Articles Posted in Wills

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

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.