Drafting a will is without a doubt, one of the most responsible decisions you can ever make. However, creating a will is not always enough. You want to be certain that you will leave as many assets for your loved ones as possible. But how do you do this? If the cost...
estate administration & probate
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estate administration & probate
Your choice of executor is crucial
Every will needs an executor responsible for acting on behalf of the estate when it’s time to implement your final wishes. Usually, an executor is appointed by the testator when making the will. If no one is named in a will to act as an executor, the probate court...
A medical power of attorney versus an advance directive
There are certain types of advance directives that you can create to express your medical wishes. For instance, some people want to use a Do Not Resuscitate (DNR). Others want to specify that they should only get certain types of care in very specific situations. As...
Why would you use a discretionary trust?
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...
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...
