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4 Reasons Why Young Families Should Create an Estate Plan

4 Reasons Why Young Families Should Create an Estate Plan

What should young families be thinking about when it comes to estate planning? This is a question that many people don’t consider – not because it’s not important, but because most of us tend to think of estate planning as a topic for older or richer people.

The truth is, estate planning is something that every family should look into. It involves deciding what happens to your assets after you pass, but it goes so much deeper than that. Who will take over raising your children? How will your children be provided for, both as minors and later in life? Who will make those decisions – you, or the state?

How to Leave an Inheritance for Your Children in Illinois

How to Leave an Inheritance for Your Children in Illinois

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.

Will vs. Trust: What Are the Key Differences, and What Do I Need?

Will vs. Trust: What Are the Key Differences, and What Do I Need?

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.

How to Ensure Continuity in Your Business with an Estate Plan

How to Ensure Continuity in Your Business with an Estate Plan

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?

What Is The Effect of Divorce On Your Illinois Estate Plan?
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What Is The Effect of Divorce On Your Illinois Estate Plan?

Divorce is already complicated and tiring as it is. Thinking about doing even more paperwork during a stressful time in your life may not sound appealing. But your divorce will have an effect on your estate plan if you are not prepared.

Making sure everything is accounted for can mean no ambiguities, no future disputes, and no one left behind. Our experienced attorneys at Diamond Estate Planning Law know how to make the process run as smoothly as possible while making sure your Illinois estate plan is ready for the long term.

Read on to learn more about what to expect after a divorce.

Legal Requirements for Creating a Medical Power of Attorney: A Comprehensive Guide

Legal Requirements for Creating a Medical Power of Attorney: A Comprehensive Guide

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.