Recent Blog Posts
Consider Setting Up a Trust If You Are in One of These Five Situations
Setting up an estate plan for the first time can be a daunting task. Not only does it confront you with potentially uncomfortable questions ranging from the practical to the existential, but it also requires careful accounting of your assets and detailed planning for the future. Fortunately, you are not required to manage your estate plan alone. Experienced attorneys who have no motive but to protect your wishes are available to help you identify the type of estate planning instruments that will benefit you the most. One common feature of an estate plan is a trust.
What is a Trust?
A trust is a fiduciary (financial) arrangement that allows someone to give their assets to a designated person (trustee), who will manage or hold the assets until they pass on to the trust’s recipients (beneficiaries). People who have specific plans for their money, property, or heirloom belongings after they pass away commonly use trusts to ensure their wishes are protected.
The Fives Types of Powers of Attorney in Illinois
Establishing an estate plan early and reviewing it often will ensure your wishes are met and that your loved ones are protected; waiting too long to take care of your estate plan can instead leave your loved ones scrambling to make tough decisions. Having a power of attorney - i.e., giving someone the legal authority to make decisions for you - is essential for helping you and your family in times of need. Here are five kinds of powers of attorney and how each may benefit you.
Durable Power of Attorney
A durable power of attorney is applicable and legally binding as soon as it is signed. It is effective even if you become incapacitated, or unable to make decisions for yourself. Unless otherwise specified, most powers of attorney are presumed to be durable, but it is best to be as specific as possible in your estate plan. A durable power of attorney continues to be effective even if you come in and out of capacity, or if you are only capable of making certain decisions.
If My Ex Leaves Me For Someone Else, Do I Still Have to Pay Alimony?
Illinois is a no-fault divorce state. This means that, no matter how poorly spouses treated each other during their marriage, the only fault that can be given when a couple gets divorced is “irreconcilable differences.” With few exceptions, divorce judges do not take a spouse’s behavior during a marriage into consideration when he or she is making decisions about the outcome of the divorce.
For a spouse who has been wronged, this can feel deeply unfair. After all, it makes sense that someone who ruins a marriage with unforgivable acts of infidelity should not have the right to make the same demands of their spouse as someone who has been faithful. Unfortunately, this is how the law works in Illinois. But this does not mean that you cannot use the law to your advantage if your spouse is already with someone else and is asking you for alimony.
Can I Fight My Ex’s Alimony Petition if They Have Another Partner?
In Illinois, alimony is technically known as “spousal maintenance.” While spousal maintenance is awarded less often than it used to be, for spouses who have been married for a long time and who have a significant difference in their ability to make money, spousal maintenance is still common.
Four Challenging School Situations You May Run Into After Divorce
Divorce brings many changes and a new school year can heap challenge upon challenge for newly divorced parents who are managing children’s schedules from two different households. The first school year can be especially difficult as you come up with new strategies for managing the new and old problems that come with having minor kids in school. Here are four situations that Illinois parents frequently encounter during the school year and some suggestions for handling them smoothly.
Homework and School Projects
It is important for parents to be on the same page about enforcing homework rules and expectations. This is especially true for bigger projects and tests that can take weeks to complete or prepare for and which may require supplies to be moved between households. The more a routine can be predictable and simple, the easier it will be for kids and both parents to follow.
Do I Have to Include My Stepchildren In My Illinois Estate Plan?
While many stepparents come to have close relationships with their stepchildren, other stepparents do not nor even wish to. Step-families are often a complex mix of histories, emotions, grievances, and perceived injuries, making warm relationships difficult to establish and nurture.
Whether one feels positively or otherwise about his stepchildren, when it comes to estate planning, certain questions must be answered. Does a stepparent need to specifically address stepchildren in the estate plan? Is a stepparent a terrible person if they choose to specifically exclude their stepchildren or even one particular stepchild? If you are learning more about creating an estate plan, read on and then contact our Illinois estate planning attorneys for skilled legal assistance.
Do Stepchildren Have Rights to an Estate?
The good news for stepparents who are not interested in making their stepchildren part of the estate plan is that, unless they are adopted, stepchildren have no inheritance rights. Even if they are not mentioned in an individual’s will, stepchildren do not have standing to claim an inheritance from a stepparent. Stepchildren who are adopted are treated the same as biological children.
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:
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.
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