Your Illinois Wills, Trusts, and Estates Explained Simply : Important Information You Need to Know for Illinois Residents

by Ashar, Linda C.

• ISBN13: 9781601384140
• ISBN10: 1601384149
• Format: Paperback
• Copyright: 2011-11-14
• Publisher: Atlantic Pub Co

Summary

Few people want to think about what would happen to their families if they become disabled or die; however, planning for these occurrences in advance will reduce potential stress on your family later in life. This new book will take the guesswork out of planning your estate and help you finally understand the complex processes.

Table of Contents

Introduction: Estate Planning: What Is It?	p. 9
Getting Started	p. 11
Estate Planning Simplified	p. 12
Everyone Dies: A Simple Statement with Complicated Implications	p. 14
Money Talk	p. 16
I Do What with All This?	p. 17
Here and Now	p. 21
What This Work Can Do	p. 25
What Exactly is Involved	p. 26
Estate Planning Basics	p. 31
Debunking Myths	p. 33
Your Estate	p. 36
People	p. 38
Who Will Carry Out Your Wishes in Your Place?	p. 47
People of Influence	p. 55
Components of an Effective Estate Plan	p. 61
Legally Speaking	p. 62
Denning Your Estate	p. 66
Pass the Parchment	p. 66
Taxes	p. 81
Federal First	p. 82
Now for the State	p. 87
When, Not If, You Pay	p. 89
Wills	p. 101
Will Basics	p. 102
Wills Denned	p. 103
The "Other" Will	p. 111
People Speaking for You	p. 113
Change and Your Will	p. 115
Trusts	p. 117
What is a Trust?	p. 118
Types of Trusts	p. 123
Pros and Cons of Forming a Trust	p. 128
Insurance	p. 131
Insurance for Here and Now	p. 133
Insurance for After You Are Gone	p. 142
Varying Beneficiaries	p. 144
Retirement Accounts	p. 147
Your Nest Egg	p. 148
IRAs and Then Some	p. 152
Your Government Nest Egg	p. 154
Protecting Your Eggs	p. 156
Retirement/Estate-Planning Strategy	p. 158
Setting Priorities	p. 163
Your Own Who's Who	p. 164
Memory Lane	p. 169
Your "People"	p. 172
Must-Do	p. 174
Choosing Who, What, How, When, and Why	p. 177
Who and When: The Matching Game	p. 178
When: Today, Tomorrow, or Later?	p. 181
How: The Professionals	p. 183
Planning Your Estate: Last Will and Testament in Illinois	p. 191
Elements of a Valid Illinois Will	p. 192
Changing Your Will - Codicils	p. 198
Where to Keep Your Will	p. 199
Beneficiaries, Debts, and Entitlements	p. 199
Bequests to Minors	p. 201
Guardian of Children	p. 202
Intestate in Illinois	p. 202
Death Taxes	p. 203
How Your Will Might be Challenged	p. 203
A Different Type of Will - Your Living Will in Illinois	p. 204
Keeping it Current	p. 209
What Changes?	p. 210
What Does "Maintenance" Look Like?	p. 212
What to Go Over	p. 216
Your Desk	p. 217
One Last Motivator: Probate and You	p. 219
Conclusion	p. 223
Estate-Planning Worksheets	p. 225
Your Estate in Black and White	p. 225
Prioritization	p. 228
Who, What, How, and When	p. 229
Essential Documents and Accounts Inventory	p. 230
Party Planning with an Unusual Twist	p. 249
Estate Plan Summary Sheet	p. 251
Annual To-Do List	p. 253
Glossary of Terms	p. 255
Bibliography	p. 281
Author Biography	p. 283
Index	p. 285
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