Estate planning often involves strategies to make things easier for heirs. Parents might list their children on accounts as a way of avoiding probate. Another probate-avoidance plan could entail transferring the ownership of a house to adult children rather than...
MADISON COUNTY ILLINOIS ESTATE PLANNING BLOG
Why is estate planning worth considering?
Estate planning is not only for wealthy people; anyone who leaves assets behind after passing away has an estate. There may also be issues related to debts and obligations that heirs in Illinois must address. Spending time with an attorney to effectively plan out a...
Should you update your will if you move?
Estate planning in Illinois isn't something that you do once: You need to do it multiple times in your life to make sure that your estate is up to date in case the unthinkable happens. If you recently moved to Illinois from another state, is that a major life event...
Understanding Probate
The term “probate” may not be one you’re familiar with, especially if you’re new to thinking about estate planning. Most people do not have a reason to think about probate until a loved one dies or they begin to think about their plans for their own future. However,...
What should you know about power of attorney for property?
Many people focus their estate planning efforts on what will happen after their death, but this focus can leave their plan incomplete. If illness or injuries leave you unable to manage your own affairs, powers of attorney could be key to protecting your financial...
Learn the basics of designing an estate plan
Creating an estate plan is an oversight for many people. Others avoid it simply because of the difficulties it presents over thinking about death – either our own or those of family members. A recent survey shows that only 42% of American adults currently have a will...
What is a special needs trust and why might you need one?
There are many components to think about when you are creating your estate plan. One of these is trusts, which help you to transfer assets to your loved ones without them having to use the will and probate court to get this done. If you decide that you are going to...
Talk to your family about your estate plan
Having an estate plan is a must for all adults, but some might not discuss the contents of the plan with anyone. This can leave your loved ones confused and wondering what you were thinking when you created the plan. A better option is to have at least a brief...
Why do I need a health care power of attorney?
So you drafted your will and funded a small trust for the grandkids' college expenses. You are relieved that your estate planning duties are now complete. But not so fast! You forgot one very important document.No estate plan is complete without a signed heath care...
Adults over 50 should have medical care plans in place
Around 45 percent of people who are 55 or older don't have an estate plan in place. This puts their family members in a precarious position because they might not know what their loved one wants. Instead of leaving their final days and the disposition of their assets...
