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August 2017 Archives

How can a spendthrift trust protect the finances of my heirs?

Planning for the future is an important financial step for people living in Mokena, Illinois. There are many different mechanisms by which you can set your heirs up for financial success. However, not everyone may be as financially savvy or as responsible as you are. If you have an heir that you worry may squander his or her inheritance by overspending or by racking up excessive debts, you may want to consider a spendthrift trust.

Can millennials warm to the idea of estate planning?

If you are a young professional, your days are no doubt very full. You are focused on your career, you enjoy time with your friends and you are into experiencing what life has to offer in terms of new people, places and things. If the subject of estate planning comes up at any point, you probably brush it aside, figuring you should not have to think about it for many years yet.

Understanding living trusts

A living trust is sometimes used as an alternative to a will to administer assets in Illinois. According to the American Bar, one of the differences between a will and a trust is that a trust is effective before the grantor's death, because ownership of the assets is transferred to the trust. Some people name themselves as the trustee, while others appoint an alternative or successor trustee.

Contesting a will that benefits a caretaker

One of the reasons a person might contest a will is because it gives valuable property to someone that the person believes had undue influence over the deceased testator. Undue influence can be a legal cause of a will contest. This type of situation has arisen in the caretaker-beneficiary setting.

Alternatives to a guardianship

While most children are capable of making logical decisions once they turn 18 years of age, there are some who may not be. Whether your child has a mental disorder or some other condition that reduces his or her reasoning abilities, it can be wise to put in place legal parameters that will prevent poor choices once adulthood is reached. We at Zapolis and Associates, P.C., can help you determine the right form of legal support that will best meet the needs of your family member.

Trusts can facilitate family business succession

At a very basic level, to create a trust in Illinois, a property owner makes an agreement or declaration for a trustee to administer his or her property. While the necessary elements are simply stated, the creation of a trust document must be carefully crafted to avoid probate when a person dies. According to the Illinois State Bar Association, a person can create a revocable living trust, which means that the trust is administered during the person’s life and after death. In a living trust, a person can also provide for contingencies such as incapacity.

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Zapolis & Associates, P.C.
9991 191st Street
Mokena, IL 60448

Phone: 708-390-8936
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