Posted on April 27, 2012 in Estate Planning

Nearly everyone - even those with few assets - should have a will. Although their primary function is designating a decedent's beneficiaries (who they want their property to go to following their death,) wills can also include other important information.

If you're preparing to have your will drafted, or updated, you should decide the following information before meeting with your DuPage County estate planning attorney:

•  Who will receive your assets following your death? (including real estate, automobiles, money, and other personal possessions.) You should have the full names, addresses, and phone numbers of your beneficiaries.

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 Posted on April 24, 2012 in Estate Execution

One of the three winning tickets sold in the recent Mega Millions was sold in Illinois, igniting the hopes of future lotto winners statewide. Now the winners face the overwhelming job of deciding what to do with all of the money won. And one of the issues facing them is how to include the money in their estate planning.

Many financial experts advise that since tax rates are expected to raise in the next few years, it's advisable to take out a lump sum instead of recurring payments. So if you're looking for a smaller tax bill over time, the lump sum can protect you or protect your heirs if they inherit after the tax rates rise.

If a winner decides to receive the winnings in annual payments, the remaining payments after her death will go to her heirs. In many cases, however, the winner does not keep detailed records of the payments she received prior to her death, and coupled with federal income and inheritance taxes, the amount the heirs owe on taxes may be more than the amount received from the lotto payments.

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 Posted on April 12, 2012 in Estate Planning

Estate planning is a relatively broad term used to cover various legal actions and arrangements that can be taken to manage a person's property and assets, and establish their wishes, following their death. Estate planning commonly includes the preparation of Wills, Trusts, and Powers of Attorney. Depending on a person's specific situation and the size of their estate, it could also include additional actions such as tax planning, business succession planning, and establishing their wishes for charitable giving.

Ideally, Illinois residents should take the time to prepare an estate plan. This ensures that their assets are distributed according to their wishes, and can help minimize the stress and hassle put upon their loved ones following their death. When someone  in Illinois dies, their estate will proceed through Illinois Probate Court, and the Court will decide how the estate is handled. This can be a exceptionally lengthy and stressful process when the decedent did not prepare a will or other estate planning documents.

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 Posted on April 06, 2012 in Estate Execution

In 1988, Georgia Lee Dvorak designated in her Will that any cats she owns at the time of her death be put to sleep in a "painless, peaceful manner." As reported by the Chicago Tribune, the 76-year-old recently passed away - but thanks to the 5/3 bank trust officers responsible for administering her estate, her 11-year-old house cat "Boots" will get to spend the rest of her days in a no-kill shelter.

There was no precedent for this type of case in Illinois, but attorneys for 5/3 argued that killing a healthy house cat would violate public policy, especially when alternative arrangements have been found. They also pointed to the fact that Ms. Dvorak donated a large portion of her $1.4 million estate to animal-related causes, and a similar Pennsylvania case where the court ruled against a decedent's dog being put to death.

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