Writing a will in Illinois is a good way to ensure that those responsible for the administration of your property after your death know and understand your wishes. However, you cannot necessarily put everything you own into a will. Wills only pertain to probate property, which is a large category that includes many types of tangible and nontangible assets.
If you have a business partner in Illinois, one fear you may have is problems with probate. Probate describes the process by which the courts verify whether or not a will is legitimate. This sounds simple enough, so why does it bother business owners? The short answer is that probate decisions can affect business successions and lead to lengthy court battles.
At Mockaitis Law, we know that many people in Illinois only think about wills when they hear the phrase "estate planning." It is true that a will is an important and essential part of an estate plan, but it does not apply to every possible contingency. Because a will does not go into effect until after you die, your estate plan should include other documents delineating what is to happen in the event that you become permanently incapacitated due to an accident or illness.
If you are making plans for your future in Illinois, you will need to assign a trustee to your estate. It is important to understand what the role of a trustee is so you can choose the right person for the job. Doing so will ensure he or she meets your wishes and there is no dispute after your passing.
Illinois residents have a lot of legalities to deal with in the aftermath of a loved one's passing. Not only do you have to deal with the emotional weight of grief, but you may sometimes need to deal with matters of the estate. Dividing up property or assets and splitting debts can be a tough experience, especially if you haven't done this before. Fortunately, the probate process may be helpful.
It is a new year, and for many in Illinois, that means looking ahead to the future. We at Mockaitis Law remind you that making plans for the future also includes deciding what happens to your property after your death. If you have yet to take any estate planning steps, now is the time to start.
It can be difficult to see your parents age and decline, mentally as well as physically. You always saw your parents as examples of strength and wisdom. As Illinois residents age, many will develop physical and cognitive conditions that can make them more vulnerable to abuse.
It is not uncommon for people in Illinois to get married after having been married previously whether the prior marriages ended due to death or divorce. In many of these new marriages, at least one spouse has children from their prior marriage and this is where things can become complicated very quickly, especially when looking ahead to inheritances and estate planning.
Many people in the Oswego area work hard to provide for their families and build a legacy they can pass on to them when they die. They spend so much time acquiring their wealth that they fail to take measures to protect it upon their death. According to the AARP, the percentage of individuals who have estate plans is 40.