Typically, that is not a good idea.  First, you lose certain tax benefits that come from inheriting a house versus gifting a house during your lifetime.  Second, you could be allowing your house to become an asset that is subject to judgments that may be entered against your child.  If your goal is to transfer your house to your child after you pass, doing so through a Transfer on Death Deed, Will or Trust is a better option.

The best time was yesterday.  The second-best time is now.  A Power of Attorney can only be created when someone has capacity to do so – meaning that they understand what they are signing.  Once someone is incapacitated it is too late to create a Power of Attorney and guardianship may be the only option.

Signing your Trust is like buying a basket – once you buy it, you need to fill it.  That means transferring property into the name of the Trust or making the Trust the beneficiary of assets that cannot be transferred into the name of the Trust.  This also requires routine maintenance to make sure you haven’t made purchases or transfers that are not within the Trust.

An estate plan helps ensure your assets are distributed according to your wishes while protecting your loved ones and minimizing legal complications. It also allows you to appoint trusted individuals to make financial and healthcare decisions if you become unable to do so yourself.

It depends on your individual circumstances. A will outlines how your assets should be distributed after your death, while a trust can help manage assets during your lifetime, avoid probate for certain property, and provide greater control over how assets are distributed. An Estate Planning can help determine which tools best fit your goals.

If you pass away without a valid will, Illinois intestacy laws determine how your estate is distributed. This may result in assets being divided differently than you intended, and the court will appoint someone to administer your estate.

Probate is the legal process of administering a deceased person’s estate. It typically involves validating a will, identifying assets, paying debts and taxes, and distributing remaining property to beneficiaries according to the law or the deceased’s wishes.

Probate is the legal process of administering a deceased person’s estate. It typically involves validating a will, identifying assets, paying debts and taxes, and distributing remaining property to beneficiaries according to the law or the deceased’s wishes.

The length of probate varies depending on the complexity of the estate, creditor claims, and whether disputes arise. Many estates are settled within several months, while more complex estates may take a year or longer.

In many situations, yes. Proper Probate strategies—such as creating certain types of trusts, using beneficiary designations, and holding property jointly—may help reduce or avoid probate for eligible assets.

A Power of Attorney is a legal document that authorizes someone you trust to make financial or healthcare decisions on your behalf if you become unable to make those decisions yourself. It helps ensure your affairs continue to be managed according to your wishes.

A Living Will allows you to express your preferences regarding certain medical treatments if you become terminally ill and are unable to communicate your wishes. It provides guidance to your loved ones and healthcare providers during difficult situations.

It’s generally recommended to review your estate plan every three to five years or whenever a major life event occurs. Regular reviews help ensure your documents continue to reflect your wishes and current circumstances.

Depending on your circumstances, certain Probate strategies may help preserve assets while preparing for future long-term care needs. Planning early often provides more options than waiting until care becomes necessary.

Business owners should incorporate succession planning into their estate plan. Proper planning helps ensure ownership transfers smoothly, protects the business you’ve built, and provides continuity for employees, partners, and family members.

Probate costs vary based on the complexity of your situation and the documents you need. Simple plans generally cost less than more comprehensive plans involving trusts, business planning, or tax considerations. During your consultation, we’ll discuss your goals and provide a clear understanding of your options.

Your executor should be someone you trust to responsibly manage your estate, follow your wishes, communicate with beneficiaries, and handle financial and legal matters. Many people choose a family member, close friend, or a professional fiduciary depending on their circumstances.

Yes. Estate plans should be updated whenever significant life changes occur, such as marriage, divorce, the birth of a child or grandchild, retirement, changes in financial circumstances, or changes in Illinois or federal law.