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October 2016 Archives

What to put in your will

Forbes estimates that about 51 percent of Americans aged 55 to 64 don't have a will. Even more staggering, 62 percent of men and 67 percent of women aged 45 to 54 haven't written one. When you die without a will, it's called intestate, and there's no guarantee as to who will inherit your assets. Typically, if you're married, then your spouse will inherit. It becomes trickier if you don't have a wife, but you have children under the age of 18. The state might name a guardian for them and place the assets in a trust for the children. If your children are over 18, the estate will most likely have to go through probate, which is a slow-moving court proceeding in which the judge sorts out the estate. If you're childless, the court may give your money to your nearest relatives.

Addressing the family cabin in an estate plan

For many individuals across Illinois and Missouri, memories of weekends at the family cabin carry deep sentimental value. In some instances, generations of family members have enjoyed getaways to the family lodge. Cabins, second homes, hunting land and vacation properties generally have monetary value as an asset in an estate. Yet, the family tradition of spending time together often carries a strong emotional attachment to the weekend retreat.

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