Recent Blog Posts
The Big 4 Benefits of a Trust Over a Will
Trusts are rapidly replacing wills as the main form of testamentary estate planning. You do not need to be a millionaire for using a trust to make sense. In terms of deciding who gets what when you have passed away, a trust can do everything a will can do while also allowing for some discretion and more gradual distribution. There are a number of benefits trusts offer that wills cannot. Unless you have minor children, you may not need a will at all if you establish a trust. There are also numerous different types of trusts that all offer distinct advantages and disadvantages. An attorney can help you understand all your options so that you can make a well-informed decision.
Advantages of Using a Trust, Not a Will
Some of the benefits that have people turning to trusts as their primary testamentary document include:
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Gradual distributions - When you use a will, your beneficiaries get whatever gifts you have left for them in their entirety immediately. Depending on your beneficiaries and how they are with financial management, this could be a recipe for disaster. With a trust, you can have money slowly distributed to them over time instead of handing them a lump sum.
Is Legal Separation a Good Idea if We Are Not Ready for Divorce?
Many couples in Illinois feel as though they have lost a romantic connection or have differences too great to overcome. At the same time, these couples may not be ready to completely commit to a divorce - now or ever. When this happens, Illinois law offers an alternative option that may be a better fit: Legal separation. If you want to officially separate from your spouse but do not want a divorce, read this overview of legal separation and then talk to a DuPage family law attorney about your options.
What is a Legal Separation in Illinois?
When married couples who want to separate move out of the marital home, they may be physically separated but they have not yet gotten legally separated. Legal separation is not merely living apart; rather, it is a legal term that describes formally separating your life with your spouse in virtually the same way as a divorce without actually getting divorced.
3 Strategies for Preventing Disputed Documents
Creating an estate plan can take some effort. You have to carefully consider who you would like to receive what. There can be an emotional aspect to estate planning. There is some legal strategizing involved. The last thing you want is for someone to dispute your estate planning documents when you are no longer here to defend yourself and your plans. Disputes are common when a relative is left out of the estate plan and becomes upset. They may also occur simply because your survivors are not getting along with each other. Document disputes are not always raised in good faith. There are steps you and your lawyer can take now to reduce the likelihood of a dispute later.
Ways to Stop a Future Dispute Before it Happens
If you have any suspicion that someone may have an interest in disputing your documents later, inform your attorney. They may recommend strategies like:
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Private planning - Your lawyer may ask that you come to all appointments with them alone rather than with a relative or other intended beneficiary. Meeting with your lawyer to do your estate planning in private may help remove any appearance of undue influence by one beneficiary. In fact, it may be preferable to not tell your loved ones that you are engaged in estate planning until the process is complete.
If My Name is Not On the Title, Do I Still Get Part of Our House in an Illinois Divorce?
The purchase of a first home is a major milestone in many couples’ marriages. Unfortunately, the division of the marital home later in divorce is often a difficult issue to resolve, especially when only one spouse has their name on the title or purchased the home before the marriage. If you are thinking about getting divorced and are wondering whether you have any claim to the home you lived in during your marriage, make sure you have a skilled Illinois divorce attorney on your side.
Homes Can Be Personal Property, Marital Property, or Both
Before assets can be divided in a divorce, they need to be categorized as either personal or marital property. For smaller assets like a car or a piece of jewelry, determining the category is usually fairly straightforward. For a home, however, the process can be a little more difficult.
For example, if you waited until after you were married to buy a house but only one spouse had good enough credit to purchase the home, the home may appear to be owned exclusively by that spouse. But marital property is not necessarily determined by whose name is on the title of the home; rather, if an item was bought after a marriage using both spouses’ incomes, the item is considered marital property no matter who is listed as the owner.
If My Name is Not On the Title, Do I Still Get Part of Our House in an Illinois Divorce?
The purchase of a first home is a major milestone in many couples’ marriages. Unfortunately, the division of the marital home later in divorce is often a difficult issue to resolve, especially when only one spouse has their name on the title or purchased the home before the marriage. If you are thinking about getting divorced and are wondering whether you have any claim to the home you lived in during your marriage, make sure you have a skilled Illinois divorce attorney on your side.
Homes Can Be Personal Property, Marital Property, or Both
Before assets can be divided in a divorce, they need to be categorized as either personal or marital property. For smaller assets like a car or a piece of jewelry, determining the category is usually fairly straightforward. For a home, however, the process can be a little more difficult.
For example, if you waited until after you were married to buy a house but only one spouse had good enough credit to purchase the home, the home may appear to be owned exclusively by that spouse. But marital property is not necessarily determined by whose name is on the title of the home; rather, if an item was bought after a marriage using both spouses’ incomes, the item is considered marital property no matter who is listed as the owner.
5 Advantages of Planning for Incapacity
As people live longer and longer lives, the chances that you could one day experience age-related incapacity increase. Even if it is only for a short time in your very advanced age, most people will at some point lose the ability to think clearly and make decisions on their own behalf. While no one wants to go through an illness that affects the mind, like dementia, the reality is that many of us will. Planning for incapacity is a wise choice; the younger and healthier you are when you do it, the stronger your plan may be. The entire process of getting the documents you need to prepare for such an event does not take long, although you should think carefully about your choices. You have quite a bit to gain and nothing to lose by doing this important type of planning.
Reasons You Need an Incapacity Plan
You may have already seen an elderly family member go through age-related incapacity. For many people, watching a loved one struggle with age-related incapacity is what prompts them to make a plan of their own. Advantages of having this type of plan in place include:
How Long Do I Have to Make Alimony Payments in Illinois?
Although alimony is less common in Illinois divorces than it used to be, it is still frequently ordered or negotiated between a divorcing couple. Technically known as “spousal maintenance,” alimony is intended to allow a spouse to recover from the financial consequences of separation from their partner, especially if the marriage lasted a long time and the spouse receiving alimony sacrificed all or part of their career potential to raise a family. If you are seeking an Illinois divorce and are wondering how long alimony lasts, read on and then contact a DuPage County family law attorney who can help.
Types of Alimony in Illinois Divorces
There are four basic types of spousal maintenance allowed in an Illinois divorce, and the type of alimony will have a significant influence on how long alimony payments last. The four different types of alimony are:
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Temporary alimony - Interim or temporary alimony is ordered during divorce proceedings and may be used to pay for a spouse’s attorney fees and/or the cost of a spouse’s living needs until the divorce is finalized. Temporary alimony is intended to allow spouses to leave marriages they would otherwise be trapped in for lack of funds.
Am I Entitled To Part of Our House in a Divorce if Only My Spouse’s Name is On the Title?
Because many Illinois couples today get married well after they complete their education and begin building their net worth, many marriages begin when one or both spouses already own property. When one spouse outright owns or has a mortgage on a house and the other spouse moves in, the process of dividing the value of the house in a divorce can be complex and contentious.
The spouse who owns the house will generally argue that, since he or she owned the home prior to the marriage, it is his or her individual property. The spouse who lived in the home, often for many years or even decades, will argue that without his or her financial assistance or help around the house, the home - and the spouse who owns it - would not have the property value or equity ownership it has today. For a brief overview of how individually owned property may be handled in a divorce, read this blog and then get your specific questions answered by an experienced Illinois asset division attorney.
Estate Planning When You Have Minor Children
As a parent, you probably do not even want to think about what would happen if you were to pass away before they become adults. It can be a very upsetting idea. However, addressing the possibility head-on by making an estate plan that includes your children is the best way to set your mind at ease. People are waiting longer to have or adopt children, and it is fairly common for men to have children later in life. While all parents of minor children should have an estate plan aimed at providing for the children, it is particularly important for older parents. By creating a comprehensive estate plan, you can help ensure that if the worst were to happen, your children would be provided for. When protecting minor children in your estate plan is your main goal, it is important to work with an attorney so that you can be confident in your plan.
Tips for Protecting Your Children in an Estate Plan
Since you cannot leave everything directly to your minor children, there will be some strategizing involved in your estate planning. Some tips and things to consider include:
Tips for Creating a Complete and Comprehensive Estate Plan
Quite a few people think that making a simple will is all they need to do to check “estate planning” off their to-do list. However, there is a lot more to a complete estate plan than a will. A strong estate plan should involve multiple documents for different purposes. Your estate plan should also include provisions for your own care in the event that you experience incapacity in your advanced age. Aside from that, a will alone cannot accomplish what your beneficiaries may need after you are gone. In most cases, a trust should be used to protect those you wish to benefit from your estate. Online do-it-yourself kits rarely contain everything you actually need in your estate plan. Your best bet is to work with an experienced estate planning lawyer to ensure that your estate plan is complete and comprehensive.
What Do I Need to Know About Building a Comprehensive Estate Plan?
Do not be intimidated by the list of documents you might need. An attorney can guide you through the decisions you will be asked to make as you build a strong estate plan. Keep in mind that you should: