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Estate planning: not just for old folks

If you are a young adult, when you come of age you have many decisions. Among your decisions are which college to attend, what sort of career that you want to pursue and whether you want to join the military. However, as you’re young and feel immortal, estate planning is probably not what you are thinking of at age 18. You may think that because you have little money or property that it is not necessary. However, as things can often go awry in life, it is important to put a few safeguards in place concerning your affairs. Planning for...
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For some, living trusts are a better estate planning option

When you think of estate planning, you may think that your only option is a will. However, there are alternatives to a will. One of them is a living trust. Although both a will and a trust accomplish the same means, a living trust offers many advantages over a will. A living trust is a document that you create during your lifetime. It involves many parties. One is the settlor of the trust, which is always you. Another party is the person that you choose to manage your property, the trustee. Finally, the other parties are individuals or organizations who will...
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Planning for the future: Who will make the decisions?

For most people, it’s almost unthinkable. An accident you never saw coming. An illness that strikes like lightning. No one likes to imagine it, let alone plan for it, but things happen. There might come a day when you cannot make decisions for yourself. Then what would happen? You can leave your fate to chance. Or, through a bit of legal work now, you can take control. The first step is to determine which type of legal document is best for you- a living will or a medical power of attorney. How does Illinois define the terms of a living will...
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