Is my estate plan still valid if I have another child?
Chicago Estate Planning
Does an estate plan remain valid after you have a child? It may seem an unusual question, but it came up in estate planning for a young couple we’ll call Jen and Mike. They said, “Look, we have a one year old and we might want to have another child or two in the future. If so, what happens to our estate planning documents? Will they remain valid?” The answer for them and others in this situation is that one can always amend the estate plan and build upon it. If Jen and Mike have more kids in the future, they can amend their estate plan to specifically name the new children. This uses...
info_outline
Can I restrict how my heirs will use money they inherit?
Chicago Estate Planning
What are the inheritance rights of heirs? Can you control the money that your heirs, including family members such as your spouse and children, are going to receive from you? The answer depends heavily on how you structure an estate plan. If your estate plan is focused around a will, you should understand that the will is a document that transfers assets in the manner of a gift in the future. And when you give a gift, you cannot restrict what the recipient receives or how the recipient uses it. It’s similar to how funds are transferred through a beneficiary designation. The plan custodian...
info_outline
Can a child under 18 receive an inheritance?
Chicago Estate Planning
Sometimes couples with young children ask whether a child under age 18 can receive an inheritance. The question of child inheritance is a good one. In Illinois, a minor child cannot receive his or her inheritance while they’re still under 18. In a probate situation, if both parents were to pass away, the court would set aside assets intended for the child. An order would then be entered allowing the child to claim them upon reaching the proper age, but would not award them to the child outright. Is there any way you can go about planning for this type of situation involving child...
info_outline
Can I take care of pets in my estate plan?
Chicago Estate Planning
When talking with individuals or families to do an estate plan, it’s not unusual to get the question, “Can this plan be used to take care of the family pet?” Good news: Yes. Illinois allows you to create what’s commonly known as a pet trust. The pet trust is a legally recognized trust that works in a similar way to a traditional trust that might apply to family members, but with a more narrow purpose. The pet trust is a useful way within estate planning to make sure that the animal who has been there for you no matter what, day in and day out, is going to be taken care of in the...
info_outline
How can I leave real estate to a family member without probate?
Chicago Estate Planning
How can I leave real estate to a family member without probate?
info_outline
Is having a will sufficient?
Chicago Estate Planning
Is having a will sufficient?
info_outline
Estate Talk - Who should be the guardian of your children when you and your spouse don’t agree?
Chicago Estate Planning
Who should be the guardian of your children when you and your spouse don’t agree on who to choose? --- Estate Talk focuses on Illinois estate planning and other estate topics. You will find information on wills, trusts, healthcare planning, protecting you family, charitable giving, asset protection, and more. It’s here to help you create value and worry-free security for your family and loved ones. Estate Talk is produced by Ian Brodsky of Windy City Legal, a law firm located at 53 W. Jackson Blvd., Suite 1510, Chicago, Illinois, tel 312-278-1187. Estate Talk and the videos and other...
info_outline
Estate Talk - How do you pick a good agent or executor
Chicago Estate Planning
How do you pick a good agent or executor? What should you look for? --- Estate Talk focuses on Illinois estate planning and other estate topics. You will find information on wills, trusts, healthcare planning, protecting you family, charitable giving, asset protection, and more. It’s here to help you create value and worry-free security for your family and loved ones. Estate Talk is produced by Ian Brodsky of Windy City Legal, a law firm located at 53 W. Jackson Blvd., Suite 1510, Chicago, Illinois, tel 312-278-1187. Estate Talk and the videos and other content posted there are attorney...
info_outline
Estate Talk - What do you have to have in order to make a will?
Chicago Estate Planning
What do you need to make a will? At the heart of the matter are three key considerations that you absolutely must have in order to make a will. They are: 1. Capacity Capacity means you are of sound mind, aware of what’s going on, what assets you have and who you want to give them to. You’re giving a gift, just in the future. In order to give a gift, you need to know what you’re giving and to whom. And with a will, you are setting that down on paper at a certain point of time for a transfer to happen later. 2. Free Choice You can’t be threatened to put certain things into the will. It...
info_outlineIs having a will sufficient?