Too many Illinois residents believe that they don't need an estate plan because they don't have much of an estate or no descendants. But that is a fallacy.
Estate planning can start young, and it should start young if you have a family. One of the most important parts of a younger family's estate plans is naming someone to administer the estate and to establish a guardian for minor children in the case of your death or impairment.
Estate planning is an important part of growing older. You want to make sure that you take steps to protect yourself, your assets and your beneficiaries. An estate plan does all this by making sure your wishes are protected by law.
You got married, bought a house and started a family. Everything is going right for you. Then, in a split second, you just managed to miss a high-speed collision. It was shocking, but it shows you how quickly your life can change.
In your estate plan, one thing you may want to discuss is your preference on the state's euthanasia laws. Most states do not allow physician-assisted suicides, but that doesn't mean that you can't have life-sustaining assistance withheld if you prefer to die naturally.
In 2019, people will need to begin planning their estates with the Tax Cuts and Jobs Act in mind. The act, created in 2017, has consequences that extend far beyond the simple increase in the overall exemption amount for an estate.
While every family is unique, it's often possible to predict -- and prevent -- disputes among your heirs.