Tag: will

Most Common Estate Planning Mistakes Everyone Should Avoid

Posted on March 9, 2023

naperville estate planning lawyer

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 […]

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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 […]

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Take Care of Your Loved Ones with Proper Estate Planning

Posted on February 14, 2023

naperville estate planning lawyer

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, […]

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At What Age Do You Need a Will? 

Posted on February 7, 2023

Naperville estate planning lawyer

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 […]

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Contested Probate and How It May Affect You

Posted on January 31, 2023

naperville will lawyer

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 […]

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Essential Questions Regarding Safety Deposit Boxes and a Loved One’s Death

Posted on January 26, 2023

naperville estate planning lawyer

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 […]

Posted in Estate Planning

What You Need to Know About Joint Trusts

Posted on January 17, 2023

naperville estate planning lawyer

There are seemingly countless estate planning instruments to choose from when creating your estate plans, and each has its own unique advantages. Trusts offer many benefits when compared to transferring assets through a will. Unlike property transferred through a will, assets transferred through a trust usually avoid probate. Furthermore, the trust maker, or grantor, enjoys greater control over how and when trust assets are distributed to heirs. There are many different types of trusts to consider when building your estate plans. In this blog post, we will discuss the basics […]

Posted in Estate Planning

Know When to Revise Your Will & Estate Plan

Posted on December 13, 2022

naperville estate planning lawyer

Writing a will is not a one-time event. Life is full of changes, and it is very likely that you will need to modify your will to account for these changes. It is recommended to review your will every five years to make sure it still reflects your wishes. Anything from changes in your family to changes in state law can influence your will and other estate planning documents. Reviewing and updating estate plans tends to be one of those tasks that gets put at the bottom of the priority […]

Posted in Estate Planning

Does Your Estate Plan Have All The Needed Pieces?

Posted on December 6, 2022

naperville estate planning lawyer

According to a recent poll, only 46 percent of adults in the United States have a will. Even fewer have comprehensive estate plans. A last will and testament is the fundamental estate planning instrument. Through a will, you can specify who will receive your assets, personal possessions, and real estate after you pass away. You can also name a guardian for your minor children in the event that you and the other parent pass away before the children are adults. Without a valid will, state law determines how your property […]

Posted in Estate Planning

Get Your Charitable Giving Done Before The New Year

Posted on December 1, 2022

naperville estate planning lawyer

There are so many worthwhile charitable causes you can contribute to that help people, animals, and the environment in many needed ways. Helping others is part of being human – it makes the world a better place for all of us. There are also tax advantages associated with charitable giving that can help you financially. So, it is truly a win-win situation. There is still time to get your charitable giving before the end of the year so it qualifies on your upcoming tax return. Read on to learn about […]

Posted in Estate Planning

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