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 | 630-200-4882
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West Dundee, IL847-428-7725
St. Charles, IL630-200-4882
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West Dundee Estate Lawyer

Most people know they should create a will to take care of their assets and carry out their wishes when they pass away. It is often easy to make mistakes during estate planning because people view it as morbid or think they will not die anytime soon so they do not need it. 

It may also be necessary to create a trust as well as a will. A trust is a legal entity in which a third party (trustee) manages assets on behalf of a beneficiary. Beneficiaries are often children but do not have to be. It is crucial to avoid these common mistakes many people make while they are planning an estate. 

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Posted on in Divorce

Kane County prenup lawyerWhen two people get married, they pledge to spend the rest of their lives together. Sometimes it does not work out that way, and they want to get a divorce. Couples who enter into divorce proceedings may worry they will be left with nothing. If that is a concern you have prior to getting married, it may be beneficial to craft a prenuptial agreement.

The need for a prenup can vary depending on the couple and the state in which you live. Illinois law divides property equitably, which does not necessarily mean equally. Equitable division of property looks at numerous factors to determine what is fair to both parties. A prenup can be used as one of the factors which determines how the court will divide property and debts during a divorce in Illinois.

Each couple’s situation is different, so it is a good idea to take stock of your finances if you are considering a prenup agreement. You will need that information for the agreement anyway, and it can be a helpful exercise to fully understand the breadth of your financial situation.

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Carpentersville estate planning wills attorneyIt is important to make a last will and testament when you are planning your estate. A will ensures that your family members will be the legal owners of any property or assets you wish to pass on to them. It also explains any other wishes you might have for what should happen after your death. Personal items, real estate, and vehicles are the most common assets to include in a will. However, wills may also include provisioning for guardianship of children, investments, or business assets. 

Preparing your will is a necessary part of planning for what happens after you die, but not everyone has a chance to make those choices. If a person passes away unexpectedly and has not made a will, the government will need to get involved. 

Intestate Wills

If a person dies without creating and executing a last will and testament, their estate will pass to their family members through a process called “intestate succession.” The state will handle the provisioning of the deceased’s estate to their spouse or heirs. Before the intestate succession process can proceed, the estate will be used to pay for any debts the deceased acquired during their life. The process for intestate succession in Illinois is laid out below: 

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