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When a family member or loved one passes away, their estate is overseen by an executor. As the person responsible for managing the distribution of assets to heirs and several other duties, the executor owes a fiduciary duty to the estate beneficiaries. This means...
When we reach our elder years, we may find that our health is declining and our ability to care for ourselves is fading. A nursing home or long-term care is needed by many in their later years, making it a possible future to prepare for. As such, addressing this in...
Now that you have decided to move forward with the estate planning process, you should familiarize yourself with the basics. Creating a will is an essential document in your estate plan; however, it is important to note that a will alone may not be enough. There are...
While making your estate plan, you are certainly taking the time to make financial decisions. What will happen to your savings? What about your investments? What if you have a life insurance policy? What do you do with real estate or other major assets that you own?...
The term “dementia” covers several medical conditions which cause a loss of brain function. Most often, dementia refers to Alzheimer’s disease, as the condition accounts for up to 4 out of 5 dementia cases. Dementia is a progressive illness, meaning it gets worse over...
In Illinois, people create a will or other estate planning document to be fully prepared for the future. That includes taking care of their loved ones, addressing business needs and allocating property as they see fit. But wills don’t necessarily remain static. The...
For many Illinois residents, having a will means having an estate plan. But an estate plan can be more than just a will, and some of the other documents involved in an estate plan could be necessary for elderly parents. Current statistics regarding the elderly and...
You might already be familiar with some of the pieces that make up an estate plan, such as a will and a trust. While those are valuable estate planning documents, a power of attorney can also be a valuable part of an estate plan. In Illinois, power of attorney is a...
Illinois residents who are beginning to think about estate planning have probably considered that perhaps a “trust” could be part of their comprehensive plan. So, what is a trust, and could a trust be an effective part of your estate plan? An overview of trusts First...
A will is an estate planning document used to handle your affairs after you have passed away. In addition to specifying which beneficiaries will receive which of your assets, you may name an executor to handle your estate. The court will likely approve the person you...