Illinois Estate Planning & Elder Law Blog

Leaving those who survive you an organized estate with accurate records will save time and money.

At a minimum, leave information regarding the following in a place where your heirs can easily find it:

• Your personal history including names, addresses and telephone numbers for yourself and all of your current family members and family members from previous marriages;
• Your military service including your branch and dates of service;
• Your employment including present employer and employment benefits (life insurance, stock options, pension plans and contact information for each);
• Real estate you own including copies of deeds;
• Financial accounts including name of institution and account numbers;
• Stocks and bonds held in brokerage accounts and the name and phone number for the brokerage firm;
• Automobile make, model and year and location of title and any loan information;
• Business interests including type and amount of ownership
• Safe-deposit boxes
• Insurance policies
• Funeral/Burial instructions
• Tax returns
• Wills
• Trusts
• Power of Attorney for Property
• Power of Attorney for Health Care
• Living Will
• Name and phone number for your lawyer, accountant and doctor
• Important friends to notify upon your death.

Continue reading "Checklist to Leave with Your Will" »

Effective January 1, 2010, Illinois enacted its Virtual Representation Statute which enlarges the circumstances under which a trustee and certain beneficiaries can modify an irrevocable trust by nonjudicial agreement. This modification can be made without the expense of going to court.

The Virtual Representation Statute does two things. It greatly expands the application of virtual representation, under which certain beneficiaries who are adults with capacity can represent other beneficiaries, including minors, unborn children, disabled beneficiaries and beneficiaries with remote contingent interests. Also, it expands and clarifies the matters that can be resolved by the interested parties in a trust through nonjudicial agreement.

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Effective January 1, 2010, Illinois enacted the Banking Convenience Account for Depositors Act which allows account owners to create joint accounts that allow non-owners to make deposits and withdrawals. The accounts do not have Payable On Death or Transfer on Death designations. The non-owners have no survivorship rights as there would be with a common joint tenancy account.

The accounts are useful where an elderly person has an adult child assist with banking, such as making deposits and paying bills, but where there is no intention to make the balance in the account a gift to the non-owner upon the death of the owner.

The banks are protected. Until the bank receives written notice of the death of the account owner, it has no liability for continuing to pay funds to the non-owner. Once the bank does receive written notice, unless there is a restraining order or injunction in place, the bank is discharged from liability by delivering the remaining funds in the account to the executor, administrator or other representative of the estate.

Continue reading "Illinois Banking Convenience Account for Depositors Act" »