Articles Posted in Estate Planning

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What-Illinois-Business-Owners-Should-Know-About-the-One-Big-Beautiful-Bill-Act-copy-300x300Illinois may soon see a major update to its Small Estate Affidavit process. On June 20, 2025, the Illinois General Assembly passed Senate Bill 83 and sent it to the Governor for consideration. The Governor has until August 19, 2025, to sign or veto the bill. Since

the General Assembly is currently out of session, failure to act by that date will result in an automatic veto.

Senate Bill 83, introduced by the Illinois State Bar Association’s Trusts and Estates Section Council, is designed to modernize and expand access to the Small Estate Affidavit, a tool that allows certain estates to bypass the formal probate process. Under

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https://www.businessattorneychicago.com/files/2025/09/What-Illinois-Business-Owners-Should-Know-About-the-One-Big-Beautiful-Bill-Act.png-300x300.pngA new bill, Senate Bill 1667, has been sent to the Governor’s desk and could soon bring meaningful updates to the Illinois Trust Code. If signed into law, this legislation would create additional obligations for trustees, especially regarding document retention and the recovery of unclaimed trust assets. These proposed changes reflect a broader movement to modernize trust administration and promote long-term accountability.

At the heart of the bill are two key provisions. First, trustees would be required to keep a copy of the trust instrument for a minimum of seven years after the trust has terminated. This post-termination retention period helps preserve essential records that could become critical in the event of future questions, disputes, or beneficiary claims. Second, trustees would be obligated to conduct a reasonable search for any trust property that has been reported to the Illinois State Treasurer as unclaimed. This requirement is designed to ensure that assets do not slip through the cracks or go unclaimed due to administrative oversight.

Together, these changes aim to enhance transparency, reduce the likelihood of lost or forgotten property, and protect the interests of beneficiaries even after the trust’s formal duties have ended. As trust assets become increasingly diverse, and as more accounts

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estate-300x251The recent deaths of Hollywood legend Gene Hackman and his wife of the past three decades, Betsy Arakawa, very close in time to one another have led to a potentially messy situation in which one of Hackman’s children might be contesting his will. The scenario highlights why it’s important that trust and estate documents account for all possible outcomes and give those you leave behind an unambiguous path to disbursing your assets.

Official reports appear to show that Arakawa died from the rare disease hantavirus and that Hackman—suffering from Alzheimer’s disease and likely not lucid enough to have called police about his wife’s death—passed away about a week later from cardiovascular disease.

Hackman’s 2005 Living Trust names Arakawa as his sole beneficiary for his $80 million estate, but since she appears to have died first, it’s not entirely clear what happens next. His daughters Leslie and Elizabeth and son Christopher are not named anywhere in the documents.

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Guest Blogger: Attorney Tracy Ries

For parents going through a divorce, the right-now priority is to retain matrimonial attorneys to negotiate or litigate a plan to divide up assets, determine alimony and child support payments, and haggle over children’s residency and visitation schedules.

And it’s understandable that’s the top focus from a legal standpoint. But assuming you and your soon-to-be former spouse have, at some point, put into place estate planning documents—wills, trusts, powers-of-attorney, life insurance policies or anything else—you will want to revisit those ASAP.

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Did you know that according to recent statistics, a significant percentage of adults still don’t have a will in place?  Here’s a glimpse into the current state of estate planning:

1. Widespread Gap: Surprisingly, approximately 60% of adults worldwide do not have a valid will. This means the majority of individuals are yet to formalize their wishes regarding asset distribution, guardianship, and more.

2. Age and Preparedness: Studies indicate that the younger demographic tends to procrastinate on estate planning. About 78% of millennials and 64% of Generation X don’t have a will, assuming that this is a concern for later stages of life.

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