As the digital world becomes a bigger part of our lives, many people have accumulated a lot of “digital assets,” which are non-physical assets that exist online in electronic format. Most estate planning clients preserve these assets either for their sentimental value or financial value. Those held for their sentimental…
Q:How long are wills good for? Can you renew them or do you have to make a new one? How about powers of attorney? A: Wills don’t expire or become invalid over time, so once you have created one, you won’t need to renew or replace it after a certain…
One important part of estate planning is helping your children and grandchildren with the ever-escalating costs of their education. If they are already in school, you can do this by writing a check for their tuition directly to their educational institution. For younger children or grandchildren who are not yet…
Remote witnessing and notarization is becoming increasingly more common for executing estate planning documents. To do this, a witness or notary can use two-way audio-video communication technology to witness or notarize an act instead of doing so in person. As of June 2020, at least 44 US states now allow…
Many people are under the impression that families that accrue an above-average amount of wealth or assets will pass down these fortunes generation after generation. However, a Wealth-X report shows that 68% of the those whose net worth exceeds $30 million are self-made, 24% of those individuals have a combination…
Preparing a will and estate plan is a normal process for those who wish for their assets to be protected. Things such as a home, car, family heirlooms, art, stocks, or other items will pass to surviving loved ones intended by the deceased as instructed in a will. Dying without…
As the COVID-19 pandemic continues, many are worried about their health and are putting more thought toward whether their financial and legal affairs are in order in the event of serious illness or death. Pandemic or not, it is always recommended that every person have an estate plan in place,…
A 30-year-old patient with COVID-19 who was on a ventilator passed away last week. He hadn’t laid out his end-of-life wishes (referred to as advance directives). After seeing the numbers related to his son’s condition, his father was devastated and felt that further treatment was only painfully prolonging the inevitable.…
Although the coronavirus pandemic began only concentrated in large cities, there are cases now in all states both in cities as well as more rural areas. More and more people are considering what they want to do if they become infected, including thinking about estate planning. “You start asking yourself,…
During the COVID-19 pandemic, many of us in Illinois are complying with the governor’s stay-at-home order. We are hunkered down in our homes – making only necessary trips for essential matters such as medical treatment, supplies, or perhaps taking a walk to breathe in in some fresh air and soak…