⚠️ WARNING: Challenging a will is not cheap, AND it takes a long time. John Lennon’s first son, Julian, is a prime example of this: It took Julian 16 years of battling his father’s will, and he finally settled. What happened? John Lennon did set up a trust for his...
Estate Planning
Money and Children?
Farrah Fawcett loved her son. . But she didn’t give her son her entire $4.5 million inheritance all at once. 😲 . Wait, what? . That’s right - because she loved him, she planned her trust to the extreme care to make sure her son would be taken care of. . 👍 And that...
Am I responsible for my deceased parents’ debt?
Short answer: No, unless you were in joint debt. In other words, if your parents had $20,000 of credit card debt and your name was also on that account, then yes, you would have to continue paying that debt. Creditors can also go after your parents’ estate via...
How do provide for a Pet at the time of your death?
We love our pets but how do we provide for them. We are awarding 🏅 the late Leona Helmsley for the most unusual pet trust in history: . In her will, she left $12 MILLION for her 9-year-old Maltese, Trouble. . And if that wasn’t strange enough… . Trouble got death and...
Can I be a Trustee and beneficiary on the same trust?
(Trustee = someone who manages the trust. Beneficiary = someone who receives the assets in the trust.) Short answer: Yes, you can. .It’s pretty common, actually, especially with spouses. In a family trust that the married couple made, the surviving spouse is usually...
Can I fire a Trustee?
First, read the trust and consult with an attorney. You may have the right to remove the trustee under the terms of the trust. It is more complicated if you don't have the power under the terms of the trust. To petition the Court to remove a trustee, you must have...
4 good reasons to execute a power of attorney
You might be one of many people in Illinois who haven’t yet taken any formal steps to execute an estate plan. On the other hand, perhaps you created a plan several years ago and are currently conducting a review to check whether any changes or updates are necessary....
How could estate planning mistakes negatively affect you?
If you have an estate plan, you may feel that you’ve done everything you need to do to have legal and financial protection for the future. In reality, you could still face certain risks, even if you have a plan in place. To avoid these risks, you would be wise to...
Difference between a living will and a last will and testament
If you execute an estate plan or help your aging parent to do so, you’ll undoubtedly learn about several types of documents that you may or may not choose to incorporate into a specific plan. Many people in Illinois and elsewhere confuse certain estate planning...
Why you might need more than a will
When many Illinois residents think about estate planning, they think about writing wills. A will is a good thing to have, but for many people, it may not be enough to fully protect their estates. Why might you need more than a will? There are several reasons a will...
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