Category: Will
“Survivorship periods don’t usually surpass 60 days. If this period surpasses 120 days, it could put the tax-free estate transfer of assets to a surviving spouse at risk.” A survivorship clause in a will or a trust says that beneficiaries can inherit only if they live a certain number of days after the person who […]
“Under Illinois law, an individual holding a power of attorney is a fiduciary as a matter of law. The person designated as a power of attorney agent owes a fiduciary duty to the principal—the person making the designation.” A recent case examined the issue of when the fiduciary duty begins for an agent who has […]
“One of the most fundamental choices you can make as you’re thinking about how to pass your assets on to heirs, is whether you hold assets in a revocable trust or more simply give them via a will. Both approaches have advantages, although trusts can provide significantly more benefits.” Having a structure in place that […]
“It took my husband Mike’s heart attack to force us to recognize the need for having an estate plan. It was not smart. You are smarter than that. Create an estate plan today.” The time to have an estate plan really begins the moment you have assets that need to be distributed, but most people […]
“Lawyers are being bombarded with requests to write wills, update estate plans and prepare health surrogate or “pull the plug” documents, as people are confronted by the realization that they could be diagnosed with COVID-19 and dead within days.” Estate planning lawyers have always known that estate planning is not about “if,” but about “when.” […]
“Imagine you get married and within a year or two, your new spouse passes away. Now, imagine that your grief is compounded with financial stress.” Without an updated estate plan, a surviving spouse is left with a world of trouble, as described in the article “Protect Your Spouse and Children by Updating Your Estate Plan” […]
“What is equal treatment at time of death can be disputed among the children, when some children have received substantially more in lifetime gifts than the others.” Most parents want to divide their estate equally among their heirs, but sometimes things just don’t work out that way. That’s especially the case when one child needs […]
“At the time, he had gone so far as to have his will drawn up, but he hadn’t finalized it. In addition, he hadn’t authorized anyone to have power of attorney, in case of illness.” The gentleman at the heart of this article isn’t the first, and sadly he won’t be the last, to start […]
“With all the media buzz about guardians stealing money from those whom they are meant to protect and overall financial abuse issues involving seniors, it’s a good moment to revisit how surrogate decision-making works.” Protecting yourself or a loved one can take many different forms, since aging takes a toll on the ability to handle […]
“One Justice from the Florida Supreme Court commented that the expensive litigation far outweighed any savings resulting from the pre-printed form.” Here’s a real world example of why what seems like a good idea backfires, as reported in The National Law Review’s article “Unintended Consequences of a Do-It-Yourself Estate Plan“. Mrs. Ann Aldrich wrote her […]
