Estate Planning

A Will with Unintended Consequences

A recent Florida court case illustrates what can result from a poorly drafted Will.   The case describes how a woman wrote a Will using an “EZ-Legal Form.” Her Will contained a very specific list of her real estate and bank accounts and left that property to her sister and brother.  The Will did not contain what is known as…read more →

Powers of Attorney for Property Should be Taken Seriously

In the Chicago Tribune a letter to columnist “Dear Annie” illustrates important concerns about Powers of Attorney for Property. Below is a link to the story. Her children sold her house and possessions Briefly, an 80 year old woman was in the hospital for a very serious illness and she was not expected to survive. Fortunately, she did recover.  Unfortunately,…read more →

Will Your Trust Work

Will your Trust work the way you intend it.  Many people have created Revocable Trusts, which are also known as Living Trusts. They have done so for a number of reasons (avoiding probate, avoiding court guardianship, tax planning).  But if your Trust is not funded it may not work the way you want.A recent post on an trust and estate…read more →

Good Estate Planning Goes Beyond The Will

While a Will is an important part of any estate plan, there are other things that should be considered too.Beneficiary designations and joint tenancy property should be considered when reviewing your estate plan.  Your bank accounts, stock brokerage accounts, retirement accounts may have beneficiaries that you named to receive the assets in those accounts.  These accounts might also be held…read more →

Another Cost a Will Can Avoid

A properly drafted Will can save your beneficiaries costs in many different ways. One of those ways that people don’t ordinarily think about is the cost of a bond.A Will can contain a provision that waives the requirement that the executor post a bond. If your Will does not have this provision or if you don’t have a Will then…read more →

Do It Yourself Estate Planning

In a time when everybody is trying to save money is estate planning software a good way to save money? That is a “loaded” question. Certainly using estate planning software is cheaper than hiring an attorney. But is it a good solution? Will the software create the documents that accomplish your wishes? A New York Times writer tested several different…read more →

Estate Planning – Frequently Asked Questions

If you have basic questions about estate planning, but are unsure about the reliability of information that you find on the Internet, here is a reliable resource. The Chicago Estate Planning Council Frequently Asked Questions. Disclaimer This is a passive blog and the materials contained herein are provided for informational purposes only. Nothing contained in this blog should be interpreted…read more →

Making a Power of Attorney for Health Care More Useful

On March 26th, I wrote about the importance of having Powers of Attorney for Property and Health Care. Today, I am continuing that story to mention a service that can make a Power of Attorney for Health Care more useful. That service is called DocuBank. It provides a card the size of a credit card. The card contains your name,…read more →