Share Your Experience

five star review
X
Blog
Lombard Office
630-426-0196
Wheaton Office
630-426-0196
Text Us Now
630-426-0196
Subscribe to this list via RSS Blog posts tagged in last will and testament

Lombard estate planning attorneysHave you ever sat down with a member of your family and helped him or her apply for government-funded assistance programs? If so, you have probably seen firsthand that many of these programs have eligibility criteria that often include limits on income and owned assets. These requirements, in most cases, were established in order to ensure that those with the greatest need were served by these programs. However, the limits have also created unintended consequences for many people.

Such is often the case when an individual who receives benefits through Social Security, Medicaid, or other income-based programs is named as an heir in someone else’s will. It turns out that even a one-time transfer of property—which is generally what happens in inheritance situations—could have an effect on the heir’s eligibility to continue receiving benefits on which he or she may rely.

Understanding Government Aid Programs

Government assistance programs are virtually everywhere in today’s world, but many of them have been around for decades. Some even trace back to the “New Deal” measures of the 1930s, which were originally designed to help Americans who were most devastated by the Great Depression. As anyone who pays attention to politics can attest, government benefit programs are topics of constant debate and controversy, as legislators rarely agree on the future or the funding of such programs. Very few people, however, deny that these benefit sources are useful for those who are truly in need of medical care and financial help.

...

will-estate-planning-probate-law.jpgThere are many misunderstandings about wills and estate planning in general. People incorrectly assume that they do not need to worry about estate planning until they have retired or that only the rich need a last will and testament. The reality is that having a will is beneficial to people of all ages and lifestyles. Passing away without a will means that strangers will decide how your property and wealth is managed and distributed to heirs instead of you. Although it can be difficult to make decisions about what will happen after you die, creating an estate plan put you in control of the assets you worked so hard to earn. The following are the most compelling reasons to stop procrastinating and get started on your will today.

Choosing a Guardian for Children if You Pass Away

If you are a parent of minor children, have you ever considered what would happen to your children if you passed away suddenly? Even a family with two parents can be struck by an unexpected tragedy which leaves the children parentless. A will allows you to name a legal guardian or guardians for your children if the worst happens. Parents who pass away and did not name a legal guardian for their children leave that decision up the court.

Determining How Your Assets Are Divided

Creating a last will and testament allows you to choose how your property and assets are divided among heirs. How your estate is distributed should be a personal decision – not one decided by strangers or impersonal state laws. If you do not create a will, when you pass away, your property and debt will be distributed according to Illinois law. This could mean that loved ones will not receive the inheritance you intended for them to receive and other heirs may be given these assets instead.

...

Lombard estate planning attorneyMost people recognize the importance of having an estate plan in place just in case something unexpected happens. Depending on the size and nature of your estate, a comprehensive estate plan may include a will, various types of trusts, powers of attorney, a living will, and more. Sometimes, however, the unexpected “something” can take the form of a divorce. A divorce can dramatically impact your existing estate plan, so if your marriage will soon be ending, you will need to review and amend nearly every element of your estate plan.

Over the next couple blog posts, we will highlight several types of estate planning tools and how they might be affected by your divorce.

Your Will

...
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