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Digital Assets require more estate planning. Illinois has passed legislation in 2016 to recognize the importance of digital assets and electronic communication. More and more of our bank accounts, investments, and personal history are kept only on-line. Your family must have access to that information, but the new laws require you to take affirmative steps to allow your heirs, or your guardian if you become disabled, to gain access to your assets, even when for your own benefit. Contact your lawyer to make sure your Will and other documents comply with the new laws.
I often must cringe when I see many Do-It-Yourself Wills. While the DIY revolution has many benefits, I see too many cases where people unintentionally disinherit their children's widows and orphans, the very heirs who need your help the most. Simply following a form and copying "legal-sounding" language is not enough to assure your intentions are met. The cost of seeing an attorney is small compared to the consequences of not having your Will reviewed by an experienced counselor.
While using a Will can save your estate thousands of dollars and bring certainty, often a better solution involves changing the title on your real estate. This act can help your assets pass to the next generation without having to admit your Will into the Probate Court.
If your child or grandchildren has a disability, your gift to him or her should be placed into a specialized trust. Otherwise your gift may disqualify them from Medicaid, housing or other benefits.
While a will is valid when signed by two witnesses, if an interested party demands proof, the court may require the witnesses to appear and verify the signatures. When a will is old, often the executors have trouble locating the witnesses. Refreshing your will not only makes you think about your next generation's current needs, it allows you to get more accessible witnesses.
On March 29, 2018, the Federal District Court in Chicago in Koss v. Norwood, certified a class of members who applied for nursing home coverage and have not received a final eligibility determination or a notice of an opportunity for a hearing within 45 days of the date of application in non-disability cases or 90 days in disability cases. Then the court ordered the State to:
Medicare, the health coverage for seniors, offers only limited coverage for extended care or nursing homes. Senior must use private, separately purchase long-term care insurance, or spend down their asets. Medicaid will cover this care only when the senior has impoverished his or her assets. The application for medicaid is complicated, but an experienced attorney can preserve some of your loved-one's assets and thus improve the quality of life while under care. Prior to the Koss case, the State was taking too long to approve Meidcaid applications.
The State of Illinois recently changed the Power of Attorney Act. The law enabled new forms for the Power of Attorney for Health Care and Power of Attorney for Property. Both forms are important for protecting your future and estate planning. They designate someone to act on your wishes if you become disabled or suffer a medical emergency. Call your attorney to discuss which forms can help you. An experienced attorney can modify the forms to meet your specific needs and provide for situations that the legislature did not consider. Every adult should have these forms before an emergency strikes.
Illinois has a new law permitting a deed to transfer residential property upon death, but is this deed always best for your situation? Will a land trust provide more benefits? Ask your attorney. Recently, many people have come to us because their parents or spouses died without preparing for the transfer of the title of their residences. Now the children are stuck in costly proceedings to clear the title to prevent foreclosure, to deal with a bank, to refinance the mortgage, to deal with freeloading siblings, to find distant relatives who may get a share of the house, or even just to repair the house.
If you own a home, putting your home in joint tenancy, a land trust, or a TODI can save your loved ones from worry, drawn-out proceedings, and expenses. Properly prepared, you can get the title deed in their names without giving up your control of the property. Preparing the title is relatively inexpensive and often more important than a signing a Last Will and Testament.
The article about Prince above notes several estate planning failures:

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