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RECENT ESTATE PLANNING LEGAL ARTICLE

  • 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…

  • 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….

  • small-estate-affidavit

    What is a small estate affidavit?

    A Small Estate Affidavit The small estate affidavit is a useful tool to transfer property after someone dies. For example, if a person owned a car at the time of his or her death, the surviving family members may want to sell or give that car away. The family may be able to use a…

  • advance-directive-illinois

    What is an advance directive in estate planning?

    What is an advance directive in estate planning? Advance directives are an essential part of estate planning. An advance directive is a document that spells out your wishes for the time period in which you are unable to make your own personal, financial, and health decisions. The time period in which you are incapable of…

  • durable-power-attorney

    What is a durable power of attorney in Illinois?

    What is a durable power of attorney in Illinois? A “Power of Attorney” document grants a person the power to act on behalf of another person. General power of attorney documents are frequently granted for a limited time or purpose. For example, in a real estate transaction, the seller of the property may give his…

  • cohen-estate-planning-legal-terms

    Understanding Estate Planning legal terms

    Understanding Estate Planning legal terms While you are in the process of planning your estate, you will hear certain terms spoken by your estate planning lawyer or see it referenced in legal documentation. When you work with a lawyer you can feel comfortable knowing that he or she will answer your questions and address your…

  • Can-Estate-be-Closed-Lawsuit-Created?

    Can an Estate be closed if a lawsuit has been created?

    Can an Estate be closed if a lawsuit has been created? There isn’t anything that slows down probate more than a pending lawsuit. Probate makes sure that all of the loose ends are tied up in a deceased’s life. If someone creates a lawsuit throughout the proceedings, the estate typically is not able to be…