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estate planning Archives

Discussing your estate plan with loved ones

When it comes to estate planning, there are a wide variety of decisions you may have to make. However, those which affect your loved ones can be especially tough. For example, you may be unsure of how to have the assets of your trust distributed among your children and grandchildren. Moreover, disagreements and other challenges can arise within a family as a result of an estate. For example, siblings may find themselves in a dispute as a result of the estate-related decisions their parents made. Sometimes, these difficulties simply cannot be avoided, but you may be able to address any possible areas of concern by talking with your loved ones.

How can I create a reliable power of attorney?

As a part of the estate planning process, many people are concerned about selecting a power of attorney. Making the best choice is crucial in this case, as this person will be responsible for making essential decisions about your finances and health when you're no longer able to do so. The Financial Industry Regulatory Authority recommends the following tips in this case, which can help you find the best candidate in Illinois to assist you when the time comes.

What are the benefits of making a living trust?

For residents living in Illinois, the primary advantage to creating a living trust, or inter vivos trust, is that you can likely avoid probate. This means you may save your loved ones the time and often costly legal fees that can be associated with the court process that a will would go through.

Planning the future of your family business

Throughout the estate planning process in Illinois, one of your greatest assets is likely your family business. It may be wise to plan out who your successor will be long before you foresee the need for one. That way, you have control over the decisions-making process, and you have time to research the best options for your family and your business. Here at Zapolis & Associates PC, we understand how valuable family businesses are, and we seek to reach the best possible arrangement for all parties involved.

What does estate planning mean for you?

Estate planning may not be the first thing you think about when you wake up each morning. Especially if you are younger and do not currently have pressing obligations to care for dependents. However, your decision to begin planning your estate in Illinois before it is too late can make a world of difference in assuring that things are arranged exactly as you would want if something were to happen to you. It can also eliminate a lot of the stress, contention and financial strain of your family members who may be left to sort through your life.

Detailing Illinois' intestate succession guidelines

Do you ever ask yourself why it seems as though so many in Mokena are concerned about what you do with your money? Why else would people keep saying that you need to start considering your estate planning? Many come to us here at Zapolis & Associates, P.C. with the same question, and we typically offer the same answer: It is all about control. You will work for a majority of your adult life acquiring assets; imagine if the power to designate how they will be dispersed is taken away from you? 

The advantages of trusts

As you plan for your family's future in Illinois, you may benefit from setting up a trust. There are several advantages to this form of estate planning, one of which could be avoiding probate. However, according to Forbes, the greatest advantage to having a trust rather than simply a will is the freedom to control the fate of your estate while you are living and alter it when you see fit. There are various types of trusts, depending on your situation, and you could tailor your estate to fit your family's specific needs. We at Zapolis & Associates, P.C. help our clients through the estate planning process.

The usefulness of a spendthrift trust

A spendthrift trust in Illinois is a tool to protect heirs from themselves. A person with substantial assets may naturally want to give the fortune to heirs. However, knowing the heirs' propensity to overspend whatever they have, the settlor may want them to not have access to the bulk of the assets. They cannot spend what they do not have.

What are the elements of estate planning?

Estate planning in Illinois requires you to consider a range of issues. It is not just about what you will leave to heirs when you die. Estate planning encompasses much more than that if you want to do it correctly. This is why you should begin planning long before you ever begin to anticipate your own demise.

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

Phone: 708-390-8936
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