Power of Attorney: What is it and Why It’s Important?

By | November 26th, 2017|Estate Planning, Wills & Trusts|

Life is unpredictable. There is no knowing when a person becomes ill and unable to handle the financial and legal affairs. This is where establishing a power of attorney proves invaluable. Unfortunately, not many people are aware of the role of power of attorney in times of duress. In this article, we will explain what is meant by power of attorney, and also how it can help you in safeguarding your legal and financial interests. What is Meant by a Power of Attorney? A power of attorney is established by creating a legal document mentioning the name of a person [...]

How a Living Trust is Different from a Living Will?

By | November 22nd, 2017|Estate Planning, Wills & Trusts|

Most people get confused when they hear the terms living trust and living will for the first time. Both of them are legal terms with different meanings. Knowing about the difference between the two will avoid any confusion when deciding important end-of-life matters. Let's find out how a living will is different from a living trust, and which one is suitable for what situations. What is a Living Trust? A living trust refers to a legal document that is created by a person during his or her lifetime. It outlines how the property is to be managed after the [...]

What are the Different Types of Wills in Illinois?

By | November 14th, 2017|Estate Planning, Wills & Trusts|

Making a will is important as it ensures that your wealth gets distributed among the family members after your death exactly as per your wishes. It prevents the prospect of the family members fighting over the wealth of the deceased. Keep in mind that there are different types of wills. This may create a confusion when it comes to selecting a will. There are Many Wills You Can Choose From in Illinois Here we have made a list of the most common types of wills so that you can have an easier time deciding which is the best one for [...]

The Illinois Probate Process Explained

By | November 3rd, 2017|Estate Planning, Probate, Wills & Trusts|

Probate is the legal process by which assets of the deceased person is distributed. The court-supervised process helps settle the legal title of the deceased person's property and fulfill debt obligations. Understanding the probate process is important as it will allow you to know whether or not probate should be sought. Here we will take a close look at the probate process in the state of Illinois. What is the Probate Process in Illinois? The probate process in Illinois is similar to any other estate. It includes identifying the assets of the deceased person, paying the debts, and distributing the [...]

How Guardianship Differs from Guardian ad Litem?

By | October 28th, 2017|Estate Planning, Guardianship, Probate, Wills & Trusts|

Most parents get confused when they hear the words guardianship and guardian ad Litem. While the two terms seem interrelated, they are in fact completely different terms in the legal context. Here we will explain the differences between the two legal terms so that you can make the right decisions for your child. What is Meant by Guardian ad Litem? Ad Litem is a Latin word that is translated to 'for the lawsuit'. Guardian ad Litem (GAL) in the legal context refers to a court-appointed person who prepares a report relating to parental rights. The court can appoint a GAL [...]

Conservatorship Process in Illinois Explained

By | October 9th, 2017|Conservatorship, Estate Planning|

A court-appointed conservator manages the financial affairs of a person who has become incapacitated due to any reason. The conservator supervises the financial matters on behalf of the conservatee who has suffered a debilitating injury, or disease such as dementia or Alzheimer's. Not many people are aware of what conservatorship is and how it affects their estate. Understanding the conservatorship process is important to make the right decisions regarding estate planning. Here, we will explain the process of creating a conservatorship in Illinois and will discuss about its pros and cons. How is a Conservatorship Created? In Illinois, a conservatorship [...]

What are the Different Types of Power of Attorney?

By | September 15th, 2017|Estate Planning, Probate|

A power of attorney is a legal document that entitles a person to act on behalf of another person. The person on whose behalf the power of attorney is created is called the principal or grantor. The agreement becomes legally binding when the document is duly signed by all the relevant parties in front of a notary. Power of attorney is important for a number of reasons, and understanding the different types of power of attorney is important to ensure that you make the right decisions regarding the estate planning. Here we will explain five important types of power of [...]