Your family's legacy represents your hard work and aspirations. The fear of losing it due to financial woes can be overwhelming. However, through proactive estate planning, you can protect your legacy in the face of unexpected financial adversity. Bankruptcy types and...
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How to update your will
When circumstances change in your life, you should update your will. These include the birth/adoption of a new child/grandchild, divorce/marriage, new laws, purchase/sale of assets, a change of mind about a beneficiary and death in the family. This guide discusses how...
Allocation of parental responsibilities in Illinois
When going through a divorce with children in Illinois, you will file a petition for allocation of parental responsibilities. So, is this a new process for divorcing parents? No, this is what was formerly referred to as custody. This guide discusses it in depth: What...
When Should People Update Their Estate Plan?
Change is just part of life in Illinois, but people generally make decisions based on their current circumstances as it is very hard to predict the future. This is true for people’s estate plans. They may create an estate plan when they are relatively young, but when...
What are good qualities for a personal representative?
When people are creating a will in Illinois, there are many decisions they need to make. The main decision people need to make when creating a will is who will receive their property when they pass away. However, if people have young children, they will also need to...
Here’s how trusts can help you in your estate planning
There are a lot of options when creating an estate plan. While that means that you have the flexibility to create the estate plan that’s right for you, your estate, and your heirs and beneficiaries, some people find the menu of options overwhelming. As a result, some...
Is your spouse a good choice of agent in your POA?
When you are planning your estate, you will likely choose someone to serve as agent in your power of attorney. The natural choice may seem to be your spouse. But there are some reasons why you may want to choose someone other than your spouse to serve as your agent...
Who receives your property if you die without a will?
People in Illinois have different types of property and have money in various types of accounts. They can use their property and money how they wish while they are living, but they cannot take it with them when they pass away. If people want to be able to control who...
Should I gift my things before bankruptcy?
There is a persistent myth that bankruptcy filers have to sell everything they own. As such, once a person reaches the conclusion that they will likely need to file bankruptcy, they think it is time to start gifting their stuff away. This is because of the mistaken...
Revocable or irrevocable trusts: Which should you choose?
For those who are not familiar with the subject, estate planning can feel overwhelming. It can be difficult to understand trusts, in particular, as these tools come in so many forms. You may not know what type of trust you want, and so you don't know where to begin....