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November 2017 Archives

3 common estate planning mistakes

You know that quote that starts with, "The best-laid plans of mice and men..."? This quote can be used to describe a lot of Illinois residents' estate plans. Many estate plans are well-intentioned but, at the end of the day, they lay in waste and ruin and never serve to carry out the original goals of the person who created the plan.

What is testamentary capacity?

The legal term "testamentary capacity" refers to the capacity of an individual to draft a will for him or herself. When someone lacks testamentary capacity, a court will render any will that he or she drafted and signed is not valid. A minor, for example, who is under the age of 18, does not have testamentary capacity to draft a will. Nevertheless, in some circumstances, if the minor is married or in the military, he or she might be able to legally formulate a will.

Should you create a trust for your favorite pet?

She cuddles up to you every single night providing a level of companionship that's deeper than anything you've experienced with a human being. She knows when you need her support and you know when she needs yours. It just works: Your pet is the best friend you've ever had.

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