What is a power of attorney?
Power of Attorney is a document authorizing a person to act as "attorney in-fact" for the person signing the document. A person holding a power of attorney for someone else is authorized by that person to make decisions for them regarding health care and property, depending on which type or power of attorney is held.
What is a living will?
A living will tells your doctor whether or not you want death-delaying procedures used if you have a terminal condition and are unable to state your wishes. A living will, unlike a health care power of attorney, only applies if you have a terminal condition.
What is a living trust?
A living trust is an ordinary trust (as defined below) as opposed to one created under a will to take effect upon death.
What is Probate?
Probate is the legal process through which the Court ensures that a decedent's will is valid, their debts are paid and their assets are distributed correctly. If you have a will, your assets must go through the Probate process.
What if I die without a will?
If you die without a will that means you have died "intestate" and the laws of the State of Illinois determine who will get your assets. This is often the cause of many disputes between family members over control of an estate and a decedent's assets.
What is an Executor?
The Executor is someone you appoint in your will to ensure that your wishes are carried out as you have outlined in your will.
What is undue influence?
Simply stated, undue influence is when an individual who is stronger or more powerful gets a weaker individual to do something that the weaker person would not have done otherwise. The stronger person may manipulate the weaker individual over time to gain power, trust and compliance. They may isolate the weaker person, promote dependency, or induce fear and distrust of others. Undue influence is the basis for many will and Trust contests and disputes which allege a person used undue influence to obtain a greater share of the decedent's assets.
What is fiduciary duty?
Fiduciary duty is any relationship between persons in which one person acts for another in a position of trust. The breach of fiduciary duty by the Executor of an Estate or the Trustee of a Trust is a common basis for will and trust disputes. It is often alleged that the Executor or Trustee obtained a greater share of the decedent's assets by breaching their loyalty and fiduciary duty.
What is a trust?
A trust is an arrangement by which one person holds legal title to money or property for the benefit of another. A trust can be set up in a will, created by formally stating that you yourself are holding money in trust for another person. This type of trust is called a "testamentary trust" and takes effect when the testator/settlor dies. Another way of setting up a trust is a "declaration of trust" which is a written statement by a person owning property or assets that they are being held for another person. A "discretionary trust" allows some leeway in carrying out its terms. An "irrevocable living trust" is a living trust that cannot be revoked or amended by the settlor once it is established, whereas a "revocable living trust" may be amended or revoked by the settlor during their lifetime.
What is a beneficiary?
A beneficiary is a person for whose benefit a trust is created, or a person who inherits under a will.
What is testamentary capacity?
Testamentary capacity is the mental ability needed to make a valid will, and is often a common basis for will disputes and contests.
What is a petition for probate?
Petition for Probate is a formal written application asking the Court to approve and allow the will and to appoint the Executor, as nominated in the will.
What are letters testamentary?
Letters testamentary is a formal document officially appointing the Executor of the Estate of a person who has died with a will.
What are "joint tenants"?
Joint tenants are persons who each hold a share of property or financial assets that remains the property of the surviving joint tenant when the other dies.