Estate plans are about more than passing along assets at death. These plans are often composed of an array of legal tools that are designed to help ensure future financial security in any number of situations. Trusts can help ensure assets are passed smoothly while generally avoiding the court process referred to as probate as well as provide guidance in the event you are seriously injured and unable to express your wishes for how finances or medical care should be handled while business succession plans can be developed to help transition business ownership during retirement.
Understanding the Prudent Investor Rule
Here at Zapolis and Associates, P.C., we have helped many in Mokena in establishing trusts to generate income for beneficiaries. Outside of appreciation of trust assets, one of the main ways to do this is through investments. If you are party to a trust whose assets are being invested, then you must place a great deal of the faith the investment acumen of the trustee. It helps in such situations to understand what standards he or she is held to when fulfilling this obligation.
What is undue influence
Undue influence constitutes one of the grounds to set aside a will or some of its provisions under Illinois law. Claiming undue influence means alleging that the contents of a will were the result of undue influence by another person rather than of the testator's own intentions.
Guardianship of an Adult in Illinois
When a loved one has a disability and is above 18 years of age, a judge can choose a person to take care of their needs. This is known as guardianship of an adult. In Illinois, a person is considered to be disabled if they cannot make basic life decisions or manage their own property or money. As such, a family member or another concerned adult will be appointed as a guardian. The guardian will be responsible for making decisions concerning healthcare and financial issues that affect the disabled adult.
