Discussing an estate plan while parents are still competent can prevent disastrous consequences. Although it may be uncomfortable to have these types of conversations, reviewing an estate plan can help ensure everybody’s best interests are protected.
Having a valid will does not trigger or avoid probate. Whether probate is required depends on how the decedent held title to the property at the time of his or her death, the value of the estate, the type of property the decedent owned and the circumstances surrounding the creation of the will.
Consulting with experienced trust attorneys can help Illinois residents avoid common estate planning mistakes. Estate planning errors and omissions can make a loved one’s death even more difficult and stressful for surviving family members. Everyone with any amount of assets should
Setting up a family trust can protect financial assets for heirs and beneficiaries. A family trust provides many benefits for family members and acts as an instrument to pass assets along to future generations.
The federal government has laws that require certain types of health care facilities to tell patients their rights upon entry, but they do not cover what will happen in the event that the patient is unable to understand those rights. To ensure that patients have some form of control over their care, even if they are unconscious, Illinois has…
When lack of capacity or undue influence is factors in the creation of a will or trust, there exists the possibility to challenge the document. In Illinois, these constitute grounds to invalidate provisions relating to the disposition of property, financial assets, donations, etc.
Wills and trusts are two common legal instruments of estate planning. A will is a legal declaration of an individual’s wishes for the distribution of their assets after they have died. A trust also provides for asset distribution upon death, but can also control assets during the client’s lifetime and can place parameters on distribution after death.One of the…
Living trust beneficiaries have certain rights that are designed to help protect their interests with regard to the trust at hand. The type of living trust (revocable or irrevocable) and the type of beneficiary involved determines which rights apply.
There are a few facts about revocable living trusts that might seem a bit surprising to many individuals who are interested in this effective estate planning tool. While a living trust is often an adequate solution for avoiding lengthy probate and the expenses that are associated with this burdensome process, it may not be the right choice for everyone….
Taking certain precautions when drafting estate-planning documents can help to avoid future legal challenges by disgruntled family members. One common will contest involves allegations that the family members were incompetent when they drafted their wills. Others may involve arguments that the testators were unduly coerced when they drafted their wills or that the wills were not properly executed. A…
