Share Your Experience

five star review
X
Blog
Lombard Office
630-426-0196
Wheaton Office
630-426-0196
Text Us Now
630-426-0196

Lombard estate planning attorneyMany people assume that estate planning is for the rich or for those nearing the end of their life. Is this really true, though? Does everyone need to create an estate plan, or is it just for certain people? Is there a correct time to start? Or are these just common misconceptions that get in the way of planning for the future? At our firm, we are here to help you better understand the purpose, intent, and timing of estate planning, and why you should consider creating one, regardless of your income level.

Not Just for the Rich

Despite the misconception surrounding estate planning, the process is not just for those that have a lot of money, property, or assets to leave behind. In fact, even those with relatively few assets can benefit from estate planning. There may be family heirlooms or sentimental items that your children or other heirs want. You may have final expenses, and you will almost certainly need someone you trust to close out your bank accounts, social media accounts, or other personal accounts. Additionally, if you have young children, it is important that you name a guardian for them to ensure they are raised by someone you trust.

No Time Like the Present

Waiting around to complete your estate plan is not a good idea. After all, tomorrow is not guaranteed, and the unexpected could literally occur at any time. Regardless of your age—be it 18 or 86—you should consider creating an estate plan now. While you are of sound mind, you can and should make decisions about whom should take care of your final matters, get your personal items, take guardianship of your children, and make medical decisions for you in the event that you become incapacitated in the future.

...

Wheaton estate planning attorney wills and trusts

There is no question that every American adult should put some kind of estate plan in place to protect themselves in the event of the unexpected. Even a basic will could offer a level of direction and security for surviving family members and loved ones if a tragedy were to occur. Unfortunately, over half of all adults in the United States do not have any type of estate plan, including a simple will.

Many possible reasons exist as to why a person might not have an estate plan, but procrastination is certainly among the most common. Nearly everyone realizes that having an estate plan is probably better than not having one, but relatively few make estate planning a priority. Sadly, those who drag their feet often become the unknowing targets of scams run by individuals and entities looking to profit from the uncertainty and fears of those who are simply seeking the peace of mind that comes with having an estate plan.

...

Wheaton estate planning lawyerTrust and estate litigation is a unique area of law, and it usually requires the services of an experienced estate planning attorney. This is because trust and estate litigation does not conform to the model of a typical lawsuit. The issues involved are generally motivated not by the specifics of a trust and how it is set up, but by the emotional content of the family baggage and conflict behind the dispute.

Danger Ahead: Unresolved Family Issues in a Court of Law

The most unique aspect applicable to many cases dealing with trust and estate law is that the clients are usually contending with a situation that is occurring in the context of an unfortunate family tragedy—that is, the death of a loved one. This adds a different dynamic to the needs of the client and how they will be best served by legal representation.

Among the initial concerns in a will or trust dispute are, in many cases, unresolved family dynamics. These unresolved issues (often years or decades in the making) must be addressed under very difficult circumstances, such as when somebody has recently passed away, and in the challenging forum of the courts. The attorney you retain to represent your interests needs to be sensitive to the family issues and be capable of resolving them in such a way that maintains family unity and prevents it from becoming fractured by bitter litigation.

...

DuPage County estate planning attorney

In the state of Illinois, couples and life partners currently have more options for how they can legally define their relationship than ever before. Same-sex marriage has been recognized throughout the state since 2014 and across the country since 2015. While some couples may wish to have the legal recognition of marriage, others may not. This may be the case in a variety of relationships, regardless of the partners’ genders. What couples who do not wish to marry must understand is that “common law marriage” is not recognized by the state of Illinois. This distinction has a serious impact on the need that unmarried couples in Illinois have for estate planning.

What Is Common Law Marriage?

“Common law marriage” is the term that generally defines the status of two people who agree to marry and live together but have not actually taken the legal steps required to procure a marriage license and register their union with the state. Each state sets its own guidelines for recognizing common law marriages. In Illinois, there is no recognition of such unions. Regardless of how long a couple has been together, Illinois probate law essentially treats unmarried partners as strangers to one another. Neither party is presumed to have any rights to the other’s property upon his or her death.

...

Arlington Heights family law attorney estate planning

Make no mistake about it, estate planning is not just for the excessively wealthy. Anyone—even those with smaller estates—can have their assets eaten up by various types of taxes and other obligations, especially if the items being passed down have appreciated greatly since they were acquired. However, there are some solutions that could allow you to keep more of your money within your family regardless of the current tax laws.

Tip #1: Check and Update Beneficiaries Frequently

It is surprising just how many people end up having no beneficiary or a previous spouse listed on life insurance policies, investment accounts, and even their wills. To an extent, it is understandable—life is busy, things change often, and before you know it, years have passed and you still have not gotten around to updating your beneficiaries.

...
Illinois State Bar Association DuPage County Bar Association Northwest Suburban Bar Association American Inns of Court DuPage Association of Woman Lawyers National Association of Woman Business Owners Illinois Association Criminal Defense Lawyers DuPage County Criminal Defense Lawyers Association
Back to Top