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Life rarely turns out as expected, which is why you should carefully plan out how your estate will be distributed after you pass away.
Learn from the mistakes of these famous celebrities who died without an up-to-date estate plan. If they had had a will or trust properly set up, it could have saved their families a great deal of heartache, time, and legal fees.
There’s a lot of talk about healthcare coverage, but not much about having protection in place in the event that you aren’t able to make your own decisions – or in the case that a loved one can’t. Wondering what would happen if you were incapacitated, or even worse, if your spouse, child, or parent were in need of someone to make decisions for them, can be terrifying. Fortunately, there is an answer: a medical power of attorney.
While remarrying can be an exciting and joyous celebration of love, for someone that has accumulated substantial assets, it’s also a time to think logically about protecting those assets.
This is particularly true for those in parts of Illinois, including McHenry. Illinois has very specific laws that will affect how property is handled during divorce proceedings.
Making a plan for your Illinois estate is one of the most vital things that you can do to protect your family by ensuring that they receive their inheritance without any issues.
Whether you choose to write a will, enact a trust, or both, you must consider your estate whenever you think about settling your affairs.
However, estate planning should not be a one-and-done endeavor. Many significant changes in your life can justify changing your estate plan, so you must be ready to adapt to whatever life can throw at you if you want your estate to properly care for your family.
It can seem like there are a million little details that have to be handled during and after a divorce, but the ones that often get overlooked have to do with creating or updating your estate plan.
If you have children from your first marriage and you are open to or actively planning to remarry, it’s important to know how to protect your children’s inheritance in the event of your death. Failing to take proper steps to protect their inheritance can prevent those assets from being diverted from your children to your spouse.
Anybody who owns property should make it a point to plan out what will happen to their estate after their passing.
However, real estate and physical property aren’t the only matters you should consider when planning your estate – intellectual property, such as art, is just as important.
As an artist, your art can be some of the most vital things in your life. You have put time and effort into these creations and may want to protect your artistic legacy. If you have a family, you may want to ensure that your art remains with them. Thankfully, there are steps you can take to protect your artistic legacy after you have passed on.
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.
Your family home is one of the most vital things to consider when planning out your estate. When it comes to people who have children, your family home is particularly vital, as it is where the children will have spent a significant portion of their lives.
However, the matter of your family house may not be as simple as it seems.
Multiple factors may come into play; in some cases, you may have to consider your spouse as well as your children.
Luckily, this scenario is where the right of occupancy comes into play.
Many families can benefit from a trust, but after a divorce, setting up a trust becomes especially important for several reasons. You might be wondering, though: what are the steps to setting up a trust, and what does it actually involve?