Articles Tagged with Chicago Female Lawyer

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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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Wills Can Be Signed Electronically

Prior to the COVID-19 pandemic, wills needed to be signed in person and witnesses (including notaries) needed to be on hand to see the will creator’s actually sign the will.

When the pandemic got underway, Illinois Governor Pritzker signed an Emergency Order declaring that for health and safety related reasons, wills could be signed electronically and that notaries public and other witnesses could view the signing from afar, provided they had a dependable audio and video connection.

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