Sounds like the settlement proceeds for your son were placed only a restricted bank account. The better choice would have been to place the money in a structured settlement, which the money could have been paid out in portion throughout time. You will need to consult with an attorney in your area... View More

The power of attorney for property, also known as a durable power of attorney, does not authorize anyone to own your property. In fact, it does the exact opposite. The agent under the power of attorney MUST use the assets ONLY for the Principal.

B. As agent you must:

(1) do what... View More

In Illinois petitions to reopen an estate are governed by 755 ILSC 5/24-9. Estates may be reopened to permit the administration of a newly discovered asset or to permit the administration of an unsettled portion of the estate. The petition may be filed by any interested person. You will need to... View More

If your grandparents did not have a will, the default inheritance rules of the State of Illinois apply. Under the default inheritance rules, the first in line to inherit are the spouse and children of the decedent. Grandchildren would only inherit assets if their parent (the child of the decedent)... View More

Your grandparents can deed the property to you, but this is problematic because there is a mortgage on the property. The mortgage likely contains an acceleration clause that states upon transfer of the property to a third party, the mortgage will be immediately due and payable on full. Further, if... View More

Anyone acting under a power of attorney has a fiduciary duty to act in the principal's best interest. If your sister simply took your mother's money, then she is arguably in violation of that duty. Since your sister will not likely respond to a written demand (based on her text message)... View More

It is great that you are looking for alternatives for savings that will not affect your SSI payments. A primary consideration is whether the alternative would be a countable resource or not. A CD is usually countable except when the terms of a timed deposit will prohibit early withdrawal... View More

First, call your lawyer and ask why he hasn't followed through. There may be some obstacle that's needs to be removed first, and he's working on it for you. Second, if your lawyer doesn't have a good reason for not following through, find another attorney. You can record... View More

An Executor's Deed or Administrator's Deed is generally utilized when the Representative is "selling" real estate to a third party.

On the other hand, when a representative is merely releasing the estate's interest in the property and confirming title in the heirs... View More

Powers of attorney and guardianships end at death. The only person with any legal authority is the executor of the will, who will have letters of office. That person has to see to it that bills are paid, including the funeral, cremation, etc.

I think there is some confusion about what the attorney is likely asking.

Going only by your question, and having not seen the trust or the details, the grantor does need to add some information regarding additional beneficiaries. The missing blank which needs to be filled in is, what... View More

Anthony M. Avery Lawyers, want to be a Justia Connect Pro too? Learn more ›
answered on Sep 14, 2022

Tax laws and ERISA Qualification laws come to mind. Banking Statutes also cover Trust Regulation. Securities Law may often be indirectly determinative. There are probably many others. Obviously Anti-Trust Statutes. State Laws control most disputes, but Trusts often involve several possible... View More

Nina Whitehurst Lawyers, want to be a Justia Connect Pro too? Learn more ›
answered on Sep 14, 2022

Oh my, yes, there are a TON of federal statutes that impact trust planning, too many to list. You will find a great deal in the Internal Revenue Code and also Title 42. That is not necessarily a complete list, but it is where a great many exist, and it is a good start.

I assume that when you say "estate bank account" that you mean the account opened by an administrator or executor after a probate estate is opened. In that case, the answer is no. The account is opened in the name of the estate and the administrator or executor is responsible for that... View More

Hi there,

No, the name of an estate bank account should include the name and title of the representative: "John Doe, executor/administrator of the Jane Doe Estate".

Thank you, and wish you the best of luck!

I’m so sorry to hear of your loss; I hope you’re hanging in there.

When someone has a trust, the purpose is to avoid probate. The way you avoid probate when you have a trust is to fund the trust by making sure the trust is listed as beneficiary (or owner) of assets. There are... View More

Typically the default beneficiary, when one isn't designated, is the estate of the decedent. This means that you will probably have to go through probate.

1) Confirm this with the financial institution what documents they will require to access the funds;

2) Contact your... View More

I'm so sorry to hear of your mother's passing; I hope you're hanging in there.

Her estate may need to go through probate. Probate court proceedings are needed when 1) someone owns real estate or 2) other cumulative assets that don't name a joint owner or beneficiary... View More

I'm so sorry to hear about this; fortunately and unfortunately, it sounds like your son is high functioning to the point he wants to drive his own car but doesn't have the capacity to understand what a car loan entails. In adult guardianships in Illinois, this is somewhat common.... View More

Nina Whitehurst Lawyers, want to be a Justia Connect Pro too? Learn more ›
answered on Sep 6, 2023

After she passes, yes if you are still a beneficiary. Until then, no.