Everyone in Illinois should have an estate plan, even if they don't own much. However, for high net worth people, it's very important to look at the ways wealth will be passed on when they're gone. For people with resources, it's important to protect them from...
Trusts
Learning more about revocable trusts
As you age, there are several things that you need to consider. Apart from retirement, you should also consider estate planning. Retirement savings will offer you a dream life at old age, and estate planning will provide you with strategies on dividing your assets to...
The variables to consider when creating an estate plan
Ideally, any adult living in Illinois will have an estate plan in place. The exact structure of your plan will depend on your age, if you have minor children and the type of assets that you have. It may also depend on whether you or your children have special needs to...
Creating an estate plan that reduces family conflict
Creating an estate plan that reduces family conflict When people in Illinois die without an estate plan, the state determines what happens to their assets. This can lead to family conflict. Therefore, adult individuals may want to consider creating a will. Several...
How wills and trusts differ in an estate plan
People in Illinois who are creating an estate plan might wonder whether it would be better to use a will or a trust. A last will and testament takes effect when a person dies and names an executor to distribute property to beneficiaries and administer the estate. A...
Estate planning can be a complex process
There are many different types of estate plan documents that individuals in Illinois and elsewhere may want to consider using. A revocable living trust allows a person to retain control of assets while holding them outside of an estate. Holding assets outside of a...
A pour-over will can be an effective safety net
Illinois residents and others may elect to create a pour-over will to ensure that their assets are transferred as intended when they die. It is especially helpful for those who have acquired assets after creating a trust and have failed to title them in the trust's...
What to consider when creating a power of attorney
By creating a power of attorney document, an individual gives another person the power to make decisions on his or her behalf. The types of decisions that an agent is allowed to make are specified in the document itself. It isn't uncommon for people in Illinois and...
Trusting your assets to care for those with special needs
With the average life span of an American with certain disabilities getting longer, the amount of overall care they require could also be on the rise. Taking care of family members in need can be an essential part of estate planning, and setting up the appropriate...
Creating and revising an estate plan
The first step for people in Illinois who do not have an estate plan should be to identify their assets and gather all relevant financial documents. They should think about their goals as well. For example, they might want to consider how any minor children will be...