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no-contest, Wheaton estate planning lawyerAre you worried about what will happen to your surviving family members after your death? Maybe in the course of your conversations about your estate plan, you have seen warning signs that your children or other loved ones are not thrilled about your decisions. Or, perhaps you are concerned that one of your family members will be overcome by grief to the point where they cause problems without realizing what they are doing.

If you have such concerns, you may wish to consider adding a no-contest provision to your will. A no-contest provision can help reduce the possibility of your will being challenged after your death.

“In Terrorem” Clauses

A no-contest clause is sometimes known as an “in terrorem” clause. The Latin phrase “in terrorem” translates to “by way of threat.” Put simply, a no-contest provision threatens any heir who files a will contest in an effort to deter fighting between family members after the creator the will dies.

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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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Illinois guardianship attorneysNo parent wants to think about passing away before their children have grown, but tragedies happen every day. Sadly, if families are unprepared for such an issue, their children may be further traumatized by the events that occur after their loss. As such, all parents are encouraged to name a guardian for their child in a legally drafted will. Learn more about this process, including how to choose the right person for the job, with help from the following.

Guardianship is Not Automatic

Above all else, parents need to know that guardianship is not automatic after a tragedy. For example, you may assume that your parents would automatically receive your children if something happened to you, but this is not the case. Instead, anyone that is interested in custody of your children can come forward and request it. Then a judge must hear each person's side and determine which home may be most appropriate.

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DuPage County estate planning attorneysEstimates indicate that just 64 percent of all Americans have a will. That number drops significantly, falling to 22 percent, in the 55 and younger population. Yet, when the fortunes of big celebrities are thrown into limbo because they failed to make an estate plan, Americans start to get serious about their own fortunes. Of course, not everyone has an actual fortune, but that does not mean you do not need an estate plan. The following covers some important lessons learned from celebrities who died without a will, and will hopefully help you understand the importance of having one in place for your estate.

Probate Costs and Taxes Can Significantly Reduce the Value of Your Estate

Whether you are a multibillionaire, a pop music idol, or just your average American, your estate may be subject to probate if you pass away without a will in place. This can get expensive, and fast. As an example, Prince's estate, which is currently valued at about $300 million has already racked up more than two million in attorney's fees. On top of that, there will be state and federal taxes to pay, which are often higher when you fail to create an estate plan. If you have even a meager estate, reduce the risk of its depletion in probate with an estate plan.

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equity index life insurance, life insurance, term life insurance, types of life insurance, universal life insurance, Wheaton estate planning attorney, whole life insurance, willsFor obvious reasons, purchasing life insurance is an emotionally charged decision. Still, it is an important move that could save loved ones from financial hardship. This is especially true if you are the main income earner within your family.

It is a smart idea to consult a legal professional to discuss any concerns you have related to life insurance, wills, and estate planning. An experienced estate lawyer can provide feedback and advice based on your particular circumstances.

One of the most common challenges that come with purchasing life insurance is knowing the difference between the various policy types. Below is a basic breakdown of the most common insurance plans.

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