Recent Blog Posts
Review and Update Your Estate Plans Every December to Ensure Accuracy
It seems like just recently that we ventured into the year 2018, but soon this calendar year will come to a close. As you ready yourself for the new year, take some time to evaluate your estate plans. Although it may seem like a chore, scheduling regular estate plan “maintenance” is critical to ensuring that your estate plans reflect your actual wishes. Keeping estate plans up-to-date can take some time and energy, but the peace of mind you will feel knowing that your estate plans are current, accurate, and legally-binding is well worth the effort.
You Give Up Control Over Inheritance Decisions Without an Estate Plan
A comprehensive estate plan allows you to make decisions for your future which would otherwise be decided by others. Not only can estate planning tools like a will or trust help you decide how your property is divided after you pass, it also protects your financial interests and rights while you are living. When no valid estate plan exists and an individual dies, his or her wealth and property is distributed to heirs according to Illinois state law.
Estate Planning: The Importance of Customizing Your Plans
If you have recently decided that it is time to create an estate plan, congratulations! You are one vital step closer to preserving the financial future of your family. However, it is important to understand that, when it comes to estate plans, one size does not always fit all. In fact, using so-called “boilerplate” forms or documents could lead to devastating oversights, as there are many different situations that could require special consideration.
Special Needs Children and Adult Dependents
Children who have special needs are often entitled to government benefits to help ensure that their medical and daily care needs are met. In many cases, these benefits continue well into adulthood. Unfortunately, when parents, siblings, or other family members leave behind an improperly planned inheritance, the benefits available to a special needs individual could be placed at risk. Then, rather than enhancing their lives, the inheritance ends up being spent on their daily needs.
Understanding the Role of the Executor
One of the most important decisions in the estate planning process is who will be named as executor of the estate. The executor is the person who is responsible for overseeing and protecting the assets of the deceased person. He or she is responsible for ensuring that the wishes of the decedent are carried out, as well as maintaining any property of the estate until disbursement, settling the debts of the estate, and paying any taxes owed. It is critical for the person who is appointed executor to understand how to manage the estate. If they mismanage estate assets that add up to a loss to the beneficiaries of the estate, they can be held liable for those losses.
Short-Term Responsibilities
Unless arrangements have been made before the person’s death, it is typically the executor’s responsibility to handle the financial arrangements for the deceased’s funeral and burial expenses. The funeral parlor also provides copies of the death certificate to the executor. It is important to obtain several copies of the death certificate since a copy will be necessary in order to access financial accounts and canceling government benefit checks (i.e. Social Security). A copy is also required to be filed with the final federal tax return of the estate.
The Process of Adoption By a Stepparent
Choosing to adopt a child is a life-changing decision for both the child and parent. In terms of adoption, many imagine a couple adding an infant to their family dynamic; however, this is only one form of adoption. Other types of adoption include stepparent, family related, domestic partnership, and uncontested adoptions. Stepparent adoptions are fairly common, and these particular adoptions have their own unique legal process.
The Stepparent Adoption Process
The details of the adoption process are dependent upon each individual situation. Though it is a detail-oriented process that can take time, it often appears more difficult than it actually is. In a stepparent adoption, the following requirements must be met:
- Illinois Residency: For those seeking to adopt within the state of Illinois, residency is a requirement. The stepparent must be an Illinois state resident for at least six months before filing for the adoption.
The Holidays Could Be the Time to Talk With Your Family About Your Estate Plan
It is unbelievable that the winter holiday season is already upon us. By this time next week, you will probably be on your way to—or at least preparing for—Thanksgiving celebrations with your family members and loved ones. Just a few short weeks after that, families will be getting together for Christmas. If your family is spread out around the country, the holiday season might be the only time your whole family gets together throughout the entire year. With that in mind, it may be the only opportunity you have to discuss important topics like estate planning.
Being Prepared
There is no question about it: it can be tough to discuss your estate plans. Voluntarily confronting the idea of death can certainly be uncomfortable, but the conversation is important. Discussing your estate plan does not necessarily need to take hours, nor does it need to ruin the fun of the holidays. You have the power to control the conversation and to keep things positive by preparing in advance.
How Illinois Law Defines Different Types of Guardianship
When one thinks of being a guardian, the image of a parent taking care of a child often comes to mind. However, guardianships are not reserved solely for parents and their children. According to Illinois law, a guardian is a person, institution, or agency appointed by the Probate Court to manage the affairs of another, called the ward.
Because a person is considered an adult at the age of 18, they typically no longer have a legal guardian after their 18th birthday. However, like most laws, there are exceptions. There are four reasons why an adult would be assigned a legal guardian, all of which surround the adult’s health. The four qualifications for the need of a guardian are mental deterioration, physical incapacity, mental illness, and/or a developmental disability. Depending on the circumstances, there are several different types of guardianships allowed in Illinois.
Is an Incentive Trust Right for Your Estate Plan?
A trust is a fiduciary relationship in which an individual or entity called a trustee controls certain assets for the creator of the trust, called a grantor. An incentive trust arrangement is different from other trusts in that the trustee must follow specific rules set by the grantor regarding when the trust’s beneficiaries can receive funds from the trust. This legally-binding arrangement functions as a conditional inheritance, allowing grantors to encourage their intended beneficiaries to meet certain goals before being awarded their inheritance.
How Can an Incentive Trust Benefit My Family and Me?
Many individuals struggle to manage their finances responsibly. This is often especially true of individuals who acquire a large sum of money quickly, which can become a concerning dilemma for those who wish to leave money and other assets to heirs. For example, a grandparent may wish to leave money to his grandchildren but worry that they will squander their education in favor of frivolous spending. An incentive trust would allow this grandparent to ensure that his grandchildren only receive their inheritance, for example, after completing a higher education program.
Getting Divorced from an Unfaithful Spouse
Even for those who have never experienced such a situation, it is almost impossible to imagine a deeper pain or sense of betrayal than that which comes from being cheated on by a spouse. While each couple may have their own definition of what constitutes cheating, an unfaithful spouse’s behavior can have a devastating impact on the marital relationship. In many situations, cheating is a symptom of much larger problems but is often the one that prompts the “cheated-on” spouse to finally take action to either fix the relationship or to end it permanently. If your spouse has been cheating and you are ready to file for divorce, there are some important things to keep in mind about your spouse’s behavior and how it might or might not impact the divorce process.
Marital Infidelity Is Not Grounds for Divorce
In 2016, Illinois lawmakers eliminated all of the fault-based grounds for divorce in the state. Since that time, a divorce can only be granted in Illinois on the no-fault grounds of irreconcilable differences. Cheating can certainly create irreconcilable differences but will not be recognized as the official reason for your divorce.
Reviewing Your Will After Your Divorce
If you have recently gone through a divorce, you probably experienced a number of challenges and obstacles. Even if in the best situations, it can be very stressful to negotiate the various aspects of a divorce agreement, including the division of marital assets and spousal maintenance. Couples with minor children often have even more to worry about. Now that your divorce is finalized, however, it is probably time to take another look at your estate plan, as the new dynamic of your life should be reflected in your will and other planning documents.
Your Ex is Out by Law
A will is, in most cases, a very durable instrument that will withstand a variety of life changes and other contractual obligations. One of the few exceptions, however, is that a divorce or dissolution of marriage, by law, essentially eliminates your ex-spouse from any will created before the marriage ended. According the Illinois Probate Act of 1975, a will executed prior to the dissolution of marriage “takes effect in the same manner as if the former spouse had died before the testator.”
Remarriage with Children: Your Role as a Stepparent
America is a nation built on second chances. Consider, for a moment, the number of high-profile incidents or embarrassments involving celebrities or public figures, and how many have gone on to even greater success and fame afterward. For many, love and marriage is not terribly different. Despite a failed first marriage, more couples than ever are willing to walk down the aisle again in the hopes of finding the permanent happiness that has, so far, eluded them. Remarriage, however, can be extremely challenging, as many couples beginning second or third marriages are bringing with them children from previous relationships. Finding the right balance between parent and friend is often difficult for new stepparents, but there are some things you should keep in mind to make the transition a little more comfortable for everyone involved.
Be Prepared
As you fell in love with your new spouse, you knew that he or she already had children. Thus, the process of becoming a healthy blended family probably began long before thoughts of marriage ever crossed your mind. During the dating process, it can be very easy to try to ignore your partner’s children and the potential impact on your relationship, but doing so is not very conducive to a future together. It is important, however, to start slow and not to impose yourself on an existing family dynamic in such a way that will be overly upsetting. Understand that you will probably feel like something of an outsider for a little while, because, in reality, that is just what you are. Over time, though, you will probably feel more included and more a part of the family than you ever thought possible.
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