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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.

Many think estate planning is only for the rich and famous, but that couldn’t be further from the truth.

Estate planning doesn’t just refer to lavish assets and grand properties. It is simply the process of arranging whatever assets and property you have per your wishes if you pass away or become incapacitated.

At Diamond Legal, we help families across McHenry, Illinois set up estate plans. Here’s why setting up an estate plan is important – no matter your assets.