Today, there are more blended families than ever before. Taking on the role of a stepparent to someone else’s children is a role that not everyone can take on. However, if you step up to do this, you likely want to ensure your entire family is taken care of after you...
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Estate Planning
Most people don’t have an estate plan
Did you know that the majority of people haven’t done their estate planning yet? The exact numbers do vary from one study to the next, but some have found that it could be as high as 67%. For most Americans, estate planning is just something they haven’t taken on yet....
3 common reasons why your Illinois will may be invalidated
When you decide to create a will, you do so with the goal of making your wishes regarding your assets known. A will protects your assets and loved ones. Without one, it will be up to the government to decide what happens to your estate. In Illinois, a will can be...
Mistakes to avoid when creating an estate plan
As a responsible adult, having an estate plan is smart. It ensures that your wishes are known and that your family knows what steps to take if you become incapacitated. Unfortunately, there are a lot of misconceptions related to estate plans that lead to mistakes....
Should I set up a spendthrift trust?
You are making your estate plans and have designated a substantial amount of money as an inheritance for your adult child. You have some concerns because they are not good at managing their money. Because of this, you may want to set up a spendthrift trust. A...
How do irrevocable trusts help protect an estate?
Having a comprehensive estate plan is important so you can take care of your loved ones after you pass away. One of the options for doing this is to set up trusts. There are different options to consider when you’re ready to establish one. While there are many...
Safe deposit boxes and estate planning
Do you have a safe deposit box? You may have forgotten all about it – especially if it’s free because of your relationship with your bank. If you’re preparing to do your estate planning, you need to make sure that those who will be managing your estate know about it...
When do you need to revise your estate plan?
A general rule is to review your estate plan every five years (depending on your situation). After all, you want to ensure everything is updated and accurate to help your beneficiaries avoid asset garnishment or excessive taxing. However, there are other times that...
Can you prevent your will from being contested?
A will contest can tear a family apart. Siblings may go against each other over ownership of the estate’s assets leading to a permanent fallout. If you do not wish to leave such chaos in your wake after you are gone, you might want to start preparing early enough and...
Adapting your estate plan for mental health concerns
Knowing that you live with a mental health condition, you are aware that you need to plan for times when you may be ill or incapacitated. Mental illness is something that you can plan for in your estate plan, and doing so may help you make sure that you get the kind...
