A backup plan is a fundamental part of an estate. When writing a will, it is a common misconception that assets will be shared among all of the listed beneficiaries. However, pandemics, accidents, and crimes can take multiple lives all at once, leaving the need for a contingency plan. Reasons to Include a Back Plan in an Estate Incidents of loved ones passing away in close proximity have risen, especially during the COVID-19 pandemic. Without a contingency plan, such situations could … [Read more...]
When the Health Care Proxy and the Financial Power of Attorney Can’t Agree
Posted on October 20, 2020 //
When the health care proxy and the financial power of attorney cannot agree, a careful review of and discussion about the power of attorney documents or mediation may help resolve disputes. If an agreement still cannot be reached, conflicts may need to be resolved by the probate court. Many Power of Attorney Documents State How to Handle Disputes If a dispute happens, adult children can look at the power of attorney documents. If they were created by a skilled estate … [Read more...]
The Impact of Chicago’s First-Ever Equitable Transit-Oriented Development Plan
Posted on October 9, 2020 //
Many residents of Chicago find that the neighborhoods around public transportation in certain communities of the city lack adequate walkable housing. The city's Equitable Transit-Oriented Development Plan aims to change that. This plan has the potential to have far-reaching consequences for property owners in the city. Many will choose to work with a real estate attorney to fully understand the potential impacts. What the Plan Says Transit-Oriented Developments are high-density housing … [Read more...]
How to Choose Your Health Care Power of Attorney
Posted on September 21, 2020 //
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 … [Read more...]
Your Retirement Accounts May Not Need to Go Through Probate
Posted on September 10, 2020 //
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
Posted on August 20, 2020 //
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
Posted on August 18, 2020 //
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?
Posted on July 20, 2020 //
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
Posted on July 10, 2020 //
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
Posted on June 22, 2020 //
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...]
