Tag: Naperville estate planning attorney
What Happens to The House When Someone Moves to a Nursing Home?
Posted on August 4, 2022
Millions of adults move into nursing homes as they get older. If you are planning to move into a long-term care facility, assisted living facility, or nursing home or you intend to move an aging relative to a facility, you may have many questions. Most people in your position wonder what will happen to the nursing home resident’s home when he or she moves to a nursing home. Will the home be sold? Will the home pass to the homeowner’s beneficiaries? Can proceeds from the home sale be used to […]
Planning For Illness or Incapacitation Should Be a Priority
Posted on July 26, 2022
Surprisingly, approximately 67 percent of Americans do not have a will or other estate planning documents in place. This means that 67 percent of Americans have no way to ensure that their final wishes are followed. They have given up the chance to direct how their worldly possessions are distributed to loved ones upon their death. Perhaps even more importantly, these individuals have given up the right to have a say in medical and financial decision-making if they become incapacitated. Although it is sad to consider, heart attacks, car accidents, […]
Are Handwritten Changes to Your Will Valid?
Posted on July 19, 2022
Writing a last will and testament is a crucial responsibility that many people neglect. When someone dies without a will, they forgo the chance to decide how their property is distributed to heirs. Wills may be used to determine which assets will be inherited by which heirs, appoint a guardian for minor children, describe funeral wishes, and more. Writing a will also saves surviving family members substantial stress and difficulty upon the testator’s death. Many people have questions about will requirements in Illinois. Do wills have to be typed to […]
Can A Lawyer Be Your Executor in Your Estate Plan?
Posted on June 28, 2022
Determining how assets will be distributed to heirs is just one aspect of building a comprehensive estate plan. You must also decide who will serve as the executor of your estate. The executor has the crucial duty of carrying out your last wishes. The list of executor responsibilities is long – especially for individuals with high-value or complex estates. The executor of an estate files the decedent’s will with the county court, notifies beneficiaries and heirs, pays creditors, and distributes assets to the correct parties. Who you choose as your […]
How Do You Divide Jewelry in an Estate?
Posted on June 22, 2022
Rings, necklaces, bracelets, and other types of jewelry often have great sentimental value as well as significant financial value. Determining how to address jewelry in your estate plan can sometimes be overwhelming. Should you leave all the jewelry to one individual or split jewelry up between your loved ones? Do you need to have the pieces appraised before assigning them to heirs through your will? Can children, grandchildren, and other loved ones figure out how to divide jewelry on their own after your passing? Whether it is your high school […]
Do You Need a Contingent Beneficiary on Your Estate Planning Documents?
Posted on June 2, 2022
Estate plans allow you to pass on assets of both financial and personal value to your loved ones upon your death. The individuals you choose to designate assets to are called beneficiaries. Choosing beneficiaries and deciding how to distribute your possessions is no easy feat and there are many different factors to consider. This is why most estate planning lawyers encourage people to take their time and weigh their options carefully when creating a will, trust, or other estate planning document. When choosing beneficiaries, many people overlook a crucial question: […]
Have You Included Your Pets in Your Will?
Posted on April 27, 2022
Whether it is your fluffy cat, loyal dog, or prized pony, you need to think about and plan for who will take care of your pets should you become incapacitated or pass away. It is important to find the right people to care for your animals and the right homes for them. It is also important to discuss those plans with the intended caregivers since not everyone has the desire or ability to take care of pets. Animal Companions in Your Estate Plans Taking care of pets can be expensive, […]
The Tax Consequences of Leaving No Will or Estate Plan
Posted on April 7, 2022
This time of year, everyone is thinking about taxes, but taxes are something you should plan for long before April 15. When you do not leave a will or, better yet, a full estate plan, you may incur tax consequences that take money away from those you love and want to take care of. By planning ahead and using the correct financial instruments, you will be able to reduce your tax burden and have more control over your assets. Why Have a Will and Estate Plan? Without a will, your […]
What MacKenzie Scott and Melinda Gates Can Teach Us About Charitable Giving
Posted on August 10, 2021
Charitable giving allows us to contribute to the causes we believe in and, ultimately, make the world a better place. Philanthropy also gives us an avenue through which we can leave an enduring legacy. If you have the means to donate to charitable causes, you may be interested in including charitable giving in your estate plans. Two women who have recently been making headlines with their philanthropic pursuits are Melinda Gates and MacKenzie Scott. These women married two of the wealthiest men in the world. Now, they are using part […]
Tips for Choosing a Guardian for Minor Children in Your Estate Plans
Posted on August 3, 2021
There is a misconception that estate planning is not a concern for people in their 20s, 30s, and 40s. Many falsely assume that younger people do not need to worry about establishing a will, trust, advanced directive, or other estate planning documents until they reach retirement age. The reality is that it is never too soon to start building your estate plan. This is especially true of parents. If you are a parent with minor children, estate planning allows you to choose a guardian for your children if you die or are […]
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