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!
Property Sisters: How to Talk to Mom and Dad about Creating an Estate Plan
Conversations about death and dying are difficult. Most people avoid them because they invoke feelings about our inevitable demise. Broaching this subject can be particularly difficult for parents and their adult children. Adult children may avoid bringing up the...
Who Should Be the Trustee of a Third-Party Special Needs Trust?
Family members with special needs may require assistance throughout their lives. If you want to ensure that a loved one with a disability is taken care of after you are gone, you can help manage resources for them by using a third-party special needs trust (SNT). Also...
What Is the Difference Between a Probate and Trust Administration Attorney and an Estate Planning Attorney?
Estate planning attorneys and probate and trust administration attorneys play crucial but distinct roles in the legal processes involving legacy planning, asset distribution, and wealth preservation. Estate planning attorneys focus on creating a plan to manage a...
Estate Administration Details that TV and Movies Get Wrong
While television and movies provide great entertainment, they are not always factual. Even shows based on real events are not entirely accurate. Creators of television programs and movies will often alter details of a story or situation to provide an enjoyable...
Don’t Let These Two Crucial Questions Derail Your Estate Plan
Sitting down to create or update your estate plan can be overwhelming. Crucial to a successful plan is your ability to address two major questions: Who will get your stuff when you die? and How do you want those individuals or charities to receive that stuff? Ways to...
Demystifying Probate and the Executor’s Role
When creating a last will and testament (commonly known as a will), one of your most important considerations is who to choose to serve as the executor (also called a personal representative) of your estate. As the name implies, the role of the executor is to execute...
Property Sisters: What Happens to Real Estate With a Mortgage When I Die?
Your mortgage, like the rest of your debt, does not simply disappear when you die. If you leave your home that has an outstanding loan to a beneficiary in your will or trust, your beneficiary will inherit not only the property but also the outstanding debt. They may...
Why It Is Crucial To Work With An Estate Planning Attorney For Your Will & Trust
When people think about creating an estate plan, they may think it just involves getting a set of forms that convey their wishes regarding their finances, health, and what will happen to their stuff when they die. Although the documents that comprise an estate plan...
What to Know If Your Deceased Loved One Owned Firearms
According to the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), from 1986 through 2018, tens of millions of firearms were both manufactured in and imported into the United States.[1] Where are those guns today? They are most likely filling gun safes,...
How a Comprehensive Estate Plan Can Help in Planning End-of-Life Wishes
When people think about estate planning, they usually focus on who will receive their money and property when they pass away and how it will be received. However, estate planning can also address your end-of-life wishes—the considerations and expenses involved when it...