Recent Blog Posts
What Is a Durable Power of Attorney?
When you hear the phrase “estate planning,” you might think of extremely wealthy people meeting with their lawyers and accountants to create wills and trusts that will facilitate the transfer of assets from one generation to the next. However, there is much more to estate planning than just wills and trusts. More importantly, estate planning is not just for those with extensive assets or complicated investments. Every adult should have an estate plan of some sort in place as a measure of protection in the event of a tragedy.
One estate planning tool that is often overlooked or misunderstood is the power of attorney. A power of attorney can be extremely useful in protecting your best interests should the unexpected occur.
Power of Attorney Basics
Using a power of attorney document, a person—called the principal—can appoint another individual to serve as his or her agent in financial matters. Illinois law also recognizes powers of attorney for health care which give agents the authority to make medical-relate decisions for the principals.
Mistakes to Avoid in Your Parenting Hearing
Whether the allocation of parental responsibilities determinations are done by negotiating with your spouse or become a “battle” in front of a court, this portion of divorce is often the most difficult. Every parent wants the best for their children, and it can be difficult to figure out what is “best” when you and your spouse are accustomed to co-parenting under one roof. Parenting cases can get ugly even when divorcing couples are on amicable terms.
Common Errors
The determination of your parenting plan is an important part of the divorce process to prepare for. An experienced attorney should warn you of the following mistakes:
- Talking About the Case with Others: While it may be an instinct to confide in friends, this can lead to your demise in the end. You and your spouse probably still have mutual friends or friends that know each other, and gossip spreads fast. It is important to keep the details of your case confidential to avoid accidentally informing your ex about your defense tactics.
Should You Consider a Pet Trust for Your Furry Companions?
If you have started the process of estate planning, there is a good chance that you have spent some time thinking about how you will distribute your assets among your children, grandchildren, loved ones, and, possibly, charitable organizations. Depending on the size of your family or your circle of friends, it could be quite easy to overlook the pets that might be an important part of your life. Is it possible to look after companion animals like dogs or cats in your estate plan? In short, the answer to that question is yes.
What Are Pet Trusts?
Under Illinois law, a person is permitted to create and fund a trust for the stated purpose of providing for the care of “one or more designated domestic or pet animals.” The applicable part of the Illinois Trusts and Trustees Act (760 ILCS 5/15.2) does not specify the types of animals that can be covered, but a series of cases in Illinois courts have set precedents that allow pet trusts to cover dogs, cats, horses, and several other animals. Livestock, such as cows and sheep, are generally not eligible.
Tips for Estate Planning with an Uncooperative Spouse
The benefits of proper estate planning cannot be overstated. Drafting a will, trust, or utilizing other estate planning documents puts you in charge of you and your family’s future in a way that nothing else can. Having a comprehensive estate plan also saves your loved ones the burden of making highly personal decisions on your behalf if you are incapacitated or pass away. Many married couples, especially couples with children, recognize the importance of estate planning. However, there are some situations in which one spouse is interested in estate planning but the other spouse does not want to participate. If you are married and interested in gaining the many benefits that come with a comprehensive estate plan but your spouse is disinterested, consider the following tips.
Consider Why Your Spouse Is Not Interested in Estate Planning
Estate planning can bring up many upsetting topics. Wills and trusts deal with what happens to your property upon your death. Advance medical directives dictate how healthcare and financial decisions should be made on your behalf if you are incapacitated through illness or injury. Naming a guardian for minor children forces you to consider who you would want to raise your children if you and your spouse pass away before the children are adults. It is completely understandable that many people would want to avoid these topics – especially if they do not understand the advantages estate planning brings.
Summer: Wedding Season or Divorce Season?
When most people think of summer, they imagine attending weddings and enjoying time spent with their families. Unfortunately, this is not the case for many couples. According to research conducted by University of Washington sociologists between 2001 and 2015, there is a biannual pattern for divorce. The months of March and August have been found to have high volumes of divorce. While it may seem like a coincidence, there are actually reasons for this spike in ending marriages.
Why the Divorce Pattern?
All relationships are different thus making each divorce case unique. Despite the individuality of each couple, studies have found a few common denominators that may contribute to this seasonal divorce pattern.
- Post-Holiday Blues: Holiday season is charged with excitement and fun activities to attend. Whether it is Christmas dinner or a Fourth of July barbecue, families spend a lot of time together throughout the holidays. This brings many families together but can also drive some apart. It is common for all of this “family togetherness” to cause emotions to rise and friction to occur. Most couples will wait for things settle down after the holidays before officially deciding to go separate ways.
Understanding the Purpose of Probate
If you have started creating your own estate plans or you have recently lost a loved one, you may have heard the term “probate.” This term is used to refer to the legal proceedings which transfers a deceased individual’s assets to heirs. If the deceased person, or decedent, has signed a will before he or she died, the probate courts determine whether or not the will is enforceable and oversee the distribution of the decedents’ assets. If a decedent does not have a will or the will is not enforceable, the probate process is much more involved. Because it can often be time-consuming and expensive, many people try to avoid probate through careful estate planning.
What Happens During Probate?
The probate process differs from estate to estate depending on several factors. If the decedent had a will, the judge will ensure that the will meets the criteria required by Illinois probate law. Wills must be written and signed by the deceased person. If evidence exists to suggest that the deceased person wrote their will under undue influence or that the will is fraudulent in some way, the will may be invalidated.
Beware of Trust Mills and Similar Estate Planning Scams
Every adult should have some type of estate plan in place. Even just a relatively simple will could provide a great deal of security and direction for surviving loved ones in the event of a tragedy. However, the reality is that more than half of Americans do not have an estate plan of any kind.
While there may be many reasons for this, arguably the most common is procrastination. Most people realize that an estate plan is a good idea, but it is not always something that is a high priority. As a result, people tend to wait until they approaching retirement age to begin the process. Those who wait, unfortunately, often find themselves the unwitting targets of scammers who are simply looking to make money as they prey on the fears and uncertainty of those looking for peace of mind.
What Are Trust Mills?
Estate planning scams can take many forms, and they are not limited to shady-looking, back-alley operations. Fully licensed attorneys have been known to take advantage of estate planning and administration situations in an attempt to collect unnecessary fees. Trust mills are another common source of estate planning scams that you should be aware of.
What is an Adoption Home Study and How Can I Prepare?
The adoption process is quite lengthy and requires lots of preparation in order for you to be ready to immediately care for your new child. A home study is one step of many in the adoption process. The purpose of a home study is to ensure that you and your spouse are good potential parents who can provide a child with a safe and happy home. The home study is more than just a house inspection. The inspector will also spend time interviewing both parents to gauge their character and parenting ability. This part of the adoption process can be extremely nerve-wracking but is also the part of adoption that you have the most control over.
What Should I Bring to My Home Study?
Home studies vary depending on the type of adoption that you and your spouse decide is best. However, the primary goal and document requirements remain fairly consistent. Home studies often take longer than a single visit, sometimes taking months to fully complete. The best way to reduce the amount of time spent in the home inspection is to educate yourself on the process and have the necessary documents in hand. These can include:
Consider Using a Trust to Manage Your Estate
More than half of Americans do not have any estate planning documents in place at all. Those that do most often have a will and nothing more. However, there are many estate planning instruments above and beyond a last will which can be greatly beneficial. One of these instruments is a trust.
Some people shy away from trusts because they do know exactly how trusts work or how a trust can benefit them and their family. Others assume that only the wealthy require trusts to handle the distribution of assets after their death. Neither of these estate planning myths is true. Read on to learn about the basics of trusts and how a trust may be able to work for you.
How a Trust Works
In a last will and testament, an individual writes directions for how his or her property should be distributed to heirs upon his or her death. A trust can also address how property is passed down to beneficiaries, but in a different way. A trust establishes an agreement between a testator and a trustee. The testator is the person creating the trust and may also be referred to as a settlor or grantor. The trustee is tasked with managing the settlor’s assets and distributing those assets according to instructions contained in the trust. The trustee is a fiduciary with a legal obligation to follow the terms of the trust and avoid any self-dealing or conflicts of interest in managing assets contained in a trust.
Common Parenting Schedules to Take into Consideration
Determining the allocation of parental responsibilities can be one of the most difficult aspects of divorce. Parents are not used to having to schedule a time to see their children. It is typically built into their schedule out of default. Making parenting decisions can be the portion of divorce that causes the most conflict. Emotions can run high, which can lead to an inaccurate representation of who you are as a parent. In order to avoid being overwhelmed by the legal process, it is important to be prepared when discussing parenting schedules.
Common Schedules
Although all parenting schedules can be adjusted to fit your family, there are four common divisions of parenting time that many families follow.
- 50/50: Evident in the name, the 50/50 plan has the child spending equal time with both parents. Some families have the children spend a whole week with each parent while some prefer to alternate days. This schedule is best when both parents live nearby and both are actively involved in parenting. The 50/50 schedule can make it difficult for the child to feel grounded depending on the number of days spent in each household.
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