When people hear estate planning, the first thing many people think of is a will. A will is one of the most basic documents of an estate plan, but it’s not the only thing that you can include. There are a few things to keep in mind about estate planning, including: 1....
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Estate Planning
6 kinds of trusts you may be able to use
A trust is a legal document that allows grantors to place assets in the protection of trustees. Trustees are then responsible for the distribution of the assets per the grantors’ instruction. The reason people make trusts is because they are often more versatile than...
What is the role of an estate executor?
A lot of preparation goes into creating an estate plan. One key piece is deciding who will be the executor and fulfill your final wishes. Before appointing someone to this task, knowing what duties they must fulfill and what characteristics to consider when choosing...
How late is too late to draft a will in Illinois?
It is part of human nature to procrastinate. People tend to put off any responsibility that seems unpleasant, even if delaying those actions causes them distress or put them at a disadvantage. For example, most adults understand that delaying the estate planning...
How often can estate plans be updated?
You have just finished drafting your estate plans when you realized there was something you forgot to include. You want to fix this, but can you alter your estate plans so soon? Yes, you can update your estate plans as often as you wish -- and there's no rule that...
3 updates you need to make on your estate plan after divorce
Divorce comes with a myriad of implications not only for your life going forward but also for the future of your loved ones. If you have an estate plan, it is extremely crucial that you update it as soon as your divorce is final. Here are estate planning documents...
2 legal tips for guardians of the elderly in Illinois
When you accept responsibility for a vulnerable person’s care and life enjoyment, you also take on some legal risk. For example, making decisions that could harm the person or compromise their assets could lead to trouble. You may not have thought much about the legal...
Your loved one’s wishes and special needs trusts
Understandably, special needs estate planning generally focuses on what a loved one will need in the event that someone who provides them with care and/or support passes away or is incapacitated. However, it is also vitally important to consider the question of what a...
Why reciprocal wills are better than a joint will for couples
Many happily married couples who have been together for decades and fully anticipate they’ll be together as long as they’re both alive think they should prepare a joint will. Their assets are all shared, and if they have grown children, they want them to inherit...
A special needs trust may require a remainder beneficiary
The purpose of a special needs trust is usually to provide some kind of supplemental support for an individual with special needs without eliminating their eligibility for certain kinds of state aid, such as Medicaid benefits. A special needs trust provides structured...
