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!
What Not to Include in Your Estate Planning Documents
One important purpose of estate planning is to facilitate the transfer of ownership of your money and property to your family and loved ones when you pass away. For this transfer to be as stress-free and efficient as possible, it is crucial that estate planning...
Property Sisters: Is A Pour-Over Will For You?
Wills and trusts are the two basic legal instruments that people use to pass accounts and property on to their loved ones at death. Although a revocable living trust is often used in place of a will, the two are not mutually exclusive. You can have both a will and a...
Sometimes Stuff Is the Most Important Part of Your Estate Plan
Most people usually think about who will receive their retirement and bank accounts, life insurance proceeds, real estate, and other valuable possessions upon their death. However, a person’s personal property (their stuff) can also be a source of value that needs to...
Questions You Should Ask Your Estate Planning Attorney
Creating an estate plan is a personal and often emotional undertaking, making the selection of your estate planning attorney of the utmost importance. Here are some questions you should ask your estate planning attorney to determine if they are the right person for...
How Far in Advance Can I Begin My Estate Planning?
You can create your estate plan at any time, but many people choose to begin the process sooner rather than later. Why? Because you never know when life-changing medical or financial emergencies can strike that will require someone else to manage your affairs during...
Property Sisters: Home Security Systems and Estate Planning
Physical security is a big part of feeling emotionally, psychologically, and spiritually secure. A home security system can fit nicely into estate planning goals, providing an extra layer of protection when we are gone—both temporarily and permanently. Incorporating a...
Four Things Your Spouse Should Know Before You Die
It is normal for married couples to share almost every aspect of their lives with each other. But when it comes to death, even the closest couples might become tight-lipped about certain topics. According to one study, half of all couples fail to discuss their dying...
Estate Planning Awareness Week: The Importance to You and Your Loved Ones of Having an Estate Plan
In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. Nevertheless, according to a 2021...
Property Sisters: It Is True…Remodeling Your Home Could Impact Your Estate Plan
When turning to renovation projects, there are often implications that need to be properly addressed. When Remodeling a Home in a Trust with a Home Equity Loan Homeowners with a proper estate plan often place their property in a revocable living trust (i.e., a living...
Was Your Loved One a Book Lover?
Think Twice Before You Throw Them Out! An individual’s belongings—such as jewelry, furniture, photographs, and books—sometimes slip through the cracks of their estate plan. While certain books may be gifted to a beneficiary in a loved one’s will, a book lover may...