10/04/2024
When it comes to estate planning, clients sometimes say: “I want something simple.” We ask, simple for who? Simple for you? Or simple for your loved ones?
The easy thing to do is nothing. The state has a plan for you. It just might not be the one you want.
One example: if you’ve done no planning, your loved ones have to go through probate to receive your assets. Probate is a judicial process, which in Illinois requires the hiring of an attorney, and in addition to paying those legal fees, it requires the payment of filing fees, a bond, and publication fees. The case must sit open in court for at least six months while waiting for creditors to file claims. And the case is public, meaning anyone can see both how much was in your estate when you passed away, and the names and home addresses of all your heirs who can anticipate receiving your assets.
Want to keep things simple for your loved ones? You may want to put your own plan together.
National Estate Planning Awareness Week is right around the corner. Want to learn more about how estate planning can create peace of mind for you and your loved ones? Attend our free seminar on Illinois Estate Planning Essentials, held on Tuesday, October 22 at noon CST over Zoom. Registration is required and can be done by clicking here: https://bit.ly/3zqOyZ1