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 Lombard wills and trusts lawyers

DuPage County estate planning lawyerIt is tragically common for children of any age to experience serious problems following the death of a parent. What may have begun as typical sibling rivalry and relatively minor annoyances may develop into an irreparable chasm between brothers and sisters when their mother or father is no longer there to mediate. In some cases, sibling estrangement is inevitable, as years of competition and hurt feelings may eventually lead to a permanent rift. In other situations, however, conscientious estate planning by the parent can help prevent more serious problems from developing.

If you have noticed that your children struggle to get along with each other at times, an experienced estate planning attorney can help you put together a plan designed to reduce friction and promote healthy relationships.

Discuss Certain Elements of Your Plan in Advance

Jealousy is one of the most common factors between estranged siblings, but communication can often alleviate such feelings before they become problematic. Before you formalize your estate plan, sit down with your children and have a frank discussion about the future. Your children are not responsible for making your estate planning decisions, but their input can be very valuable in developing a plan that will foster ongoing relationships when you are gone.

...

Lombard IL estate planning attorneyEstate planning can be simple, but most often, it is a bit more complex than most people realize. Regardless of your situation, the best way to ensure your wishes are known and followed after your death is to have the proper documents in place by creating a will and appropriate trusts with the help of a skilled estate planning attorney. It also helps to know some of the most common mistakes made by those creating estate plans, including:

Failing to Plan at All

The statistics are alarming: more than half of all Americans do not have an existing will. Unfortunately, if you die without an estate plan, your assets will be divided according to the intestate succession laws of Illinois. Not only is it highly unlikely that this will happen according to your wishes, but the process of probate can end up chipping away at—and potentially decimating—the assets you have left behind.

Another concerning matter is that, if you should die without a will and have minor children, there is no guarantee as to who will assume responsibility for their guardianship until they become adults. Avoid this common mistake, and take the first steps in creating an estate plan today.

...

Lombard estate planning attorneysDuring probate, the formal vetting process all wills must go through, heirs who believe a will is invalid can challenge that will in court. For example, if a relative worries that his elderly grandmother was coerced into agreeing to her will, he can contest that will. The court will examine the evidence and make a decision to either enforce the will or start from scratch and distribute the deceased person’s property according to state law. Wills can also be contested for dishonest reasons. For example, an heir who is unsatisfied with his or her inheritance may contest the will simply in an attempt to receive a greater inheritance. If you wish to make your will much less susceptible to being contested in court, a no-contest clause may be right for you.  

What Exactly is a No-Contest Clause?

A no-contest clause, often called a terrorem provision, is a set of directions written into a will or trust which addresses potential contests. The Latin phrase “In terrorem” literally translates to “about fear.” It is called this because the provision includes a penalty for anyone who tries and fails to contest the will during probate. If a disgruntled heir challenges the will without justification, that heir may be penalized. In this way, a no-contest clause can help discourage heirs or beneficiaries from challenging a will or trust.

...
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