Wills & Trusts

/Wills & Trusts

Obtaining a Power of Attorney for Health Care in the State of Illinois

By | June 9th, 2018|Estate Planning, Wills & Trusts|

If you reside in the State of Illinois and are looking to obtain a power of attorney, you should know that there are two basic types of forms available. The first one is a power of attorney that will grant power to a person concerning your property and/or assets. The second one, which concerns health care, will be addressed in this article. (755 ILCS 45/) Illinois Power of Attorney Act "Sec. 2-1. Purpose. The General Assembly recognizes that each individual has the right to appoint an agent to make property, financial, personal, and health care decisions for the individual but [...]

Important Factors When Obtaining a Power of Attorney in Illinois

By | March 16th, 2018|Conservatorship, Estate Planning, Probate, Wills & Trusts|

Obtaining a power of attorney in the State of Illinois can give another person, agent, or party the legal right to make financial or health care decisions on your behalf in the event that your because incapacitated to make these on your own. When a power of attorney is obtained, this power can be flexible and it can also be valid for an indefinite and definite period of time. Factors To Consider When Assigned a Power of Attorney While a power of attorney can be formulated without the assistance of a lawyer, it can nonetheless be beneficial to obtain the [...]

What Should You Know About Pour-Over-Wills?

By | January 17th, 2018|Estate Planning, Wills & Trusts|

A lot of people ask what will happen to assets that are not included in a trust. How can such assets be transferred at the time of death? The answer is through a pour-over-will. A pour-over-will can be used in conjunction with a living trust to ensure that your near and dear ones benefit the most from your assets after your death. There are many reasons all the assets are not transferred to a trust. Sometimes people just forget to transfer newly acquired asset. A pour-over-will ensures that the assets are distributed according to your exact wishes. Let's explore this [...]

5 Invaluable Tips for Successful Estate Planning

By | January 5th, 2018|Estate Planning, Wills & Trusts|

Effective estate planning will ensure that your assets are transferred efficiently, and your legacy is protected after your death. You should look at the best interest of your loved ones when it comes to preservation of family wealth. Here are five invaluable tips that we believe can prove invaluable for successful estate planning.1. Charitable ContributionsCharitable contributions can provide benefits in multiple ways. Not only will it result in personal satisfaction, it will also help you maximize the amount received by the beneficiaries from the estate. Charitable contributions can be deducted from the estate taxes. In this way, you can leave [...]

Can a Living Trust Help Protect Assets from Creditors?

By | January 3rd, 2018|Estate Planning, Wills & Trusts|

Creating a living trust helps in avoiding the costly probate process. The trust helps make sure that the beneficiaries receive the maximum possible amount from the estate. A common confusion regarding living trusts is whether they help protect the assets from creditors. The answer is not that straightforward. Here we will explain when a living trust can be used to protect your assets from creditors, and also when it cannot serve this purpose. Living Trusts: What are They? A living trust refers to a trust that is created during your lifetime. You can create a living trust with the [...]

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 [...]