The Holidays Could Provide the Chance to Discuss Your Estate Plans

holidays, Wheaton estate planning attorneysIt is hard to believe that the winter holiday season is here again already. By this time next week, you may be getting ready to sit down for Thanksgiving dinner with your family, loved ones, and friends. A few weeks later, many families will get together to celebrate Christmas, Hanukkah, the upcoming New Year. If your family members live in various parts of the country, the winter holidays could be the only time during the year that your entire family is able to be together. Therefore, I might also be the only chance you have to talk about important subjects such as estate planning.

Prepare for the Conversation

It can certainly be difficult to start a discussion about your estate plans. In fact, even just thinking about estate planning can be uncomfortable because doing so requires confronting your eventual death. The conversation, however, is too important to skip completely. There is no need for your estate plan discussion to take many hours, nor does it need to prevent your family from enjoying the holidays. You can control the situation and keep the tone light and positive, but you will need to do a few things in advance, such as:

  • Talk to certain people before everyone else is involved. It not the best idea to surprise your children or family members in front of everybody during the holidays by asking them to take on estate-related responsibilities. If you want your daughter to be your executor, for example, speak to her about it in private beforehand. When everyone is together, you can let them know that your daughter has agreed to take on the role.
  • Make a brief outline. If you do not have any set direction, your estate planning discussion could go on for a very long time—to the point where it takes over the whole holiday experience. To prevent this, make a short list of the key things that you want to talk about. Then, stick to the list! Other related topics will almost certainly be brought up, but do your best to limit tangents.
  • Cover the big things. The holiday discussion is probably not the place to spend time on the minor details. It really does not matter who is going to keep your bedroom television. What does matter is where your important documents are kept and how your plan accounts for the possibility of mental or physical incapacitation.
  • Let your family speak, not decide. Feedback from your family regarding your estate plan can certainly be helpful, but in the end, the decisions are yours to make. Some of your plans might not be open to debate, and that is fine, but tell your loved ones that. On other subjects, you might invite thoughts and ideas that could contribute to your ultimate decision.

Contact a Wheaton Estate Planning Attorney

If you are in the process of creating an estate plan, or if you would like to get started on one, contact an experienced DuPage County estate planning lawyer. Call 630-665-2500 to schedule an initial consultation at Stock, Carlson, Oldfield & McGrath LLC today.

 

Sources:

https://www.investopedia.com/retirement/thanksgiving-good-time-talk-turkey-about-estate-planning/

https://www.fa-mag.com/news/discussing-the-issue-of-aging-parents-41779.html

The Importance of Updating Your Will After a Divorce

divorce, DuPage County estate planning lawyerHave you drafted and signed a will that outlines your wishes regarding your property and other concerns in the event that you were to die unexpectedly? If so, you are in a better position than most American adults are. In fact, recent estimates suggest that approximately 60 percent of adults in the United States have no formal estate plan in place—not even a basic will. Having a will is a good thing, of course, but it is important to remember that certain life events can have a dramatic impact on the applicability of your existing estate plan. If you are considering a divorce, you will need to think about how it will affect your estate plan.

Your Ex-Spouse in Your Will

It is common for a married person to name his or her spouse as an heir in his or her will. In fact, many married individuals decide that their entire estate should go to their surviving spouse. Additionally, a person could also appoint his or her spouse to serve as the executor of the estate.

According to the Illinois Probate Act, if you divorce your spouse with a valid will still in place, your will remains valid and enforceable. However, the provisions in your will pertaining to your spouse are revoked automatically once the divorce is finalized. Such provisions include any appointments, nominations, responsibilities, and, intended inheritances. As a practical matter, the law treats the situation as if your spouse passed away before you did.

Making the Changes

Once your divorce is finalized, you will need to update any sections of your will that made reference to your former spouse. You might even wish to do so before the divorce actually finalizes. If you were to die before the divorce decree is issued, the provisions in your will that pertain to your spouse are not revoked because you were not divorced. If you do decide to amend your will prior to your divorce finalizing, remember that you will probably need to make more changes later after the distribution of marital property is complete.

You should also keep in mind that the automatic revocation of provisions only pertains to your spouse. If you have named your stepchildren or in-laws as heirs or fiduciaries, those provisions will remain in effect until you actively change them.

It is possible to keep your ex as an heir or a fiduciary in your will if you choose to do so. For example, you might trust your former spouse with managing your estate, or you may want him or her to have certain assets. In order to do so, you must draft and sign a new version of your will that includes your ex-spouse after the divorce decree is issued.

A Wheaton Wills Attorney Can Help

For more information about how your divorce might affect your will, contact an experienced DuPage County estate planning lawyer. Call 630-665-2500 to schedule a confidential consultation at Stock, Carlson, Oldfield & McGrath LLC today.

 

Source:

http://ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2104&ChapterID=60

Estate Planning Basics: Choosing a Suitable Guardian for Your Children

Wheaton wills and trusts lawyersOf all the things that a parent must do, creating an estate plan that names a guardian for their children is, by far, one of the most difficult. That is because it not only requires the parent to consider the possibility of their death, it also requires the them to determine who may be willing, able, and best-suited to raise their child in their absence. Learn more about choosing a guardian to raise your children if a tragedy occurs, and discover how a seasoned estate planning lawyer can assist you with the process. 

Why Choosing a Guardian is Important 

Although most people know that life is unpredictable, they often want to avoid considering their own mortality – and that includes drafting estate planning documents like wills and guardianship papers. Other people simply get lost in their day-to-day lives and simply put off estate planning until “tomorrow.” Regardless of the reason for their delay, parents are highly encouraged to consider the potentially devastating consequences for their children. 

If a tragedy occurs and no will is in place, minor children and disabled adult children may be sent into the foster care system until a guardianship can be named. What is more, the courts typically allow any family member to bid for guardianship of the surviving children of a deceased parent – and that can include people who do not align with your values, religion, or parenting style. From there, the courts will make a determination, and they may use factors that seem irrelevant to you (i.e. annual income, age and overall health of the potential guardian, etc.). In short, parents who do not have a will are leaving the future of their children up to chance. 

Choosing a Guardian – Starting the Process

Only you can truly determine who may be best capable of loving and raising your children in the way that you envision. Perhaps you already have someone in mind, but you may also be struggling with the decision because there are multiple parties that would be suitable. If you are in the latter group, some of the following considerations may help you in making your decision:

  • Who might parent most like you?
  • How important is it that the guardian practice the same religion as you?
  • Are there potential guardians that share your values?
  • Is the potential guardian financially stable enough to care for your child?
  • Is the guardian capable of giving your child the love and attention they deserve?
  • Is the potential guardian mentally, emotionally, and physically healthy enough to care for your children?
  • Is there anything about the guardian that might negatively impact your child?

Keep in mind that you can choose alternate guardians, in the event that the guardian you choose is unable to care for your children upon your death. You can even create a succession plan if the first-chosen guardian passes away after taking guardianship of your children. 

At Stock, Carlson, Oldfield & McGrath, LLC, we understand that guardianship is a serious matter, as the possibility of your untimely death, and we can help you prepare for it all. Seasoned and committed to protecting the interest of your heirs and surviving family, we can help you consider all the potential scenarios and possibilities in your Illinois estate plan. Start by scheduling a personalized consultation with our Wheaton estate planning lawyers. Call 630-665-2500 today. 

Source:

https://www.forbes.com/sites/lizfrazierpeck/2017/11/28/how-to-choose-the-right-guardian-for-your-child/#12171b753d61