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 High Net Worth Families in Illinois: Beyond the Basics
A standard Estate Plan does its job well up to a point. Will, Trust, Powers of Attorney, beneficiary designations in order. For many families, that structure holds. For families whose wealth has grown significantly, that structure is often the floor, not the ceiling....
Kids Going Away to College? Why You Should Include Estate Planning in the Preparation
KEY TAKEAWAYS College can change your legal rights overnight. Could you help in a medical emergency? College paperwork isn't enough. One conversation can protect your family. The college checklist most parents overlook. You have likely been preparing for weeks to get...
Happy 18th Birthday! Now What?
KEY TAKEAWAYS Turning 18 changes more than you think. Your parents may no longer have access. One emergency can expose a big gap. Estate planning isn't just for older adults. A few documents can protect your future. Congratulations! You are now legally an adult....
When Your Child Turns 18, Everything Changes—Legally
KEY TAKEAWAYS At 18, your legal authority as a parent ends. Medical, financial, and school information can suddenly become off-limits. Unexpected problems aren't always emergencies. A little planning today can prevent major stress tomorrow. The best gift you can give...
What Is a Pour-Over Will, and Why Do You Need One With Your Trust?
Most people with a Living Trust assume the Trust does all the work. Set it up, fund it, and everything flows the way you intended. Then life happens. A new bank account opened last year, or a settlement check landed after everything else was in place. Maybe you...
Estate Planning After Divorce in Illinois: What You Need to Update Immediately
Most people with a Living Trust assume the Trust does all the work. Set it up, fund it, and everything flows the way you intended. Then life happens. A new bank account opened last year, or a settlement check landed after everything else was in place. Maybe you...
Your Divorce Decree: The First Step in Estate Planning
KEY TAKEAWAYS One signature doesn't always change everything. Once the divorce is final – not all legal needs are necessarily complete. What is in a divorce decree? What effect does the divorce decree have on an existing estate plan? Protecting your new future. One...
The Mid-Year Estate Planning Checklist for Illinois Families
Your Estate Plan was accurate the day you signed it. The question is whether it still reflects your life six months, two years, or one major financial decision later. Most families don't find out their plan has missing pieces until they need it to work. Why Mid-Year...
The Risks of an Unfinished Estate Plan—and Why You Should Complete Yours
KEY TAKEAWAYS Unfinished estate plans can create costly legal and family challenges. Delays often stem from emotions, complexity, or busy schedules. Complete documents help avoid probate and confusion, and ensure enforceability. Review your plan after major life...
Trust Administration in Illinois: What Happens After Death
When families ask about Trusts, they almost always start with the same question: What is the difference between a Revocable and an Irrevocable Trust, and which do we need? The answer depends on your goals, and choosing incorrectly has consequences that most don't...