Author: Adam Diamond

For families in Illinois who have accumulated substantial assets, leaving an inheritance for children is a common decision. Leaving an inheritance can be a substantial financial boon for some people, and it can help ensure that they are taken care of after the parents’ passing.

However, leaving an inheritance is a big decision that requires significant planning and careful consideration of how to best accomplish your goals. Specifically in Illinois, some laws and regulations must be followed to ensure that the estate assets are being distributed according to your wishes.

Estate planning is a confusing subject for a lot of people. If you’re among them, you’re in good company! We want to clear up some of that confusion by discussing some of the differences between two main parts of an estate plan: a will and a trust.

You may be familiar with both terms but have questions about the details. Let’s take this opportunity to answer them.

Estate planning is often seen as something that individuals do to protect their families – perhaps they create a will to express their wishes after their death. They may include a trust or other forms of paperwork, like a power of attorney. But what about business owners? Should they create an estate plan that is specific to their business?

An estate plan can include several different components, depending on the needs of the person it is created for. What actually goes into an estate plan is something that many people have questions about, though – and in this article, we’d like to clear those questions up!

It’s not pleasant to think about what happens after you pass away, but preparing for the inevitable can take a tremendous amount of stress off your loved ones. While anyone over the age of 18 can have a will, it’s best to evaluate your estate planning needs based on your circumstances and not just your age.

Power of attorney (POA) is something that many people have questions about; in fact, it’s one of the most widely searched terms in estate planning. There are several different types of powers of attorney, and each is designed for a different purpose – but the one that most people need is the medical power of attorney.

Let’s face it: not everyone likes the people their children choose to marry. And when you’re planning to pass on your assets to your children, you may wonder whether their spouse will receive those assets, as well.

If you’re taking the first steps thinking about this process, you’ve probably already learned the difference between a will and trust. They are both legal documents that an individual can use to outline what happens to their assets when they die, but there are some differences between the two.