When many people decide to set up a trust as part of their estate plan, they pick a specific goal that they want to accomplish. For instance, you may hope that you can pay for your grandchild’s college tuition. You can set up an educational trust that states that the...
estate administration & probate
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estate administration & probate
Why do you need powers of attorney designations?
There are many things that adults need to do to ensure that they have their affairs in order. Many understand that creating an estate plan is critical, but there’s more to think about than just determining who’s going to get what when you pass away. You have to set...
How does life insurance fit into your estate plan?
Life insurance can be a very valuable asset. If you’ve purchased a plan, it may be the main way that you leave money to your heirs -- whether your goal is to help them cover the costs of your own passing or just to give them a nice inheritance at the time. But how...
What happens to debt when you die?
When you take out a loan, you usually intend to pay it off. However, life does not always turn out as planned, and some people die before they have paid off their debts. That can happen with personal loans, car loans, credit cards and more. What happens to these debts...
Consider protecting your child with a special needs trust
Having a child with special needs is challenging, but nearly all parents overcome the hurdles they may face. Love combined with the fierce urge to protect our children gives us superpowers that we never knew existed. Protecting a child with special needs is hard...
Revise your estate plans after divorce
If you are in the middle of a divorce, you may be looking forward to the day it is over ... to relaxing on your couch, on your own, with a celebratory glass of wine. No more courts, no more assets to calculate, no more legal documents to sign and no more visits to...
Common reasons for establishing a power of attorney
Many individuals in Illinois choose to have a power of attorney as part of their estate planning. This document can detail provisions and limitations for when and how a third party can make decisions for an individual. There are many reasons for establishing an agent...
How can I keep my real estate out of probate when I die?
Owning property in Illinois can leave you wondering what happens to it upon your death. Ideally, you have already created a will dictating your preferences for who inherits your assets including real estate. However, real estate left to someone in your will can wind...
Is it time to update your estate plan?
Your personal wishes dictate your estate plan, which is then molded by Illinois law. However, both your desires and state law are subject to change. This means that your current estate plan may not suit your needs in the future. Today we will take a look at situations...
How to treat digital assets in your will
When you are writing up a new will for your Illinois estate, your mind probably goes to the big items that should be allocated for disposal. You have probably considered what to do with things such as your home, cars, personal property and financial accounts. However,...
