Estate Plan Basics for Difficult Times
With all these anxieties and unknowns weighing on your mind, it might feel like there’s suddenly a pressing need to get your affairs in order―just in case.
Estate Law Blogs & News
When Do I Need a Special Power of Attorney ?
You may want to set up power of attorney, if you’d like someone else to make decisions on your behalf. Special power of attorney has a narrow scope. It grants someone the right to act for you in certain situations. It can be helpful in financial decision-making.
What To Do If I’m Named Financial Power of Attorney?
Has a loved one named you their financial power of attorney? Are you ready to take on all the responsibilities that entails? Hopefully, you won’t be called into action anytime soon, but with the coronavirus pandemic continuing, it’s something to think about.
When Does the Fiduciary Duty Granted by a Power of Attorney Begin?
Under Illinois law, an individual holding a power of attorney is a fiduciary as a matter of law. The person designated as a power of attorney agent owes a fiduciary duty to the principal—the person making the designation.
What Should I know about a Financial Power of Attorney?
Has a loved one named you their financial power of attorney? Are you ready to take on all the responsibilities that entails? Hopefully, you won’t be called into action anytime soon, but with the coronavirus pandemic continuing, it’s something to think about.
Which Takes Priority in a Conflict: a Will or a Trust?
A will and a living trust are both part of a comprehensive estate plan, that sometimes are inconsistent with one another. When there are conflicts, the trust takes precedence.
Should I Create a Trust?
The main reason that people choose to have a living trust instead of a will, is that it avoids the probate system. Probate is the legal proceedings to decide whether a will is legal and binding. It also is the court session to decide where the property will go, if there is no will provided.
C19 UPDATE: Setting Up a Strong Estate Plan in the Time of Coronavirus
Who will make decisions about your finances and health (maybe even your life) if you get COVID-19?
Do I Really Need a Health Care Power of Attorney and Living Will?
An Advance Directive/Living Will is that type of document. It provides authorization for the termination of life support. It is a document that only you can sign – you cannot delegate the power to make that decision.
Update Your Estate Plan to Protect Spouse and Children
Imagine you get married and within a year or two, your new spouse passes away. Now, imagine that your grief is compounded with financial stress.
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