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RECENT ESTATE LAW LEGAL ARTICLE

  • Minors-Inheritances

    Can minors receive an inheritance?

    When a person dies, their heirs or beneficiaries may be a minor. A minor is any individual who is younger than 18. However, minors are unable to open a bank account on their own. They are unable to enter into legally binding contracts. Additionally, they are still growing, maturing, and may have not concept of…

  • Lawsuit-Against-Executor

    Who can file a claim against an Executor?

    An executor is the person that administers a person’s estate. The executor is named in a will, and often appointed by a probate court. An estate includes all of the assets and debts that a person had at the time of their death. Assets that have a joint owner, or that name a beneficiary upon…

  • Living-Wills-Illinois

    Living Wills – What are they and do I need one?

    At the Hays Firm, we get frequent questions about living wills. This article will define living wills, specifically in Illinois. About thirty-five (35) years ago, the Illinois state legislature recognized that medical advances could keep individuals who are suffering from a terminal condition alive longer. However, the quality of life for these individuals was not…

  • Estate-Planning-Intra-Family-Loans

    Estate Planning: Intra-Family Loans

    At Hays Firm, many of our Estate Planning clients are seeking methods to help their children or other family members become financially stable. For instance, some parents would like to help their children purchase a home, pay off debt, or invest in a new business venture. However, a transfer of wealth may mean tax consequences…

  • probate-costs

    Probate: What is the Cost?

    After a person dies, a probate estate may need to be opened to transfer property. To learn more about the probate process, please see our article “What Is Probate?” This article will focus on the costs associated with opening a probate estate, transferring property, and closing a probate estate. All of the costs identified in…

  • transfer-death-instruments

    Transfer on Death Instruments

    After a person dies, his or her real property may need to be sold or transferred to a beneficiary of the person’s estate. Real property includes homes, plots of land, or condominiums. Generally, in order to sell real property after a person dies, a probate estate needs to be opened. The property cannot be sold…

  • Power-attorney-duties-agent

    Power of Attorney for Property – An Agent’s Responsibilities

    What are the duties of the person who is acting as “Power of Attorney” for another? A Power of Attorney for Property document is a very helpful and very effective estate planning tool. In a Power of Attorney for Property document, you are able to name a person who can act for you in business…

  • estate-planning-wills-explained

    Estate Planning – What is a Will?

    At Hays Firm, we often get calls from individuals and families who are just beginning the estate planning process. Most people have a general idea of what a will is. Our pop culture of television and movies often include characters changing theirs wills, the dramatic “reading” of wills, and strange or humorous provisions in wills….

  • power-attorney-duty-account

    The Duty to Account – Illinois Power of Attorney for Property

    In a Power of Attorney for Property, you nominate an “agent”, or a person to act on your behalf. Some states call the person that you nominate an “attorney in fact”. The agent may begin acting on your behalf immediately, if necessary. Or, if you prefer, your agent may not begin acting on your behalf…

  • common-types-executor-misconduct

    What are common types of executor misconduct?

    At Hays Firm, we often represent clients who are heirs or beneficiaries of a “Decedent’s” estate (“Decedent” is another name for a person who has died.). The heirs that we speak with often have concerns about the conduct and activities of an executor of an estate. An executor is the person who manages the property…