Tag: Naperville estate planning attorneys
How You Should Update Your Estate Plan After Getting Divorced
Posted on August 16, 2023
Divorce is a significant life event that can have a major impact on your estate plan. It is crucial to review and update your estate planning documents after getting divorced, especially if you are someone with a high income or extensive assets. By addressing the following issues, you can make sure you will be prepared to address the concerns that you and your family may encounter in the future: Updating Beneficiary Designations Following a divorce, it is important to revisit the beneficiary designations specified in various financial accounts and insurance […]
5 Common Estate Planning Mistakes to Avoid
Posted on August 7, 2023
Estate planning is an important process that allows individuals and families to protect their assets and ensure a smooth transfer of wealth to loved ones after a person passes away. However, many people make common mistakes during the estate planning process that can lead to unintended consequences and legal challenges for their heirs. These mistakes include: Failing to Create an Estate Plan One of the biggest estate planning mistakes is simply not having a plan in place. Many people assume that they do not need an estate plan because they […]
When Can Assets Be Transferred to Beneficiaries Outside of Probate?
Posted on July 27, 2023
Probate is the legal process in which the assets a person owned will be distributed to their heirs and beneficiaries after their death. However, not all assets need to go through probate. In certain circumstances, assets can be transferred directly to beneficiaries without the need for court involvement. Understanding when this is possible can help simplify the estate administration process and ensure a smoother transfer of assets. When creating a comprehensive estate plan, it is important to understand how the following types of assets may be passed to beneficiaries: Joint […]
Can a Living Trust Help Me Protect My Assets?
Posted on July 21, 2023
Protecting your hard-earned assets is a crucial aspect of estate planning. One effective tool that can help you achieve this goal is a living trust. This type of trust allows you to maintain control over your assets while providing some protections. However, while a living trust can provide a variety of benefits, it may not be the best method for protecting assets in certain situations. By understanding how living trusts may be used and what other options may be available, you can determine the best options for preserving your wealth […]
Essential Estate Planning Documents: Protecting Your Assets
Posted on July 5, 2023
Estate planning is about protecting more than your assets. It is about protecting you and the people you love and care about. Part of estate planning involves protecting yourself while you are still alive. The other important part is protecting your loved ones after you are gone. By protecting your assets with the right estate planning documents, you can maximize the benefit to your survivors. You will likely need a variety of different documents. Modern estate planning involves far more than making a will. In fact, a will might not […]
How Often Should You Revise Your Last Will and Testament?
Posted on June 15, 2023
Making a will is one thing, but knowing when to revisit it is another thing altogether. When a person makes decisions about their property and assets, as well as how their estate will be distributed amongst their beneficiaries, they record such wishes in a document called a last will and testament. Though estate planning is essential, it is only effective if the document’s provisions reflect the person’s current intentions, wishes, and family circumstances. This is why it is essential to revise a will periodically, especially when significant life changes take […]
Social Media Use, TikTok, and Your Small Business
Posted on May 18, 2023
For several months now, lawmakers have expressed security concerns regarding the wildly popular video app TikTok. Several countries have already forbidden government employees from using the application, citing worries over user data being shared with the Chinese government or fears that the application will be used to spread misinformation. The future of TikTok in the United States is uncertain, and some lawmakers have pushed for the app to be banned entirely. In fact, the governor of Montana signed a bill this week to ban TikTok in the state. However, banning […]
Estate Planning Instruments for Transferring Real Estate
Posted on May 17, 2023
For many people, real estate properties are the most valuable assets they own. Personal residences, vacation homes, and other real estate properties also have significant personal and sentimental value. Many people include their home in their will, but there are many different estate planning instruments above and beyond a will that allow for the transfer of real estate. If you intend to leave one or more real estate properties to your loved ones, make sure you are using the right legal tool for the job. Joint Tenancy with Right of […]
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 […]
What Happens to Your Property If You Die With A Mortgage?
Posted on September 22, 2022
Whether you are creating your own estate plans or a relative has recently passed away, dealing with estate planning matters can be confusing and overwhelming. If you are like most people, you are probably filled with questions. One of the most pressing questions is what happens to a deceased person’s financial obligations. For example, if someone still has a mortgage when they pass away, what happens to the property? Does the executor sell the property? What if there are other individuals still living in the home? What Happens to Debts […]
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