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Illinois Living Trust: Secure Your Legacy with an Essential Guide

March 15, 2024      by: tlaw

An Illinois Living Trust can be an essential tool for your estate plan. This article provides a solid starting point to make this challenge more manageable, giving you a general overview of what you need to know and consider when creating a living trust in Illinois.

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6 Estate Planning Myths

February 5, 2024      by: tlaw

When it comes to estate planning, there are several myths. And not knowing fact from myth can be very costly.

Joint Tenancy

Joint Tenancy and its Perils

January 14, 2024      by: tlaw

Joint Tenancy – it is quick, convenient, and tempting. It used to be called “The Poor Man’s Will.” And it is fraught with potential disaster. Consequently, aside from marital funds, you should be very cautious of ever using it to title assets.

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Estate Plan Valid if You Move?

September 17, 2023      by: tlaw

If you move your legal residence, must you change your estate plan?

Americans move an average of 12 times in their lifetimes and as frequently as once every five years. Does your estate plan move with you?

As with all legal issues, the answer to that question is unnecessarily complicated.

Gun transfer on death or disability

Firearm Transfers Following Death or Disability

August 29, 2023      by: tlaw

Firearm ownership transfers upon disability or death are covered in the Illinois Trust Code. With the statute, firearm ownership upon disability is fraught with potential issues.

HealthCare Legal Document and School

July 19, 2023      by: tlaw

Are you ready? Letting go of the kids is hard. If you are packing up the kids or grandkids for a year away at college or thinking about your own plans, health care is never far from your thoughts. 

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Beware of the Quitclaim Deed

May 24, 2023      by: tlaw

A quitclaim deed doesn’t even ensure that the person has the legal right to sell or transfer the property. Consequently, a quitclaim deed is the least safe form of title transfer, while a warranty deed is the safest

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The Importance of Your Financial Agent

March 20, 2023      by: tlaw

The Illinois Power of Attorney Act provides, in part, that every individual has the right to appoint an agent to make property, financial, personal, and health care decisions for that individual.

Legal Capacity Consequences

January 22, 2023      by: tlaw

The American Bar Association defines ‘legal capacity’ as “the ability to perform a task – or make a decision. State laws set out the standards of legal capacity for various tasks – consent to treatment, make a Will, Trust or Deed, and make a gift or contract.

Joint Tenancy

POD and TOD Account Disadvantages

September 18, 2022      by: tlaw

What are POD and TODs? They are an increasingly popular method of providing for the distribution of financial accounts at your death. They are helpful in certain situations; however, there are critical limitations and risks associated with using them.