Many people living in Illinois understand the importance of estate planning. They take the time to write a will and execute other documents that govern end-of-life issues, such as advanced directives, powers of attorney and living wills. However, many people make mistakes when choosing an estate executor.
Choosing an executor
Divorcing over 50? What you need to know
As people live longer, healthier lives, retirement has become a whole new adventure for many. For some married couples, retirement is an opportunity to rediscover the relationship. Others realize they do not wish to spend their retirement years with someone they no longer love.
How to talk to adult children about gray divorce
In the last decade, a greater number of older couples have filed for divorce. Legal professionals refer to this as gray divorce, and it occurs when couples over the age of 50 end a marriage. Although society doesn't typically associate divorce with couples that have been together for 20 or more years, more people who have been together for decades and have adult children have begun to separate.
Why it may be best to seek help with an estate plan
Illinois residents have the ability to create their own wills online. However, it may not be the best idea to do so, and those who have complicated estates may especially benefit from working with an estate planning professional. Ideally, an individual will have a will, trust and an advance health care directive. It is also a good idea to have a financial power of attorney.
Types of trusts for estate planning
When an Illinois resident passes away, his or her family members will need to go through probate. This process can take as little as a few months or up to several years. Individuals who plan their estates early on can establish who gets all their belongings and any of the property they leave behind. This can include life insurance, property, homes, vehicles and valuable artwork and jewelry.
