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September, 2020 Archives

How to Choose Your Health Care Power of Attorney

Appointing a health care power of attorney (health care POA) involves an individual choosing a trusted, strong-willed, and assertive person and giving them the authority to make decisions on their behalf regarding their medical care and treatment. A person is free to choose anybody to serve as a healthcare power of attorney based on their relationship, trust, willingness to serve, articulacy, location, and some understanding of medical processes. It’s important to think carefully about the … [Read more...]

Your Retirement Accounts May Not Need to Go Through Probate

Retirement accounts have the potential to bypass the cumbersome process of probate if beneficiaries are chosen strategically. It’s important to name primary and alternate beneficiaries, provide property management for minor beneficiaries, and review beneficiary information annually or after any major life changes to ensure designations are up-to-date. When an account holder dies with funds remaining in his or her retirement accounts, those funds are usually passed to beneficiaries without … [Read more...]

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...]

What Are the Four Types of POA for Property in Illinois?

There are many different types of POAs, each needing their own notarized form to be officially recognized by the courts. This article will discuss the four types of power of attorney for property most commonly used in Illinois. Limited Power of Attorney Also termed as Special POA in some areas, Limited POAs are the simplest and most fittingly named. Their powers are granted only for a limited time and for specific tasks, such as signing the deed to a property or making sure the title to a … [Read more...]

How to Avoid A Family Feud: Estate Planning 101

Advanced estate planning can help ease resentment and prevent family feuds over inheritance while preserving the wishes of the deceased. By ensuring the appropriate documents are in place, intentions are clearly communicated, and all property is included, people can reduce the chances of family discord after they die. The Right Estate Planning Tools for the Job A will serves as a guide for the allocation of assets, but wills alone may not be enough to prevent disputes between heirs when a … [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...]

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