Choosing a qualified trustee to oversee a will can have a big impact on divisions of assets after a person’s death. A will attorney can address questions and concerns of family members and beneficiaries. Choosing an Estate Fiduciary A fiduciary is an entity or person who manages another person’s affairs if that person is incapacitated or deceased. The word fiduciary is a general term referring to agents, personal representatives, or trustees. When choosing a fiduciary to oversee an … [Read more...]
Search Results for: probate
Small Estate Affidavits for Decedents Who Lived the Simple Life
Posted on May 23, 2017 //
Large estates can become extremely complicated when loved ones pass away if thorough planning has not been completed. But smaller estates can often avoid the hassles of a lengthy probate process. While many individuals spend their lives accumulating significant amounts of land, real estate, collectibles and other items of monetary value, others either downsize to achieve a simpler life or never establish a large estate to begin with. For deceased individuals who did not have a high value estate … [Read more...]
Requirements for an Illinois Will
Posted on April 18, 2017 //
According to a 2016 Gallup poll, only 44% of Americans have a will. Too often people believe that they either do not have adequate money or assets to warrant a will or that they will have plenty of time to write one later. The main problem is that wills do more than handle assets after a person passes. Wills specify who will become the guardian of any dependents of the deceased and how the deceased's body will be handled, among other non-asset related issues. They also provide comfort and … [Read more...]
How Your Estate Plan Should Change After a Divorce
Posted on December 27, 2016 //
After a divorce, the legal relationship between the former spouses, necessitating a change in estate plans. Many individuals name their spouse to important roles and this work must be unwoven to protect a person's interests after divorce. Some aspects of the estate plan that may need to be changed include: The Will Spouses may have named each other the executor of each other's will. Additionally, the spouse may stand to inherit everything. Changes are usually required to the will to avoid … [Read more...]
Document Essentials for Every Estate Plan
Posted on December 16, 2016 //
A solid estate plan covers everything from the end of life care to the disposition of assets. Preparing and storing these documents in advance is essential for ensuring that every possibility and eventuality is addressed and resolved. Because these documents cover everything from healthcare to finances, it is essential to prepare and complete them with the assistance of an estate attorney. Will This core document is crucial regardless of the size of the estate. It identifies the physical, … [Read more...]
The Benefits of a Living Trust
Posted on June 25, 2016 //
Estate planning is a careful mixture of planning for present and future needs. People who put too much of their assets away in a trust may lose the ability to support their lifestyle. People who don’t plan sufficiently may end up paying significant sums in taxes. Living trusts are an estate planning tool that is critical to ensuring that future planning does not detract from present needs. Estate Planning Generally There are two tools that people use to plan their estate the will and the … [Read more...]
The Presumption of Revocation in Illinois
Posted on June 22, 2016 //
As the world progresses through the digital era, an increasing number of files and important documents are being copied and stored paperlessly. While this might seem like a more organized, safer and more efficient means of preserving paperwork, providing a digital copy may not be legally sufficient for estate documents- namely wills. In fact, an Illinois probate attorney cannot stress enough the importance of properly storing all original estate planning documents. Unfortunately, original … [Read more...]
Digital Property Creates New Questions In Estate Planning
Posted on February 25, 2016 //
Estate attorneys are facing a new and difficult challenge: the division and distribution of digital assets after death. Illinois is one of many states struggling to draft legislation to protect digital property for intestate estates, but 2015's Senate Bill 1376 faced significant opposition from online companies. These companies argue opening digital assets to an estate violates the original property holder's right to privacy, and is therefore impermissible. Right now, the only way to … [Read more...]
The Evolution of Estate Tax
Posted on February 15, 2016 //
The Estate Tax has gone through numerous changes throughout the past 100 years. Rates of taxation have changed, along with attempts to repeal or reform the law. Probate lawyers must constantly follow changes to the laws to advise their clients on how to best plan their estates. The Revenue Act of September 8, 1916 As an effort to bolster government coffers before entering World War I, the Revenue Act included provisions to enact an estate tax at the rates of 1 to 10 percent for taxable … [Read more...]
Death and Debts
Posted on January 21, 2016 //
Dying with debt isn't something anyone wants. However, it's becoming a very common experience. The good news is that when we die our debts don't follow us. With more than 1 in 5 Americans now reporting they owe debts they won't be able to pay off in this lifetime, that can provide a little bit of solace to a solemn experience. However, while your debts won't follow you into the grave, they may follow your heirs. For this reason, it is important to take steps now with your … [Read more...]
