An estate plan is crucial to protect both your assets and your family after you're gone. While it's crucial that people in Illinois have a solid estate plan in place, it's also important that you know what to look for when it comes to common scams. Forbes offers the following information, which will help you remain vigilant.
It's sad to say, but many elderly people are subject to financial scams. In this case, it's crucial for you to protect your loved ones against potential frauds, which can deprive them of money and even impact their estate planning process. AARP offers the following tips, so you can rest assured your family members are safeguarded from the nefarious actions of others.
As you plan your Illinois estate, you may review your estate planning options and wonder which is best for you and your assets. You have several options, some of which are better than others. One such option is the irrevocable trust. The Motley Fool explores the pros and cons of irrevocable trusts and explains when such an estate planning tool may be right for you.
If you have recently lost a friend or family member, you may be overwhelmed with emotions of hurt and loss. In addition to those feelings, you may have to help with the process of settling your friend or family member's estate. In some cases, the estate will enter into the probate process. In Illinois and in many other states across the nation, the probate process is designed to assist in finalizing any property and assets left behind by the deceased. Whether named by the deceased in the last will and testament or appointed by the court, the executor or estate administrator is in charge of seeing the case through the probate process.
When an adult is incapable of handling his or her own affairs, the court might step in and appoint another person to do so. This person can take on the role of guardian or conservator, which are two similar designations that still have a few important distinctions. The Balance explains the difference, along with highlighting the essential duties.