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...]
