A trust is generally an agreement in which one person (“trustee”) holds and manages property for the benefit of another. A trust can only be created when a person is alive. Some trusts are called...
Legal Resources: Estate Planning
Simply put, the "estate" of a person is everything he or she owns. It includes land, investments, bank accounts, furniture, cars, clothing and collectibles. Frequently, a person who has been named...
Estate planning is a process whereby a person’s objectives for post-death asset management and disposition of one’s property are analyzed and action is taken to accomplish those objectives. Here...
A "living trust" is usually the best way to provide for someone to manage a person's property and payment of bills during a disability. The "power of attorney" is another simple document that can...
A will is a document that controls the distribution of a person’s property at death. Each state has formal requirements for a will. In Illinois, the requirements are as follows:
- The...
Joint tenancy is probably the most common form of ownership for residences and bank accounts between husband and wife. While joint tenancy is widely used it is often not fully understood.
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If you have been appointed by a judge as a legal guardian of a person, you have agreed to perform certain duties that are mandated by the court. Frequently, the guardian of the person is also...
The debate over the brain-damaged Florida woman, whose life-sustaining feeding tube was removed, drew considerable attention to a subject that most people would rather avoid: the importance of...
When a loved one dies, there is a procedure in place that helps ensure the orderly distribution of assets to his or her beneficiaries as designated by last will and testament, or one’s legal heirs...
Joint tenancy has significant legal effect, not only during the lifetimes of joint tenants but also when one of them dies.
Each joint tenant, regardless of which one purchased or originally...
The Internet has changed the way that Americans do business. While shopping online offers many benefits, it can be risky. This is especially true when it comes to taking care of your legal needs....
What happens if a person dies without a will in Illinois?
While Illinois establishes the right to make a will, it is not compulsory. Without a will, the court distributes the property to...
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