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August, 2020 Archives

Archives for 2020

How to Revoke a Power of Attorney

People who establish powers of attorney may take back the authority granted to their named agents as long as they are of sound mind. An essential estate planning instrument, durable powers of attorney give named agents the ability to act as the principals’ personal representatives. The attorney-in-fact can perform certain actions and make certain decisions on the principal's behalf. Since POAs are often created well before a need for them arises, circumstances may change, and principals may … [Read more...]

The COVID-19 Pandemic Is Transforming the Real Estate Industry

The coronavirus is transforming the real estate industry in Illinois, and the Windy City is enduring the pandemic’s wrath. Listings in Suburban Chicago and similar areas, however, are drawing the attention of city-dwellers and home prices in the Burbs are on the rise.  Suburban Real Estate Surge  Fear of coronavirus exposure has prompted city-dwellers across the country to flock to more spacious, less populated suburban areas in recent months. According to data from Realtor.com, … [Read more...]

Leave Proper Documents For Your Loved Ones

In estate planning, the right end-of-life documents are the key to ensuring an individual's needs and desires are followed after death. A will can help individuals protect against unwanted taxes or probate court concerns, and a trust can help add even more protection. By ensuring the proper documentation is in place early, Illinois residents can safeguard their families and their beneficiaries after death. Lists Help Take Stock of Finances First, individuals working on their estate plans … [Read more...]

Estate Planning During the COVID-19 Pandemic

The COVID-19 pandemic has caused many to turn their thoughts to the "what ifs" of end-of-life planning, yet estate planning becomes more difficult when legal teams are under stay-at-home orders and keeping their firms closed. For those who are ready to make changes to their estate plan, this time of introspection provides an excellent opportunity to start with the help of an estate planning lawyer. Why Make an Estate Plan? The COVID-19 pandemic has shown that all it takes is an illness to … [Read more...]

What Is a Financial POA?

Financial powers of attorney allow people to name others to handle finance-related matters on their behalf. Whether out of town, incapacitated due to injury or illness, or because of another circumstance, situations may arise in which people cannot conduct their financial affairs themselves. As a result, they or their families may face hardships waiting for requests for financial authority to go through the court system. Assigning a Personal Financial Agent A type of legal document, … [Read more...]

Covid-19 Provides Opportunity For Estate Planning

Estate planning in light of a global pandemic requires specific strategies to execute a proper estate plan while protecting people from the virus. The reality of a global pandemic has caused many to think about what would happen to their loved ones if they were gone. This is an excellent time to start an estate plan or give an existing estate plan another look, and most of the steps can be taken safely even in light of a global pandemic. Extra Time Makes Estate Planning Easier As people are … [Read more...]

Which Type of Mortgage Is Right for You?

Homebuyers have many options to consider as they shop for a mortgage, including conventional, jumbo loans, government-backed mortgages, fixed-rate mortgages, and adjustable-rate mortgages. Finding the right one helps buyers make wise financial decisions as they shop for their home. It also helps them know how much home they can afford. 1. Conventional Mortgages A conventional mortgage is one that a buyer gets from a lender and that does not have any type of government backing. These can be … [Read more...]

Illinois POA: When You Need Someone to Make Healthcare Decisions

When a point comes that a person can no longer make their own healthcare decisions due to illness, mental health concerns, or injury, a Healthcare Power of Attorney, provides legal guidance to the medical professionals and family as to whom should make those decisions and what your wishes are. This document provides important protections to someone's family against having to make difficult decisions or fighting amongst each other. In Illinois, the Healthcare Power of Attorney is a critical part … [Read more...]

New Rule Puts an End to Pocket Listings in Chicago

A house model with for sale words under the frame With the implementation of the Private Listing Network, the National Association of Realtors hopes to effectively end the practice of pocket listings. When properties go on the market in the Chicagoland area, their listings get added to the multiple listing service, or MLS. From there, agents, brokers, and buyers may view the pertinent data in order to find suitable properties. Before the NAR’s new rule, however, some properties were withheld … [Read more...]

How to Find Out if You Were Named in a Will

A last will and testament file, stampers, a pen, and a pair of eyeglass on the table After the death of a loved one, people may learn through a notice from the estate executor or by searching out the information for themselves whether they were named as beneficiaries. When creating a last will and testament, testators may specify their beneficiaries, or those whom they want to inherit from their estates, and what they want each to receive. Even the most open and close-knit of families may not … [Read more...]

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