Estate planning is a process designed to help ensure that your estate is organized, managed and distributed according to your wishes and intentions, providing clarity and peace of mind for you and your loved ones. Due to the necessity of this process, you may start...
Estate Planning & Probate
3 facts about wills
The first thing most people draft as they make their estate plan is a will. A will is a legal document that, simply put, organizes how an estate should be managed after the person who drafted the will passes away. Typically, a will instructs that assets go to...
Why would you need a trust?
A trust is a legal arrangement that creates a relationship in which a trustor gives a trustee the right to hold and maintain assets until instructed for the benefit of a beneficiary. Many people make trusts alongside their will because a trust can avoid probate,...
How soon can you start working on your estate plan?
Planning your estate is a critical financial and practical concern that often gets overlooked. Whether you are single or married, the importance of addressing your estate plan cannot be overstated. It is not reserved for the wealthy or elderly; it is a vital process...
3 instances when a simple will won’t suffice
When it comes to estate planning, the importance of a will cannot be overstated. However, there are instances where a simple will may not suffice to address the intricate details of one’s estate. Understanding the complexities of comprehensive estate planning is...
What you should know if you plan to pass your business to your children
If you own a business, you should plan for its succession. Who will take over it after you die or are unable to run it? A significant percentage of people pass their businesses to family members, in most cases, the children. If this is what you plan to do, here is...
When should you update your estate plan?
It’s a good idea to periodically review your estate plan to see if updates are needed. They may not be during every review. For instance, some people who review their plan every year or every two years may not to make updates every time that they check to make sure...
Is an heir the same as a beneficiary?
There are a lot of complex terms and decisions when making an estate plan. One particularly important part of an estate plan is who will benefit from an estate when the testator passes away. The people who gain assets from an estate are considered heirs or...
Why is it an issue for someone to die without a will?
Many adults in Illinois do not have a comprehensive estate plan but only a will. There are also countless adults across the state that do not have any estate planning documents in place at all. It is very easy for people to convince themselves that they don't need a...
What is an advance directive?
When making an estate plan, one type of document that you can use is known as an advance directive. Not all estate plans have these documents, but they help you go beyond what you can do with a standard will. That being said, there are different types of advance...