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Have you ever heard a lawyer or financial advisor mention “funding your trust” and wondered what they were talking about? You’re not alone. Trusts are rising in popularity these days, but many people don’t really understand how they work. What is a trust, how does it work, and what does it mean to fund your trust?
In Illinois, there are many different types of trusts that a person may have created for them in order to protect their assets, their family, and their legacy. Each type of trust serves a different purpose; therefore, each would be used in different circumstances. But the question remains: with all the different types of trusts available, which one is right for you?
Estate planning is something that most people should seek the help of an attorney with, but for blended families, this becomes even more important. Blended families tend to have situations that need special consideration, and that’s something that a DIY will and trust website simply can’t manage. With the help of an experienced estate planning attorney, however, you can make sure that all of your bases are covered!
Estate planning is something that a lot of people know they need to take care of, but only about 34% of American adults actually have an estate plan. As more and more people are learning about the benefits a customized plan can bring them, they’re also learning about common mistakes that can come with the process. We would like to help you avoid those pitfalls!
When you’re considering or going through a divorce, it affects almost every aspect of your life. Some of those aspects are obvious: your budget, your schedule, your living arrangements, etc. One area that is often missed during divorce, however, is the importance of updating your 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?
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?
Life insurance policies provide payouts for families in the event of a loved ones’ death. It’s a way to make sure your family has something to support them in the event of your passing.
But what happens to that policy if you get divorced?
The answer to this can vary depending on what you want to happen.