Understanding a Pour-Over Will

A revocable or irrevocable trust is a versatile and beneficial estate planning tool. It is used often in comprehensive estate plans to avoid probate. Many individuals plan for all of their assets to be included in these trusts. Unfortunately, unexpected circumstances can mean certain assets are not in a trust that were intended to be. An experienced estate planning attorney can review options to address this type of situation through the use of tools like pour-over wills. What Is a Pour-Over Will? A pour-over will is a will that automatically transfers all untitled assets to a trust. This provides further

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No-Contest Clauses in Trusts and Wills

Estate plans are created with significant care and thought. If the will or trust documents in your estate plan are contested, this can erase the significant effort and time you put into making your wishes known if the contest is successful. Even if it is not successful, it can complicate the process that you were trying to make easier for your family. If you are concerned about someone contesting your will or trust, an estate planning attorney can help you review your options. One of these options is the creation of a no-contest clause. If beneficiaries try to lengthen the

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The Importance of Updating Your Estate Plan After Major Life Events

Estate planning is a crucial step in ensuring that your hard-earned assets and legacy are protected after your passing. The legal documents that are involved in this process are essential if you want your property passed to certain heirs after you are gone. However, the creation of an estate plan is not a one-and-done task. It requires regular reviews and potential updates when certain life changes occur. When these situations arise, an estate planning lawyer can help. Major life events, such as changes in your marital status, financial situation, or health, can all call for updates to be made to

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Out-of-State Real Estate and Its Effect on Estate Planning

Estate planning helps you plan for your own protection as well as the care and financial support of your loved ones. Many documents can be used to protect your assets and estate, and estate planning can benefit anyone with even a small number of assets. However, an estate plan can become complex when you have assets that are complicated, high-value, or owned in other states. An estate planning attorney can help you navigate the process of modifying an existing plan or creating a new one that manages these assets. When you own assets like real estate in other states, you

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Estate Planning and Second Marriages

Creating an estate plan helps many families feel more at ease about the future. Estate planning is especially important for blended families and individuals who have remarried. If you are unsure how to begin updating or creating an estate plan, you need an experienced estate planning attorney. An attorney can help you decide what changes are needed and how to effectively protect the interests and financial standing of all those in your family. If you already have an estate plan, a second marriage is the right time to review and update it. If you do not have an estate plan,

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The Benefits of a Comprehensive Estate Plan

Estate planning can include a few or multiple documents to determine your wishes and the people you want to benefit from your estate. These documents can be personalized to meet your specific needs. Comprehensive estate planning provides significant benefits, but it is only useful if it is legally enforceable. An estate planning attorney is necessary when creating your estate plan. Every plan is different, but understanding the benefits of some of the most common documents can help you understand the use of comprehensive planning. A Last Will and Testament A will is a basic part of a simple or comprehensive

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Prenuptial Agreements Line by Line

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Strategies For Family Law Illinois

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