Tag: will
How Do You Include Non-Family Members In Your Will?
Posted on September 8, 2022
Many assume that heirs named in a will are always direct blood relatives of the testator. However, for many, the most important individuals in their lives are not relatives. Furthermore, some people no longer have living relatives. If you have people in your life who are deeply important to you but are not family members, you may be wondering how to include them in your will. There are a few different ways to do this, and the best way for you may depend on your specific circumstances. Proper estate planning […]
Being Prepared for Where Life Takes You
Posted on August 26, 2022
We know how fragile life is just by hearing the news of the world each day. We often don’t think how directly that can hit us, though, and the simple steps we can take to prepare for it. Ensuring your family knows where important documents and passwords are, discussing end-of-life wishes with loved ones, and notifying your family of your funeral and burial preferences can greatly decrease the legal, financial, and emotional difficulties associated with your passing. Benefits of Having Difficult Discussions with Your Loved Ones A recent study demonstrated […]
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 […]
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 […]
Should You Plan and Finance Your Funeral?
Posted on June 9, 2022
Although it can be uncomfortable to think about, it is important for everyone to consider how their final arrangements should be made. The average funeral costs upwards of $7,000. This can be a major expense for grieving family members to contend with. Consequently, many people choose to finance their funeral and burial ahead of time. They also make sure family members are aware of their preferences regarding funeral arrangements such as music or religious ceremonies. If you are creating your estate plans, take some time to think about pre-planning and […]
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 Is the Right Tax Strategy for Your Estate Plan?
Posted on March 29, 2022
It is important for families to plan for the future. During the estate planning process, a person or married couple may decide how different types of property or assets will be passed to their heirs while also ensuring that they will have the financial resources they need in the future. Wealth protection is a key part of estate planning, and this includes tax planning. By understanding the role that estate taxes and other taxes will play when transferring assets to family members or other heirs, a family can determine the […]
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