DEATH IS FULL OF SURPRISES

But it shouldn’t be. Even a well-planned estate can collapse into confusion, family acrimony, and litigation if a few simple rules are followed. These are thing you can do now to make sure your estate plan will work out as you intended. Give them the heads-up. Most people, during their lives, don’t want to disclose […]

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Top 5 Mistakes to Avoid When a Loved One Dies

Regardless of whether or not you are the estate representative, it is prudent to avoid these mistakes for your peace of mind. Failure to protect estate property: Personal property: Don’t just lock the doors. Change the locks and video each room. Don’t wait until after the funeral. Family feuds often erupt over missing items of […]

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Is a living trust the only way to avoid probate?

No. There are numerous ways to do so. For example you can name a beneficiary of your life insurance policy, retirement plan, or annuity. In fact, in Illinois, you can name a beneficiary of practically anything. You can name a beneficiary of your car (go to http://www.cyberdriveillinois.com/publications/motorist/titlereg.html and click on “Beneficiary Affidavit”), your home (Transfer […]

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Why you should never put your assets in joint tenancy

The appeal of joint tenancy with right of survivorship is that when you die, the surviving joint tenant will automatically inherit the house or bank account, thus avoiding probate. You figure that your kids are on title only so they will inherit easily when you die—but the law takes a different view. Your joint tenant’s […]

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Do Living Trusts protect your assets from your creditors?

The short answer is “No.” If you get sued and a judgment is entered against you the creditor can reach the assets in your living trust just as easily as if the assets were in your name only. However, it is important to note a few points: Your living trust can form the foundation for […]

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