As an estate-planning law firm, we are asked by clients, how much money do I need to create a will? In simple terms, there is no minimum net worth requirement for creating a will. Frankly, net worth is far down on the list when it comes to reasons for drafting a will.  I know this is the attorney’s perspective, but everyone, regardless of their financial situation, is encouraged to have a will.  Let me explain why. One very important reason for a will having nothing to do with money is guardianship for minor children. As a parent, you want to do what is right for your children.   ..read more

During the probate process, a question revolves around what happens to debt after your parents die.  Are the children responsible for their parents’ debt? In most cases, you are not personally responsible for your parents’ debt when they die. However, let us dive deeper and consider some important items. Whether your parents have an estate plan or not, if they die with debt in their name, there is a legal process that should be followed. When a person passes away, their debts become the responsibility of their estate. The estate is the collection of the person’s assets and liabilities. Yo ..read more

If you are involved in a probate process and serve as the executor or administrator of an estate you know how time-consuming, difficult, and stressful a task it can be for you.  Acting as executor/administrator is often a thankless job that can quickly turn contentious depending on the personalities of the heirs.  Regardless of the overall situation, according to Illinois law, every executor or administrator is entitled to receive a reasonable fee as compensation for their time and services to the estate and the heirs. The compensation offered is referred to as an executor/administra ..read more

Throughout the years, we have helped clients who believed that they were not getting their fair share of an estate or their family’s personal belongings. Unfortunately, even dealing with family, sometimes especially when dealing with family, when money or material possessions are at stake, arguments arise.  If you believe that you have been named a beneficiary in a trust or will, what can you do to make sure you get your fair share? Revocable Trusts and Irrevocable Trusts are private documents, which is one of the major benefits they provide.  That means that these documents are not ..read more

As more AI is developed, there will be more web-based companies that you can choose to help you draft your estate plan. Online companies will make promises to lure you in with convenience or an upfront cost that might seem too good to be true. Let’s review why choosing your local law practice is most likely the right choice for you. The most important reason to use a local estate planner is our knowledge of local laws. When dealing with AI it is only as good as the programmers. Your local law practice should be well-versed in the specific laws and regulations of your jurisdiction which can pay ..read more

If a family member dies without a properly executed estate plan, those left behind are faced with a highly stressful and unpleasant experience.  There are many questions that must be answered.  If the person who died has assets equaling a certain amount and are of a certain type, the estate must go through the probate court process for it to be disbursed.  First, the court local to the decedent’s primary residence must appoint an administrator, or personal representative, for the estate. One of the first questions asked is who is that person and how are they chosen? When a perso ..read more

If your mom had a trust and the bank account was properly transferred to be owned by the trust, then the trust should be able to distribute it. The bank should not give you any problems. If the bank account was not owned by the trust, but the amount in the account plus the total value of any other assets she owned outside of the trust with no beneficiaries adds up to less than $100,000, then you may complete a Small Estate Affidavit.  A Small Estate Affidavit must be properly filled out and submit that along with a death certificate and a copy of her will to the bank and the bank mus ..read more

When a loved one dies it is a very stressful time for all family members involved.  If the decedent completed their estate plan (including funding it) a lot of the work to transfer the assets upon death has been done.  Someone should only have to implement the plan that was created.  However, if you can’t find the decedent’s estate planning documents, or they were never drafted, depending on what the individual owned, a probate case may have to be opened. The first step of the probate process is to get a probate case opened in probate court and have an executor of the estate nam ..read more

If the original will has, in fact, been filed and all the paperwork is in order, the judge will sign an order opening the estate and authorizing the executor to act on behalf of the estate.  At this point, the executor can legally speak for the estate, communicate with heirs and must collect assets, liquidate real property, and pay all required bills.  Only after all claims have been paid may the executor make distributions to any heirs.   The entire process can take anywhere from six months to over two years depending on the particular county’s court system.  If a person ..read more

The probate process in Illinois is an unknown and confusing process for most individuals having to navigate it.  Whether the deceased has a will or trust and the assets in the estate will determine the path we take on how to handle their probate case. If, after our initial meeting, we determine the probate process is necessary to distribute the deceased’s assets, the first step is for our office to file a petition with the probate court.  The purpose of the petition is to request a judge officially appoint someone as administrator or executor.  If the decedent left a valid will ..read more