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General

Five Most Important Estate Planning Documents

There are five basic estate planning documents that make up a thorough estate plan. These include a will, beneficiary designations for insurance policies and retirement accounts, power of attorney (POA), trusts, and health care directives. Planning your estate can be difficult as it involves intricate legal paperwork, financial complexities, and tax considerations. Nevertheless, an estate plan is a crucial part of protecting your legacy and family. While it might be unsettling to think about, having a strategy for your estate after death is essential. All your possessions, from your home to bank accounts and other assets, make up your estate. While estate planning can be complicated, it's not as stressful as you think when you hire an experienced attorney. Our estate planning lawyers serving Rockford, IL, are here to help you understand the basics. Below, you'll find more information on what is included in an estate plan. Estate Planning Documents Checklist As stated above, the most important legal documents that make up a thorough estate plan include five essentials: A...

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When Should You Make a Will? A Guide for Illinois Residents

Have you ever wondered when to create a will? It's a common question but the answer isn't always straightforward. At Crosby Law Firm, we understand that thinking about writing a will can be uncomfortable for many people. But having one is crucial for protecting your loved ones and ensuring your wishes are carried out after you're gone. In this article, we'll dive into when and why you should create a will, and how to go about the process in Illinois. When To Create a Will The best time to make a will is once you become a legal adult and turn 18 years old. The second best time is after going through a significant life event. In other words, right now is probably a good time to start, especially if you have assets or dependents. Many people think wills are only for the elderly or the wealthy. That's not true and in fact, there's no "right" age to write a will. There's also no monetary milestone you have to reach...

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What Is a Probate Lawyer and How Can They Help You?

If a loved one has recently passed away, you may be wondering, "What does a probate lawyer do and do I need one?" In simple terms, a probate attorney assists the executor of an estate and beneficiaries in getting through the probate process to settle asset distribution and other proceedings. Probate is a legal term for determining how the distribution of a deceased person's estate will go. Probate can be long and complicated, depending on various factors. Regardless of the situation, working with a qualified probate lawyer can help ensure the process goes smoothly. Why Do I Need a Probate Lawyer? Probate can be a complex process and it's wise to have a skilled legal professional at your side to help navigate it. Some of the many responsibilities a probate lawyer handles include: Identifying and compiling a list of the estate's assets Gathering life insurance proceeds Organizing property appraisals Settling outstanding debts and estate taxes Handling other financial aspects of the estate Drafting and submitting necessary probate court paperwork Distributing...

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Can I Sue My Employer for a Slip and Fall Accident?

Many slip-and-fall accidents happen outside the home. In these cases, an injured individual may be able to file a premises liability claim. However, if you have a slip and fall accident at work, the best way to pursue financial recovery is through workers' compensation. Only in some situations can you sue your employer for injuries. Your right to file a slip and fall accident lawsuit will depend on the circumstances surrounding your case. To learn more about your options, continue reading. When To File for Workers' Compensation A serious fall can cause debilitating injuries and even permanently impact a person’s mobility. If you suffer an injury that leaves you unable to work, you may find yourself in a tough financial situation. In general, injuries that occur while a person is on the job are covered by workers’ compensation. Rather than filing a personal injury lawsuit, the injured worker should file a claim for workers' comp benefits. Employees can file for workers’ compensation when they sustain an injury or become ill...

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Learn About and Avoid Common Estate Planning Mistakes

Proper estate planning supports your wishes after death and reduces the burden on your loved ones. However, there are many common mistakes in estate planning that can put you and your assets at risk. Continue reading to learn about some of these oversights and how you can avoid them. What Is Estate Planning? Estate planning involves preparing for the management and distribution of your assets after you pass away. It can also ensure your affairs are properly managed should you become incapacitated. An estate plan includes documents like wills, trusts, and powers of attorney. Common Estate Planning Mistakes To Avoid Putting It Off One of the most common estate planning mistakes people make is avoiding the process. Some believe they have plenty of time to handle the task, and others think estate plans are only necessary for people with extreme wealth. However, life is unpredictable, and having an estate plan in place is crucial for everyone, regardless of age or financial status. Delaying your estate plan could lead to legal...

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What Is an Executor of an Estate?

When planning your estate, one of the most important decisions you’ll make is choosing an executor. The executor of an estate is a person appointed to manage and distribute your assets after death. This role carries significant responsibility, so it's crucial that you select someone trustworthy and capable. But what exactly are the duties of an executor of an estate? Below, we discuss the most important fiduciary duties an executor takes on and how they handle them. Continue reading to learn more! What Does an Executor of an Estate Do? An executor is responsible for ensuring that the wishes outlined in a will are carried out appropriately and according to state law. They play a crucial role in the probate process, which is the legal procedure for settling an estate. This process can be long and complex, underlining the importance of an executor's responsibilities. What Are an Executor’s Primary Duties? The duties of an executor are varied and require careful attention to detail. Below are the main responsibilities an executor...

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Tips for Dealing With Insurance Companies After an Accident

How To Deal With the Other Driver's Insurance Company After an accident, figuring out how to deal with the at-fault driver's insurance company might not be your first concern. However, your interactions with them can affect whether or not you receive fair compensation for your injuries. Knowing what to say (and not say) to insurance companies is key to protecting your rights. Illinois is an at-fault state when it comes to motor vehicle accidents. This means that the driver who isn’t responsible must file a claim with the at-fault party’s insurance company. Unfortunately, the other driver’s insurance company has one goal: Reduce the amount of money they have to pay out. If they can undermine the validity of your claim, they will do so to protect themselves. Working with a qualified car accident lawyer in Rockford can help protect you against the tricks adjusters use to reduce claims. At Crosby Law Firm, we know what to expect from insurance companies and how they can twist your words against you. If...

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Estate Planning Tax Strategies for Federal & Illinois Taxes

In the realm of estate planning, understanding and navigating the intricacies of estate taxes is paramount. For many in Illinois, the idea of a significant portion of their...

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