Frankfort Law Blog

Some people in Illinois may think that they are too young to need an estate plan or that an estate plan is only about making a will. However, all adults need some kind of estate plan.

For people in college or recent graduates who have no dependents or serious relationships, it is still a good idea to have durable powers of attorney for health care and finances as well as either a will or beneficiary designations for any assets. The first two appoint people to manage the person's medical care and money if the person is incapacitated. At this age, it may be the parents. As an alternative to a will, if the person only has a bank account, these can be titled as transfer on death accounts.

It is common for Indiana residents to hear about millennials dealing with student loan debt. However, what is not discussed as often is millennials and credit card debt. A study that was performed by Northwestern Mutual revealed that credit card debt is the biggest source of debt for a quarter of millennials. The majority of this debt comes from dining out and traveling.

Millennials are not always aware of how expensive credit card debt can actually be. It is typically the most expensive type of debt that exists, often being higher than student loans, car loans and mortgages. Many millennials do not even know what interest rate they are being charged, which often leaves them unaware of how much their debt is truly costing them.

Many people in Illinois may be thinking about how to handle their assets in the future. People want to ensure that their loved ones are provided for while also avoiding excessive estate taxes and fees. Trusts may be a good option to include as part of the estate planning process, because they provide greater privacy, flexibility and control. There are several different types of trusts that people may make use of as part of their estate plan, including irrevocable trusts.

In general, irrevocable trusts cannot be changed after they are completed, at least without the approval of the trust's beneficiaries. Once funded, the assets of the trust's grantor are fully transferred to the trust, changing their ownership permanently. Irrevocable trusts may be handled differently than revocable ones in a number of ways. They will not be subject to estate taxes with the rest of the estate, because assets held by an irrevocable trust have been removed from the grantor's possession. They are also often shielded from creditors and lawsuits, which can enable people to protect key assets for their children or other beneficiaries.

One of the most fundamental concepts of family law in Illinois is the concept of parental rights. Mothers generally have no problem establishing that they have given birth to the baby in question, but fathers can have far greater difficulty in proving that they are a baby's father, especially if the mother is not willing to cooperate. This means that it can be difficult for a father to secure his parental rights.

Illinois law provides several methods for proving paternity, meaning that a given child is the offspring of a given father. If the mother of the child was or is married or in a civil union not more than 300 days prior to the child's birth, the man with whom the mother was living is legally presumed to be the child's father. In many cases, however, the man may not be willing to admit the facts necessary to establish paternity, or the mother may insist that some other man is the child's father. Resolving these disputes can be difficult.