It seems in the short run, an online will can save you time and money. The truth of the matter is they can lead to expensive estate planning mistakes.
Illinois has adopted the Uniform Fraudulent Transfers Act, which enables a creditor to obtain a court order voiding transfers of money that were made in order to avoid a judgement.
A living will helps a person prepare for a time in which they are suffering from a terminal condition. These conversations are difficult and emotional for families, however, it is necessary to have them during a time in which an illness or crisis is not occurring.
Many of our Estate Planning seek methods to help their family members become financially stable. A popular tool to minimize the tax implications, is to provide money to your loved one with an “intra-family loan.”
After a person dies, his or her real property may need to be sold or transferred to a beneficiary of the person’s estate. Real property includes homes, plots of land, or condominiums.
A Power of Attorney for Property document is a very helpful and very effective estate planning tool. You are able to name a person who can act for you in business and financial affairs.
In reality, many people think that a will is not necessary unless one has extreme wealth. However, a will can be useful if you have young children, and little assets, because you are able to nominate a guardian for your children.
The small estate affidavit is a useful tool to transfer property after someone dies. It allows for the transfer of a decedent’s assets without the need to open a probate estate.
Advance directives are an essential part of estate planning. An advance directive is a document that spells out your wishes for the time period in which you are unable to make your own personal, financial, and health decisions
A “Durable Power of Attorney” will stay in effect even after the principal is incapacitated. The durable power of attorney ends only after the principal dies.