In recent years, advances in technology has enabled Americans to maintain digital files and copies of documents almost effortlessly. While the temptation to do away with paper copies of important documents in an effort to clear away clutter and become better organized is strong, when it comes to estate planning documents, copies may not be legally sufficient. Although backing…
When most people think of estate planning, they think of older people, or individuals who are extremely wealthy. They very rarely think about estate planning for younger, more ordinary individuals unless the person leads a very risky lifestyle or there is a serious illness involved. Unfortunately, the misconception that only the old, rich, or sick need an estate plan…
While many consider it an honor, being named the executor of an estate in Illinois can be extraordinarily challenging. Taking on new administrative responsibilities after dealing with a loss is tough, even in the best of circumstances. Add legal responsibilities and family struggles into the mix, and it is easy to see how an estate executor could become overwhelmed.
Creating a living trust through an experienced estate planning attorney allows maximum control over trust assets during a lifetime. Planning for succession with a revocable living trust will protect assets in case of physical or mental incapacity due to age or illness. Appointing a successor trustee early will assure that assets are managed according to plans for beneficiaries.
A living will, known as a declaration in Illinois, is a document everyone should have. Whether a terminal illness is in the picture, of simply proactively expecting the unexpected, a living will makes sure an individual’s healthcare and final wishes are crystal clear. For family and loved ones, a living will provides easy to follow instructions that can help them make…
Creating an estate plan is not always a simple process. Often, it requires the teamwork of financial advisors, accountants and probate lawyers to create a plan that will protect their client’s assets and well-being in the event of death or serious illness. A solid estate plan should answer all the “what ifs” so that there is nothing left to…
Blended Family Structures and Conflicts Due to rising divorce rates over the last decade, blended families are a common family structure. According to U.S. statistics, 50% of marriages end in divorce, and 43% of new marriages are second marriages for at least one spouse. Every year, one million children end up with newly divorced or divorcing parents. Estate planning…
Dealing with the loss of a loved one is painful and disputes over the loved one’s estate can make dealing with the loss even more difficult. Disputes often arise due to unclear or non-existent wills, a family member’s disagreement with the loved one’s wishes due to mental capacity or unresolved conflict between family members.
Many elderly and aging parents continue caring for themselves, either independently or with minimal help, as they get older. Others find dementia, Alzheimer’s, Parkinson’s or other illnesses prevent them from making appropriate decisions for themselves.
Many people view naming someone as the executor of a will as an honor. However, in Illinois, executors typically face challenging fiduciary duties, including inventorying assets, paying estate debts and overseeing asset distribution. If these duties are improperly handled, the estate may lose value or the executor may incur personal liability. Consequently, as a lawyer might note, it is…
