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Illinois estate planning lawyersWhile most married couples can benefit from estate planning, it is not a hard or critical requirement. Most often, their assets would go to their spouse upon death, and minor children remain with the surviving parent, as long as the parent does not supersede them in death or die along with them. Even medical decisions are typically deferred to the spouse if one of them becomes incapacitated. Unfortunately, this is not always the case for same-sex married couples. Learn more about the challenges that same-sex couples face in estate planning, and what you can do to protect your family, with help from the following information.

Same-Sex Couple Estate Planning Challenges

Same-sex couples may experience numerous challenges in the event of death or incapacitation of one member. Families that refuse to accept the sexual orientation of their loved one may challenge the validity of a spouse's inheritance; doctors may question the authenticity of a same-sex marriage, which can delay treatment; and even children may be temporarily removed from a loving parent if the validity of a same-sex marriage is questioned. In short, many potential areas can create post-death issues for surviving spouses in a same-sex marriage.

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DuPage County wills and trusts attorneysMost estate planners assume that having a will or living trust can keep their heirs from having to go through probate. Unfortunately, this is not always the case. There are numerous variables, potential oversights, and often confusing elements in the estate planning process. Any one of them can result in a need for probate. Learn more about how to reduce this risk with help from the following information.

Comparing Wills and Trusts

There are two basic methods used in estate planning: wills and trusts. Wills are an effective way to address guardianship issues, but they often increase the risk of probate because they can be challenged by family members. Living trusts are less likely to result in probate. Still, it is important to realize that a living trust does not eliminate the need for a will; almost no one disburses their entire estate through a living trust. Further, there may be elements in your estate plan that cannot be covered by a living trust.

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DuPage County estate planning lawyersMillennials are some of the most driven, open-minded, and goal-oriented individuals alive today. Yet, when planning their future,  few consider estate planning. Most think they are simply too young, but nothing could be further from the truth. Learn more about why even millennials should have an estate plan, and how you can start yours.

Why Start Estate Planning Now?

If you are like most people in their 20s and 30s, you likely have a long list of endeavors you would like to pursue. From art projects to technology developments, these potential money-making ideas are worth something, long before they come to fruition. An estate plan can help protect these concepts and ideas, ensuring they are passed on to someone that can utilize them, should anything happen to you along the way.

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Illinois estate planning lawyersIf there is one thing you can count on in life, it is that things will change. Some changes are more internal, such as a new passion or career goal. Others are external. The former, though often positive, are likely to have little impact on the future of your estate. In contrast, the latter may require a significant change to your estate plan. Learn more about these changes in the following sections, and how an attorney can help ensure they are effectively addressed.

Re-Marriage and Divorce

Changing your marital status - whether from single to married or married to divorce - will, in most cases, warrant an update to your estate plan. This is especially true in the case of divorce and second, third, or other subsequent marriages. You should not tackle the changes alone, however, since blended families and ex family members can further complicate an already complex process. Instead, ask an attorney for assistance.

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Posted on in Estate Planning

If you have children from a previous marriage or relationship (or your spouse does), then careful estate planning is absolutely critical to the financial future of your loved ones. What does that really mean, though? How do you move forward and ensure that everyone receives their fair share upon your death, and that any minor children are cared for in your absence? The following explains, and provides some key information on where to find assistance with your blended family estate plan.

Why is Estate Planning is So Critical?

Estate planning is a difficult process - not just because it is a complex matter, but also because it requires you to think about your death: what might happen, what you want to happen, and how you want your assets to be distributed. Yet it truly is necessary, especially when you have children or a blended family. Children need a guardian named if they are minors. If they are adults, those who are not blood related could potentially lose out on an inheritance. Or it could cause arguments in your family after you are gone. Estate planning gives you the chance to make your wishes known, ensures that the right assets go to the right individuals, and protects minor children by ensuring they have a guardian that you and your spouse trust.

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