Fox Valley Estate Planning Blog

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By: Drendel & Jansons Law Group

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Drendel & Jansons

Latest from Fox Valley Estate Planning Blog

If You Have Ever Thought, “I just need a simple will,” Read This Now One of the common statements I hear from clients is this: “I just need a simple will”. I hear it all the time. According to legal blogger, Katya Sverdlow, ninety percent (90%) of the people who say, “I just need a simple will,” are wrong.  I am not sure about the percentage, but I know what she is saying. I…
Financial anxiety is a common issue for seniors. Many older adults live on fixed incomes and have more expenses than they can easily cover. Moreover, it’s relatively common for people after retirement be uncertain about their financial situation and not know, realistically, how stable you are – or aren’t. This uncertainty can breed anxiety that isn’t truly supported by reality. If you are anxious about providing for your loved ones when you are gone or…
One of the most common questions, and an area of much misunderstanding, involves the difference between a Trust and a Will. I have not addressed the subject in some time, so doing so again seems appropriate. I will begin with an explanation of Wills since people seem to have a better idea of the concept of a Will. Trusts (for estate planning purposes) are probably best understood in comparison with Wills. What is a Will?…
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When it comes to protecting your family and loved ones, most parents will do whatever it takes to support their future. Especially during these uncertain times, families and couples are facing tremendous challenges when it comes to their health, mental well-being, relationship, and financial security. If you are a new parent, single parent, or a couple looking forward to children in the future, some important considerations can help you prepare for this responsibility.   Build…
If you have found yourself on this page, you have read the article, How Well Can You Answer Some Common Estate Planning Questions? If you are thinking about doing estate planning yourself using one of the available online estate planning kits, you should have some confidence in your understanding of estate planning to do it yourself. This little quiz is a good test. I see many examples on a weekly basis of people who make…
The Internet has opened up the world for do-it-yourselfers, including the option do your own estate planning.  People have saved a tremendous amount of money by “Googling it” and finding how-to videos and instructions on all kinds of things. From alternatives to medicine that promise relief from ailment and good health to do-it-yourself Will kits, there is something for everyone. On the subject of Wills and estate planning, specifically, many resources, Like Legal Zoom, have…
Anyone who is thinking about estate planning thinks (or should be thinking) about probate. Probate is the term that generally describes the administration of an estate of a deceased person. Probate is also the process for administrating the estate of a deceased person that is established in the State Probate Act.  That process is handled through the court system. Probate is not the only way to handle an estate. It is the default process –…
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Most people help their children when their children need help, even when they are adults. Sometimes that means making “loans” to them. You should think about how to handle gifts or loans to children in a Will or Trust. Your family will thank you for it! Imagine that your son’s car breaks down, and he needs a car to get to work. Student loan debt and the cost of living puts your daughter behind on…
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Trusts are very robust and handy estate planning tools. If you are not familiar with trusts, perhaps you should read some articles that explain what trusts are (See Trusts Compared to Corporations; The Benefits of Living Trusts; and Avoiding Probate is a Matter of Trust) Even if you are familiar with trusts, the difference between revocable trusts and irrevocable trusts may remain a mystery. Both kinds of trusts, however, are considered “living…
Trusts are very robust and handy estate planning tools. If you are not familiar with trusts, perhaps you should read some articles that explain what trusts are (See Trusts Compared to Corporations; The Benefits of Living Trusts; and Avoiding Probate is a Matter of Trust) Even if you are familiar with trusts, the difference between revocable trusts and irrevocable trusts may remain a mystery. In this article, I will explain the difference between revocable trusts…