Blog Articles
Info About Wills, Trusts, and More…
Hello and welcome! I am Eileen Kerlin Walsh, and I will bring you valuable and topical information on Estate Planning. Estate Planning is the legal process of protecting your assets and your loved ones in the event of disability or death.
Why do you need an estate plan? If you don’t have a valid Will or Trust, Illinois law determines how your assets pass, to whom and when. Having no estate plan can lead to unnecessary taxes, creditors, probate court and other undesirable results. This is the most costly way to pass assets to your loved ones. You can do much better and my column will show you how!
Estate Planning for Parents of Young Children in Illinois: What You Must Have in Place
If you are raising children under eighteen in Illinois, your Estate Plan has one job above all others. It makes sure your children are cared for by the people you choose, with the resources you leave behind, if you are ever not there to do it yourself. For young...
Plan Smart, Live More: Test Your Estate Planning IQ!
KEY TAKEAWAYS How well do you know your estate planning documents? Do you know what happens to your assets if you die without a will? Not all assets follow the same rules when it comes to inheritance. Do you know what sets a will and a trust apart? The right...
Your Family Is Not One-Size-Fits-All; Your Estate Plan Should Not Be, Either
KEY TAKEAWAYS Traditional inheritance laws may not reflect your family relationships. Blended families need to balance competing inheritance priorities. Unmarried partners may lack important inheritance and decision-making rights. Specialized trusts can protect...
Your Future, Your Control: Celebrate Estate Planning Awareness Month with Us!
KEY TAKEAWAYS Estate planning is for everyone. Estate planning protects you during your lifetime. Beneficiary designations are not a complete estate plan. Conversations alone do not provide legal protection. Without a plan, you may be giving up control. Have You or...
Digital Vaults: The Estate Planning Tool Your Family May Be Missing
KEY TAKEAWAYS A digital vault may be the missing piece in your family's preparedness plan. Important information isn't always easy to find when it matters most. Who can access your information may be just as important as where it's stored. Not all digital storage...
Who Speaks for You? Choosing Trusted Decision-Makers Without Adult Children
KEY TAKEAWAYS Estate planning without adult children comes with some important considerations. Those closest to you may not have the authority to act for you. Choosing the right decision-makers involves more than trust alone. Having a backup plan can be just as...
Where Does It All Go? Legacy Planning Without Direct Descendants
KEY TAKEAWAYS Without children, deciding where your assets go takes on added importance. State inheritance laws may not reflect the legacy you envision. Your legacy can extend beyond family to the people and causes that matter most. Outdated beneficiary designations...
5 Estate Planning Myths Illinois Families Still Believe (And the Truth Behind Them)
The Illinois probate process is the court-supervised path an estate takes after someone dies, from proving the Will to distributing what remains. For a typical Illinois estate, it runs about 12 to 18 months from the first filing to the final distribution. This guide...
Wills vs. Trusts: In Plain English
KEY TAKEAWAYS Wills and trusts serve different purposes in protecting your legacy. The differences between wills and trusts go beyond what happens after death. Probate is an important consideration when choosing your estate plan. The initial cost of an estate plan may...
Quiz: How Well Do You Know Your Own Estate Plan?
KEY TAKEAWAYS Having an estate plan and knowing what it says are two different things. Life changes can make once-appropriate estate planning decisions outdated. Some of the most important details in your plan are easy to overlook. Even a well-prepared estate plan can...