan for incapacitation, set up financial support for a disabled loved one, and much more. Unfortunately, many people make costly mistakes when creating their estate plans. Here are some of the most common estate planning mistakes […]
Do All Wills Go Through Probate?
Posted on March 7, 2023
A last will and testament is generally considered to be the most fundamental element of an estate plan. With a will, you are given the chance to dictate how your worldly possessions are distributed to beneficiaries upon your death. Wills are also used to designate a guardian for minor children to take care of the children if the parents pass away. Unfortunately, there are many misunderstandings and misconceptions about how wills work. One question many people ask is, “Does my will have to go through probate?” Probate is a legal […]
Take Care of Your Loved Ones with Proper Estate Planning
Posted on February 14, 2023
Whether it is family, friends, pets, or other loved ones, we all have people in our lives that we want to take care of. Proper estate planning is one of the best ways to do this. Estate planning not only allows you to ensure that your wishes are followed after your death, it also saves your loved ones a significant burden upon your passing. Benefits of Estate Planning Go Beyond the Financial Estate planning is often used to reduce taxes and other costs associated with transferring assets after death. However, […]
At What Age Do You Need a Will?
Posted on February 7, 2023
No one likes to think about death, especially when you are young. However, it is important to make sure that your wishes for your estate will be honored if something happens to you at any age. Many people assume that only very wealthy individuals or those in their 60s or 70s need to create a will. However, there is no fixed age at which everyone needs a will. Whether you are single, childless, own little property, or are married with kids, proper estate planning is crucial. Why You Should Create […]
Contested Probate and How It May Affect You
Posted on January 31, 2023
Contested probate refers to a legal dispute involving a deceased person’s will. When someone passes away, their surviving family members or other heirs may challenge the validity of their will in court. The dispute may involve allegations of forgery, lack of testamentary capacity, fraud, undue influence, or other issues. Individuals may also contest the will because they disagree about who should benefit from the deceased person’s estate and how assets should be divided. Common Reasons that Surviving Loved Ones Contest a Will Wills are used to describe how assets should […]
Essential Questions Regarding Safety Deposit Boxes and a Loved One’s Death
Posted on January 26, 2023
Safety deposit boxes are used to store important items such as jewelry, legal documents, family heirlooms, and more. Items stored in a safety deposit box often have significant financial and sentimental value. When a person passes away, there may be many questions regarding safety deposit boxes. What happens to a safety deposit box if it is not listed in the decedent’s will? Who receives the items in the safety deposit box? What if a recently deceased relative has a safety deposit box that no one knows about? Is there a […]
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