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Illinois wills and trusts lawyersEstate planning can be a complex and frustrating process - and not just because you must follow the letter of the law when creating your documents. Instead, there are numerous challenges and obstacles to consider and anticipate. For example, you could create a comprehensive will that clearly outlines your wishes, only to have it contested in court, which could send the estate to probate and ultimately decrease its overall value. Learn how a Titanic clause can reduce the risk of this happening to your heirs, and discover how an experienced wills and trusts lawyer can help you add one to your current (or future) estate plan.

What is a Titanic Clause?

Titanic clauses are designed to deal with "worst-case scenarios" in estate planning, such as all your heirs dying before your estate can be distributed. They can also address when the state should direct funds to another agency or organization (i.e. your favorite non-profit), rather than attempt to find additional heirs for your estate. Not only can this reduce your risk of probate, it can also reduce the chances that your assets will go to an unintended party, or a family member that you do not know and have never heard of or met. Most individuals are encouraged to have a Titanic clause in their estate plan - even if the value of their estate is small - but it can be especially crucial for those with a high-value estate.

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DuPage County estate planning lawyersEstate planning is a complex and highly personalized process (at least it should be), and that means that no two estate plans are exactly the same. However, there are similarities and generalized information that one can use to determine which estate planning option may be most appropriate for their situation.

Consider, for example, the comparison of a will and living trust. Each strategy works the same, regardless of your situation, but your situation may warrant that you use one document or the other. Also, there may be certain scenarios in which both strategies are needed. Learn more about when this may occur, and discover how our seasoned estate planning lawyers can assist you in developing an estate plan that suits your needs.

Comparing Wills and Living Trusts

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Joliet wills and trusts lawyersPeople who do not have children often assume that their assets will go directly to their spouse, so an estate plan is not needed. Unfortunately, nothing could be further from the truth. Learn why it is still important that you consider the future of your estate, even when you do not have children, and discover how an experienced wills and trusts lawyer can assist you with the development of your estate plan.

What Happens to Assets When You Do Not Have an Estate Plan?

When someone dies without a valid will or trust in place, their assets typically go to their spouse. Unfortunately, there are situations that could prevent them from obtaining the assets. Examples include an ex-spouse that is still listed as a beneficiary on a retirement plan and probate challenges from extended family members who were not intended beneficiaries.

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Wheaton wills and trusts attorneysWhile some people may be rejoicing the recent pass-through of the House's Tax Cut and Jobs Act, others may be experiencing uncertainty over the future. Sadly, this apprehension can cause those individuals to delay or even completely forgo estate planning. Learn why this is usually a poor decision, gain insight on how the bill might affect your heirs if it is passed into law, and discover what an experienced attorney can do to protect your family after your death.

The Danger of Estate Planning Delays

It can be tempting to put off estate planning, especially if you are young and healthy, but doing so can have dire consequences. Accidents occur, and even the healthiest of people can suffer a tragic illness. If one occurs and you pass away or are rendered incapacitated, you and your heirs may suffer. For example, there may be no one to make medical decisions for you, so you may be forced to endure the standard of care, despite not wanting resuscitation. Another possible consequence is that your family could be left without access to money for bills and daily expenses if you have not named a power of attorney. Thankfully, such issues can be mitigated against (and perhaps even avoided altogether) with a carefully thought-out estate plan.

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DuPage County wills and trusts attorneyMost people assume that estate planning is only needed when you are old and nearing death or retirement. Quite the opposite is true, however. In fact, adults of all ages - even those just heading off for college - should have a comprehensive estate plan in place. Learn why, discover what estate planning documents are important, and see how an experienced estate planning attorney can help you get started.

Why Estate Planning is Important for Young Adults

Young adults may not have a lot of assets or possessions to speak of; they may not even have an income, but they still need an estate plan. The reason for this is simple: like everyone else, they still run the risk of incapacitation, should an accident or injury occur. Without the proper documents in place, parents may be unable to obtain pertinent medical information about their adult child's condition or prognosis; they may also be denied the ability to make medical decisions for their child. Parents may also be denied access to their child's financial accounts, which could endanger the student's ability to return to school or dorm.

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