As you prepare to handle matters of your Illinois estate, you may have many questions. How do you make an estate plan? How does a will fit into an estate plan? Who runs your estate after you pass? Today, we will take a look at the person you will leave in charge of...
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Month: March 2020
Why should I have a living trust?
There are many reasons to have a living trust in Illinois. One of the primary reasons is the entity can help your loved ones avoid the costly process of probate upon your death. Not everyone may want a living trust, but here are a few reasons to consider creating...
Common estate planning tools and how to use them
You know you need a will. You may have even spent quite a bit of time thinking about how you want to divide your assets among your family members. Until you make one, though, Illinois intestate succession laws dictate who receives your assets after your death. To...
Crafting a life care plan
If you have a special needs child or relative, you may wonder how to provide for them after you pass away or are otherwise unable to provide care. Some people create a special needs trust, overseen by a trustee who dispenses payments for care, food and housing needs....
Are the powers of a guardian limited?
Some families have children or relatives that, because of disabilities, require a guardian to handle their care and other needs. However, some people may fear a guardian would have too much power and could abuse it. In reality, state guardianships do not have...
Do people forget to fund their trusts?
People may make any number of critical mistakes while creating a trust. One of these mistakes is failing to fund the trust. While you might successfully set up a trust, if you do not fund the trust, you will end up with nothing more than an empty vessel that cannot...
Protect your disabled child with a special needs trust
As the parent of a special needs child, you may be more familiar with certain types of government programs and forms of assistance than other parents. You may, too, understand that your special needs child must undergo means testing before receiving certain types of...
Could I accidentally name the wrong beneficiary?
To ensure that you pass on an inheritance without unnecessary problems, you should be aware of possible mistakes that could derail your plans for your children or anyone you wish to inherit from you. Sometimes even something as simple as whom you name as a beneficiary...
Reviewing the perks of special needs trusts
Estate planning offers various benefits, from providing peace of mind for those who set up estate plans (and their family members) to the financial resources that loved ones count on after someone who is very close passes away. However, our law firm recognizes that...