After a testator passes away, opening an estate follows not long after. Beneficiaries will typically want to know what is in the will and what assets go to them. Creditors may want to receive payment from the estate. Someone has to handle these various...
MADISON COUNTY ILLINOIS ESTATE PLANNING BLOG
Estate planning for new parents
Every adult in Illinois should have an estate plan. That's true even for young people who don't own much. It's doubly true for new parents. In fact, any time there's a change in your family, whether that means marriage, divorce or birth, you should revise your estate...
Are there risks with gifting a home to adult children?
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...
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...
