Granting power of attorney is a crucial decision that requires careful consideration. This legal process empowers an individual, known as an attorney-in-fact, to act on your behalf in various legal and financial matters. This authority usually only comes into play in...
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lake forest illinois trusts and estates law blog
Why digital estate planning is necessary
Over the past decade or so, you may have noted that your online presence and digital assets have become nearly as significant as many of your physical possessions. If so, you’re not alone. And it’s due to this trend that digital estate planning is becoming...
Should an executor be reimbursed?
Your executor will perform crucial duties. From managing your estate to keeping beneficiaries and interested parties reasonably informed. Thus, it's crucial to reimburse them for their services. This can be a no-brainer if you hire a professional executor. But you can...
Be sure to include sentimental items in an estate plan
When some individuals decide to make an estate plan, they just pay attention to their largest assets. Who gets the family home? What happens to the vacation home or the cabin? How do they divide their investment portfolio or a substantial bank account? They focus on...
What should you know about powers of attorney?
When creating your estate plan, your primary focus is likely on ensuring your assets get passed down to your beneficiaries as you intend. While that’s undoubtedly an important goal, you should also do what you can to protect those assets – and your broader interests –...
Should you omit someone from your will to disinherit them?
When someone makes an estate plan, they decide how they want to distribute their assets. Certain people may expect to inherit, such as children or a spouse. Disinheriting someone means cutting them out of the estate plan despite this expectation. Not everyone can be...