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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.
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.
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.
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.
Just moved to McHenry, IL? Wondering if your out-of-state will is still valid?
Rest assured – it usually is.
As long as your will meets the requirements for a will that was executed in Illinois, your will should be valid, or enforceable in Illinois.
The process of dividing up assets in a divorce can be tricky at times. After all, a marriage is a life built together, so dividing up assets can be like breaking your life into pieces.
It’s normal to have questions about what can be divided and how during a divorce. If you have a trust, you might wonder if your spouse can claim it in your divorce.
The CDC reports that roughly 2% of infants born in the United States every year are conceived using assisted reproductive technology (ART).
Techniques for ART include fertility treatments in which both eggs and embryos are handled, including artificial insemination, in-vitro fertilization, cryopreservation (genetic material frozen for later use), and surrogacy.
But how do these techniques factor in when you’re building your estate plan for your family?
A medical power of attorney is a legal document that designates an individual, referred to as the attorney-in-fact, to make healthcare decisions on your behalf should you become unable to do so due to incapacitation. Unlike a general power of attorney, a medical power of attorney is durable, meaning it remains in effect even if you become incapacitated. This is critical in healthcare situations where swift and informed decisions often need to be made.