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Recent Blog Posts
How Can a Trust Protect My Estate From Creditors?
Estate planning allows the owner of an estate to distribute it to beneficiaries after passing away. However, one of the common obstacles estate owners face is having to protect those assets from being seized by creditors. Many debts are not forgiven upon a person’s death, so creditors often have a right to settle any outstanding debts from a debtor’s assets before they are distributed to his or her heirs.
One of the ways to protect an estate from creditors is to put it in a trust. While there are several types of trusts, this article will discuss those that can help safeguard property from being snatched up by banks and other lenders. To know which type of trust is right for you, consult an experienced Illinois estate planning attorney.
What Is a Trust?
A trust is a legal entity that assumes ownership of an asset for a certain purpose. When an estate owner transfers property to a trust, the trust becomes the owner of the property.
What Is a Cohabitation Agreement and Do I Need One?
Marriage is a major life-changing step, both personally and legally. Couples who are married cannot simply "break up" and part ways. Instead, married couples who want to break off their relationship must file for divorce. That triggers a complex legal process that can be invasive and unpleasant.
For those reasons and others, a growing number of couples are choosing to live together rather than get married, an arrangement that the law calls "cohabitation." Illinois recognizes cohabitation as a legal relationship in which two unmarried people live together intimately. Research shows that a larger share of Americans have cohabited than those who have been married.
If two people live together intimately without being married, it is advisable to sign a cohabitation agreement as soon as possible. This article will discuss what a cohabitation agreement is and how to have one drafted by an Illinois family law attorney.
Three Crucial Components of Living Wills
A living will is a common estate planning document that discusses a person’s preferences for medical treatment in situations where the person can no longer communicate his or her decisions. Establishing a living will ensures your healthcare wishes are respected, providing peace of mind for you and your loved ones. Contact an Illinois estate planning lawyer to learn more or to incorporate a living will into your own estate plan.
Designation of Treatment Preferences
Defining Your Medical Wishes
One of the most important aspects of a living will is the designation of treatment preferences. This section outlines the types of medical treatments and life-sustaining measures you prefer or wish to avoid should you become incapacitated. Common considerations include:
What Do My Ex and I Need to Figure Out in a Divorce?
For couples considering divorce, the future can seem very uncertain. You might already know you definitely want to end your marriage, but what do you do next? Who makes the first move? What kinds of issues need to be resolved? Can you do it on your own and save some money, or do you need an attorney in your corner, fighting for your rights?
These are all tough questions, and the answers are different for every couple. But knowing what kinds of issues you will need to resolve in a divorce is a great place to start. Here, we will look at the most common aspects of divorce that couples negotiate and include in their divorce agreement. For specific guidance with your case, talk to an Illinois divorce attorney. Even if you are confident you and your spouse can negotiate a fair divorce settlement on your own, having an attorney advise you and review your proposed agreement is always a good idea – especially if minor children are involved.
When to Consider Reviewing an Illinois Estate Plan
One of the few things you can be sure of in life is that change will happen whether you want it to or not. Some people might find that comforting, as an opportunity for new beginnings; others fear change as it stops them from enjoying the things they have grown accustomed to, and still others fall somewhere in the middle. However you feel about it, it is a fact that nothing ever stays the same forever.
With that understanding comes the realization that you should be able to modify various binding agreements. This is true for arrangements you have made regarding custody and child support, your mortgage, and your estate plan. If you are concerned that changes you have or will experience can negatively impact the plans you have made for the future, speak with a skilled Schaumburg, IL estate planning attorney to discuss when estate plan reviews are recommended and how you might modify the arrangements you have already made.
Reasons for Establishing Paternity in Illinois
Your gender and marital status play a big role in determining how your relationship with your child is recognized by the state of Illinois. A woman who gives birth is automatically considered the baby’s mother and if she is married to a man at the time of the birth, he is automatically considered the father, without any tests carried out to check whether that is biologically true. If she is not married, there is no automatically recognized father even if the father is there at the hospital when the baby is born. If you are not married and you are expecting your baby to be born soon, you will need to go through some steps to establish your paternity, in other words, to be recognized as the baby’s father. A skilled DuPage County, IL paternity attorney can answer your questions and walk you through the process.
I Know I Will Be an Involved Parent. What Difference Does Paternity Make?
When a married couple has kids and then splits up, there are detailed legal processes dedicated to making sure the child’s best interests are protected as the former spouses transition from being a couple to being two single parents. When a couple is not married when the child is born, there are none of the same protections for the child or the parents, and in particular, the father.
Out-of-State Properties in Your Estate Plan in Illinois
When you live in Illinois but have property in multiple states, estate planning can become quite difficult. You will need to account for the laws in each state where you own real estate or other assets. Proper planning is essential to ensure your wishes are carried out and your loved ones avoid unnecessary hassles and expenses when left with the properties. An Illinois lawyer can help figure out the best way to handle your out-of-state properties to minimize challenges.
Ancillary Probate is Ideal for Out-of-State Properties
When you pass away, your estate will likely need to go through the probate process in Illinois, where your last will and testament are validated, and your assets are distributed according to your wishes. However, if you own real estate in another state, an ancillary probate proceeding is usually required in that state as well.
Ancillary probate is a separate court process in the state where you own the out-of-state property. It allows that state to have jurisdiction over transferring real estate ownership there. Ancillary probate adds complexity, time, and expense to settling your estate, so it is highly advisable to minimize this through proper planning.
How Illinois Courts Determine Child Support Obligations
Children require the basic essentials and both parents are obligated to support their children following a divorce, even if one pays the other child support. Illinois follows guidelines in determining each parent’s obligations toward supporting each child. But have you ever wondered why your child support payments were set so high or so low? Illinois uses an Income Shares model to determine who will pay the child support payments and how much the obligor is legally required to pay. Consulting an attorney can help you better understand the financial implications of child support and help you establish a schedule to ensure every payment is made on time.
How Does The Income Shares Model Work?
An Income Shares model helps estimate what the income of a household would look like if the parents were still living together. It does this by:
How To Successfully Contest a Will in Illinois
The more beneficiaries there are in a will, the more likely someone will be left disappointed enough to attempt to contest it. It is not uncommon for family, friends, or colleagues to feel snubbed after a will reading. Some are grateful, whereas others feel they deserve more. When attempting to contest a will, it will require a reason that is more than "I think I deserve more." An attorney with experience in probate litigation can offer assistance in having a will thrown out by challenging its validity.
Common Reasons For Contesting A Will
There are a few different reasons to contest a will that can be successful. However, undue influence and a lack of testamentary (mental) capacity are the two most common reasons a will may be contested. Undue influence is when you feel that the testator (the person who made the will) was coerced or pressured into creating or revising the current will. Lack of testamentary capacity is when the person contesting feels that the testator was not of sound mind and body when creating the will. Other reasons for contesting a will include fraud or whether or not the will was executed and signed by state laws.
Most Common Estate Planning Mistakes
Getting your affairs in order so that your golden years are much more enjoyable takes careful planning and foresight. By properly planning your estate, you put yourself in a better position to mitigate risks and take control of your “endgame.” An estate planning lawyer will have invaluable advice and guidance on how best to stay on track to meet your expectations later in life. Of course, planning mistakes can happen, and it is better to be proactive in avoiding committing them as early as possible.
You Do Not Have a Plan
The biggest mistake you can make with estate planning is not having a plan. Even those with a plan may have one poorly conceived and may have only garnered minimal thought on your part. Without a will or trust in place, the distribution of your assets is left up to the state to decide. If you care about leaving behind an inheritance or want someone to make decisions on your behalf when you are unable to do so, you must meet with an estate planner. Father, time will not wait, so why should you?
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