LIFETIME ESTATE PLANNING FOR PROPERTY

LIVING TRUSTS

A TRUST is a written agreement that allows a maker (Trustor) to "give" property to someone else (Trustee) to hold and manage for the benefit of someone else (Beneficiary). Depending on the language of the trust

same person can be the Trustor, Trustee and/or Beneficiary
the trust may become effective during the Trustor's life or upon his death
the Trustor may or may not have the ability to change her mind about the terms of the trust.

Trust agreements can be very useful to

protect and manage property for someone who is at risk for long term illness or disability
avoid or minimize estate taxes
avoid or minimize expenses and delays of probate
provide some measure of privacy with regard to asset transfers triggered by your death

Because of the complexities and ramifications of errors in drafting trusts, legal guidance is highly recommended.

POWERS OF ATTORNEY

a sample form - html
a sample form - pdf

THE ILLINOIS SHORT FORM POWER OF ATTORNEY FOR PROPERTY is another written declaration that allows a maker (principal) to designate another person (his agent) to make decisions over and to control the use of the maker's property while the maker is alive.
The Power can be very broad or they can be limited as to

When it takes effect (by strict time frames or based upon a disability or other occurrence)
What types of property can be reached (i.e. only my bank accounts; not my bicycle collection, etc.)
What actions can be taken with regard to property (i.e. use funds to pay my bills; buy, sell or trade assets; borrow against my funds)

PLEASE NOTE: Under our Supreme Court's Rules of Professional Conduct, these pages might be considered a form of legal advertisement.

Just as important, please bear in mind that the information provided here is not specific legal advice, and you really shouldn't act on anything on this site without seeking professional counsel. While I hope that you do hire me to work for you, merely visiting this web site, or sending me an email should not (and will not) of itself create an attorney-client relationship between us. No one should hire a lawyer based on a visit to a web site or solely on some other form of advertisement. If and when you want to hire me as your lawyer, and if and when I agree to take on your case, we will sign a proper contract or I will give you some other type of written confirmation that we are attorney and client. Until then, please look around, enjoy yourself, and when you are ready, give me a call or drop me an e-mail .

CONTACT ME AT::
221 North LaSalle Street, Suite 2040 , Chicago, IL 60601
Voice: 312.726.1512
Fax: 312.873.4043
Email: Mwass@wasserlaw.net

Juggling Businessman
HOME
ACCIDENTS * BUSINESS SERVICES * CLOSINGS
CYCLING LAW * DAVID BLOCK FOUNDATION * ESTATES