These days, your estate may include more than just physical assets. Besides money, you may have digital assets that you want to pass down to your heirs. There are some special considerations that apply to digital assets. Families may not think of digital assets as part of an estate. They have made plans to pass down money and even…
Probate is not an easy process in itself, even when family members have all the information that they need. There are administrative requirements and the potential for unforeseen hurdles. The process can be even more difficult when family members are taken by surprise by the contents of the will. These circumstances are when there may be costly and bitter…
All estate planning lawyers warn you of the consequences of dying without a will. The legal term for not having a will when you die is intestate succession. When that happens, your family is at the mercy of the probate court and Illinois law. The good news is that your property will still be distributed to your loved one,…
When you establish a trustee, you will appoint a trustee. This person performs a crucial role in managing the affairs and the assets of the trust. If you do not opt for a professional trustee, the trustee would likely be a family member or someone else close to you. However, there is a chance that the trustee may not…
When you die, you leave an estate behind you that consists of the property that you accumulated while living. You need someone to administer the estate to make sure that your wishes for your property are heeded. The person who administers your estate is called the executor. The executor of your estate may perform the following functions: Winding down…
Every person has their own strong preferences for what happens when they are no longer here. Unless it is in writing on paper and validly witnessed, there is no way of knowing your wishes. Then, you will lose all control over what happens. A probate court will have the final say, and they may make decisions that you may…
The person who holds power of attorney will perform extremely important roles. They will have the ability to make decisions about your healthcare, living situation, and finances. It is crucial that the person that you give this power to has the ability to do the job right. The first prerequisite for choosing someone as your agent is that they…
Like a legal document or contract, not everyone has the ability to make a will. In some cases, their testamentary capacity could be challenged in the probate process. If they are found to have lacked the ability to make a will when they did, a court will not enforce it. The main reason why someone may lack the testamentary…
If you know anything about wills, you have heard about probate. Many tell you that probate can take many months, and there is a possibility that things can go wrong. Probate is where the will can be contested. Not every estate needs to go through probate. The first exception that allows an estate to stay out of probate is…
The word intestate describes a situation when someone dies without a will. The court must get involved and divide the estate on its own. Intestate law sets the ground rules for how the court will divide the estate. The Illinois Probate Law contains intestate laws. First, many assets may not even need court intervention or a will to distribute….
