Tag: Naperville estate planning attorneys
How Do Non-Probate Assets Affect Estate Administration?
Posted on January 22, 2024
When someone passes away, their assets are typically distributed through a legal process known as probate. During this process, the representative of the estate will identify and determine the value of the deceased person’s assets, pay taxes, address any outstanding debts, and distribute the person’s assets to their heirs or beneficiaries. However, not all assets go through the traditional probate process. Some assets are considered non-probate assets because they have designated beneficiaries or joint owners who automatically receive ownership rights upon the owner’s death. These non-probate assets can significantly impact […]
How to Protect Your Family’s Privacy in Your Estate Plan
Posted on December 28, 2023
When creating an estate plan, many people focus on ensuring that their assets are distributed according to their wishes and that their loved ones will be taken care of after they pass away. This is often the primary goal of estate planning, although there are several other considerations that may come into play. Another important aspect of estate planning is protecting your family’s privacy. In the digital age, where information is easily accessible and identity theft is a constant threat, it is crucial to take steps to safeguard your family’s […]
Taking Care of Beloved Pets: Your Estate Planning Options
Posted on December 9, 2023
Estate planning typically focuses on the management and distribution of assets to beneficiaries, guardianship for minor children, and legacy planning. However, it’s equally important to include provisions for your pets in your estate plans. If you are like many people, you consider your pet to be a family member.
How to Protect Your Digital Assets in Your Estate Plan
Posted on December 4, 2023
In today’s digital age, there are a variety of assets that people may own that may not have a physical form. Digital assets can include items such as social media accounts, online banking and investment accounts, email and cloud storage accounts, domain names, and even cryptocurrencies. These assets can hold both sentimental and financial value, and they should be properly addressed in your estate plan to ensure that they are protected after you pass away. An attorney who has experience addressing these concerns can work with you to make sure […]
What Is an Irrevocable Life Insurance Trust?
Posted on November 29, 2023
Creating a comprehensive estate plan is crucial to ensure that your assets are distributed according to your wishes after you pass away. One important tool to consider as part of that plan is an irrevocable life insurance trust (ILIT). An ILIT can offer several benefits, including potential tax savings and the seamless transfer of certain assets. An experienced attorney can provide guidance on the role that an ILIT may play in your estate plan, and they can help you take steps to implement your plans and ensure that your wishes […]
How Can Law Firms Build and Maintain Trust With Clients?
Posted on October 26, 2023
Building trust is crucial for any law firm. It forms the foundation of a strong attorney-client relationship, which is essential for successful legal representation. When clients trust their lawyers, they are more likely to be open and honest about their situation, follow the advice provided, and feel confident that their legal needs are being met. A trusted attorney can help clients address their estate planning needs, ensuring that they understand how to protect their assets and plan for the future. Some methods of building trust between an attorney and their […]
When Should Irrevocable Trusts Be Used in an Estate Plan?
Posted on October 13, 2023
An estate plan is a crucial part of ensuring that your assets are distributed according to your wishes after you pass away. One tool commonly used in estate planning is the irrevocable trust. Unlike a revocable trust, which can be modified or revoked at any time, an irrevocable trust cannot be altered once it has been established. If you are considering the best ways to protect your assets and make sure your wishes will be followed correctly, an attorney can provide guidance on how irrevocable trusts and other estate planning […]
Estate Planning Strategies for Blended Families
Posted on October 4, 2023
In a blended family, a couple will have children from one or both of the spouses’ previous relationships, and they will form a new family unit. These types of families are becoming more and more common in today’s society. While blended families can find joy and fulfillment as they form new bonds, they may also face unique challenges when it comes to estate planning. In these situations, spouses will need to carefully consider the strategies they may use to ensure that their assets are distributed according to their wishes and […]
Understanding the Role of Power of Attorney in Estate Planning
Posted on September 29, 2023
Regardless of your age, estate planning is an essential part of preparing for the future. A comprehensive estate plan can help ensure that your affairs will be managed correctly and that your assets will be used and distributed according to your wishes. Powers of attorney (POA) are one important tool that may be used in your estate plan. These legal documents will grant someone else (your “agent”) the authority to act on your behalf in financial, legal, or medical matters. As you determine how to use powers of attorney, an […]
What Role Does Life Insurance Play in Estate Planning?
Posted on September 21, 2023
Estate planning can ensure that your assets will be distributed to your heirs according to your wishes after you pass away. When you create an estate plan, you will make important decisions about how your property, finances, and personal belongings will be managed and transferred to your loved ones. During the estate planning process, many people will focus on creating a will or establishing trusts. However, life insurance is an often overlooked but crucial aspect of estate planning. An attorney who understands how to address complex legal issues related to […]
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