When Illinoisans remarry, they should review their estate planning documents to ensure that their assets pass to their intended beneficiaries after they die. Couples who have remarried should discuss how they want their assets to be divided to provide for blended family members from all marriages. They should review and update their existing wills, trusts, retirement accounts, life insurance policies, and titles to make certain that their assets won't be passed to ex-spouses. An estate planning … [Read more...]
Archives for 2018
When a Spouse is Excluded from a Will in Illinois
In general, a testator in Illinois can disinherit anyone – including a spouse. In fact, Illinois is one of the few states that allow married people to use estate planning techniques to ensure there is no eligible property left for surviving spouses claiming renunciation shares. Under Illinois law, however, excluded spouses may still be able to claim a portion of the probate estate. Prenuptial Agreements Take Precedence When the terms of a prenuptial agreement conflict with a will in … [Read more...]
Bits of Wisdom from an Estate Planning Attorney
Probate is easy to avoid with adequate planning and foresight. Transferring assets, designating beneficiaries and taking advantage of a few estate planning tools can help ensure that people avoid probate. Probate Can Be a Long, Expensive Process Probate is a legal process that decides how a person's assets are to be distributed upon death. Although probate is often a routine procedure, it can become expensive and drawn out if putative heirs (people who were excluded or under-included) … [Read more...]