Taking over your parent's finances is one of the toughest conversations an adult child can have with a parent unless you are prepared. It can be very difficult for a parent to understand and accept the fact that it is time for them to relinquish control of their finances.
A plan needs to be in place before the parent becomes incapacitated. No one has the right to act on behalf of someone unless they have been given a durable power of attorney. The key being that in order for this to be legally enforceable, the individual must be in full control of their mental faculties at the time they sign the document. If it is too late, guardianship will be decided by the court system. This is very expensive and time consuming.
Bradford Miller Law, P.C.has been practicing law in Estate Planning for several years. We can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago eviction attorney, Chicago Leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, July 31, 2014
Tuesday, July 29, 2014
What is a trustee?
A trustee is a person or entity who holds assets for the benefit of beneficiaries A trustee manages the trust and its assets under the terms of the trust as stated in the declaration of trust which created it. In many "living trusts" the creator of the trust names himself/herself (or themselves) as the original trustee who will manage the trust until his/her death when it is taken over by a successor trustee.
Bradford Miller Law, P.C. can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago eviction attorney, Chicago Leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Bradford Miller Law, P.C. can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago eviction attorney, Chicago Leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, July 22, 2014
Do you know what the legal term Accretion means?
Accretion: when a beneficiary of the person who died gets more of the estate than he/she was meant to because another beneficiary or heir dies or rejects the gift. Example: if a brother and sister were supposed to divide a share of Dad's estate, but brother doesn't want it, then sister's share grows by accretion.
Bradford Miller Law, P.C.has been practicing law in Estate Planning for several years. We can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago eviction attorney, Chicago Leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Bradford Miller Law, P.C.has been practicing law in Estate Planning for several years. We can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago eviction attorney, Chicago Leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, July 17, 2014
Pets and Estate Planning
Does your estate documents include information concerning your pets? To help pet owners ensure that that their wishes for their pets' long-term care won't be forgotten, The Humane Society of the United States has created a printable fact sheet, Providing for Your Pet's Future Without You . The fact sheet, which is available in English and Spanish, provides helpful information concerning your pet's care should something unexpected happen to you. You can then contact Bradford Miller Law to discuss adding legal language to your estate documents so that your pets will be taken care of should you die before them.
Bradford Miller Law, P.C. can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago eviction attorney, Chicago Leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Bradford Miller Law, P.C. can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago eviction attorney, Chicago Leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, July 15, 2014
If both parents die who gets custody of minor children?
Part of being a parent includes planning for unthinkable situations. If you are no longer alive to fulfill the responsibility of raising your children, a legal guardian takes over if both parents die before a child turns 18 years old. If you have a Will, make sure you name both a legal guardian and alternate guardian for your children just in case your first choice cannot or will not accept the responsibility.
If a Will has not been written at the time of the parents' death, the court will decide who becomes the child's legal guardian. Friends and family members can nominate themselves for the position and a judge will determine who is best suited for the job. Children do not automatically go to a grandparent or sibling.
If you are not married to the child's other parent, and the Wills do not name the same person(s), the judge will determine which guardian has the best interest of the child based on court hearings. If both unmarried parents cannot agree, it is still advisable to name your chosen guardian in your Will. This way, a judge will have several guardians to choose from, rather than none at all.
Many factors should be considered when selecting a legal guardian. Sitting down with a list of candidates and discussing the pros and cons of each person with the child's other parent is advisable. Once you select a guardian, talk to them about your wishes and financial plans for the children. This should not be a surprise in the event of your death.
Bradford Miller Law, P.C. can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago eviction attorney, Chicago Leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
If a Will has not been written at the time of the parents' death, the court will decide who becomes the child's legal guardian. Friends and family members can nominate themselves for the position and a judge will determine who is best suited for the job. Children do not automatically go to a grandparent or sibling.
If you are not married to the child's other parent, and the Wills do not name the same person(s), the judge will determine which guardian has the best interest of the child based on court hearings. If both unmarried parents cannot agree, it is still advisable to name your chosen guardian in your Will. This way, a judge will have several guardians to choose from, rather than none at all.
Many factors should be considered when selecting a legal guardian. Sitting down with a list of candidates and discussing the pros and cons of each person with the child's other parent is advisable. Once you select a guardian, talk to them about your wishes and financial plans for the children. This should not be a surprise in the event of your death.
Bradford Miller Law, P.C. can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago eviction attorney, Chicago Leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, July 10, 2014
Make sure you tell your loved ones
Once all your estate planning documents are prepared it's a good idea to inform your loved ones. The documents should then be kept in a safe place that can be easily accessed. All to often, loved ones have no idea where important legal documents are located. Passing on this information will be a big help to your loved ones in the event of an illness or death.
Bradford Miller Law, P.C.has been practicing law in Estate Planning for several years. We can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago eviction attorney, Chicago Leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Bradford Miller Law, P.C.has been practicing law in Estate Planning for several years. We can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago eviction attorney, Chicago Leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, July 8, 2014
Part 2: Don't make this mistake!
On Tuesday July 1, 2014 Bradford Miller Law posted a blog titled "Don't make this mistake!" which was based on an article that Jeanie Ahn, of Yahoo Finance reported on June 27, 2014 titled " Man's mistake cost his children $400,000 of an IRA inheritance." In that article Jeanie Ahn stated:
"After losing a loved one, fighting with family over money compounds the emotional toll. To keep this from happening, follow these five tips from certified estate planner Jean-Ann Dorrell:
1) Set aside time at least once a year to update your beneficiary forms. Your beneficiary forms will override your will 99% of the time so it’s important to keep these forms up-to-date and make sure your will and your designated beneficiaries on accounts don't contradict each other. You should fill out a new form if you’ve had a birth, death, marriage, or divorce in your family. If you can't find your beneficiary designation form, ask the financial institution for a new one. If you choose to fill out this form online, make sure to print a hard copy for your files.
2) When filling out a beneficiary form, don't forget to designate percentages next to the names of your beneficiaries. You can also write “in equal shares” if you want the assets to be distributed equally. Also know that adding “per stirpes,” Latin for “bloodline,” after your beneficiaries' names and the percentages, will ensure that it will go to your beneficiaries' descendants.
3) If the institution where your money is held changes its name or merges with another bank, fill out a new form. Forms with old institution names may not be valid and the banks won’t go out of their way to tell you.
4) Keep hard copies of your beneficiary forms, including your “payable on death” forms and your “transfer on death” forms in your emergency file. If all of these forms are in your account online, keep hard copies on hand because computer systems change and the forms might be hard to track down, especially if the bank has merged or changed names.
5) Consider hiring a certified estate planner who is licensed in your state. Many financial planners and attorneys who do not specialize in estate planning can make mistakes when filling out forms because of state-specific rules and laws, or just plain lack of experience.
When is the last time you've updated your financial forms?"
Bradford Miller Law, P.C.has been practicing law in Estate Planning for several years. We can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago eviction attorney, Chicago Leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
"After losing a loved one, fighting with family over money compounds the emotional toll. To keep this from happening, follow these five tips from certified estate planner Jean-Ann Dorrell:
1) Set aside time at least once a year to update your beneficiary forms. Your beneficiary forms will override your will 99% of the time so it’s important to keep these forms up-to-date and make sure your will and your designated beneficiaries on accounts don't contradict each other. You should fill out a new form if you’ve had a birth, death, marriage, or divorce in your family. If you can't find your beneficiary designation form, ask the financial institution for a new one. If you choose to fill out this form online, make sure to print a hard copy for your files.
2) When filling out a beneficiary form, don't forget to designate percentages next to the names of your beneficiaries. You can also write “in equal shares” if you want the assets to be distributed equally. Also know that adding “per stirpes,” Latin for “bloodline,” after your beneficiaries' names and the percentages, will ensure that it will go to your beneficiaries' descendants.
3) If the institution where your money is held changes its name or merges with another bank, fill out a new form. Forms with old institution names may not be valid and the banks won’t go out of their way to tell you.
4) Keep hard copies of your beneficiary forms, including your “payable on death” forms and your “transfer on death” forms in your emergency file. If all of these forms are in your account online, keep hard copies on hand because computer systems change and the forms might be hard to track down, especially if the bank has merged or changed names.
5) Consider hiring a certified estate planner who is licensed in your state. Many financial planners and attorneys who do not specialize in estate planning can make mistakes when filling out forms because of state-specific rules and laws, or just plain lack of experience.
When is the last time you've updated your financial forms?"
Bradford Miller Law, P.C.has been practicing law in Estate Planning for several years. We can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago eviction attorney, Chicago Leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, July 3, 2014
Accreditation with the Better Business Bureau
Bradford Miller Law, P.C. has been an accredited business member of the Better Business Bureau since June 1, 2013, maintaining an A rating.
What this means is that the BBB determined that Bradford Miller Law, P.C. meets their accreditation standards, which includes a commitment to make a good faith effort to resolve any consumer complaints. We are proud of the fact that to date, we have not received any complaints.
Bradford Miller Law, P.C. focuses on real estate law, landlord tenant law, building code violations and estate planning. We are committed to providing you with expert legal support and approach every client with a focus on integrity, advocacy, and understanding. At www.bradfordmillerlaw.com you will find information about our firm and can review the BBB accreditation by simply clicking on the icon in the upper left corner.
Our office is located on LaSalle Street in the heart of downtown Chicago, near many major title companies' offices. We accomplish as much as possible for our clients by telephone and electronic communications to minimize demands on their valuable time. To discuss your pending or potential real estate transaction, your ongoing legal needs as a property owner or landlord, or your estate planning concerns, call us at 312-238-9298 for a free 15-minute consultation.
Our website also has testimonials from our clients and professional peers. I encourage you to read them to learn more about our approach.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago leases, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate closings, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
What this means is that the BBB determined that Bradford Miller Law, P.C. meets their accreditation standards, which includes a commitment to make a good faith effort to resolve any consumer complaints. We are proud of the fact that to date, we have not received any complaints.
Bradford Miller Law, P.C. focuses on real estate law, landlord tenant law, building code violations and estate planning. We are committed to providing you with expert legal support and approach every client with a focus on integrity, advocacy, and understanding. At www.bradfordmillerlaw.com you will find information about our firm and can review the BBB accreditation by simply clicking on the icon in the upper left corner.
Our office is located on LaSalle Street in the heart of downtown Chicago, near many major title companies' offices. We accomplish as much as possible for our clients by telephone and electronic communications to minimize demands on their valuable time. To discuss your pending or potential real estate transaction, your ongoing legal needs as a property owner or landlord, or your estate planning concerns, call us at 312-238-9298 for a free 15-minute consultation.
Our website also has testimonials from our clients and professional peers. I encourage you to read them to learn more about our approach.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago leases, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate closings, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, July 1, 2014
Part 1: Don't make this mistake!
On June 27, 2014, Jeanie Ahn, of Yahoo Finance reported an article titled " Man's mistake cost his children $400,000 of an IRA inheritance." In part, she reported the following story:
Mr. Smith worked with his financial advisers and attorneys to make sure his children received the balance of his retirement funds when he died. However, his IRA beneficiary form was filled out incorrectly. Instead of specifically listing the names of his children along with the percentages designated to each heir, Smith wrote: “To be distributed pursuant to my last will and testament.”
His failure to complete the form correctly invalidated the document, making his surviving spouse the beneficiary by default. “The children fought in court to recover the money, but the court awarded the $400,000 in the IRA to their father’s wife, who had married him two months before he died.
Many are unaware that long-forgotten beneficiary forms can override wills and undermine their loved ones' intentions. Beneficiary forms are meant to be a straightforward method for heirs to bypass the probate process and receive funds in a timely manner. But sometimes account holders forget they have filled out these forms and fail to update them with major life changes.
Your estate is governed separately from your accounts with beneficiary designations, which include retirement accounts, life insurance policies, bank accounts, certificates of deposit, stocks, annuity contracts, bonds, and mutual funds. If your last will and testament designates one person as the beneficiary and your IRA designates someone else, the IRA will outrank stipulations in your will.
Unfortunately, there are no automatic reminders to update these forms on a regular basis – the account holder has the responsibility to keep them current and valid."
Bradford Miller Law, P.C. can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago eviction attorney, Chicago Leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Mr. Smith worked with his financial advisers and attorneys to make sure his children received the balance of his retirement funds when he died. However, his IRA beneficiary form was filled out incorrectly. Instead of specifically listing the names of his children along with the percentages designated to each heir, Smith wrote: “To be distributed pursuant to my last will and testament.”
His failure to complete the form correctly invalidated the document, making his surviving spouse the beneficiary by default. “The children fought in court to recover the money, but the court awarded the $400,000 in the IRA to their father’s wife, who had married him two months before he died.
Many are unaware that long-forgotten beneficiary forms can override wills and undermine their loved ones' intentions. Beneficiary forms are meant to be a straightforward method for heirs to bypass the probate process and receive funds in a timely manner. But sometimes account holders forget they have filled out these forms and fail to update them with major life changes.
Your estate is governed separately from your accounts with beneficiary designations, which include retirement accounts, life insurance policies, bank accounts, certificates of deposit, stocks, annuity contracts, bonds, and mutual funds. If your last will and testament designates one person as the beneficiary and your IRA designates someone else, the IRA will outrank stipulations in your will.
Unfortunately, there are no automatic reminders to update these forms on a regular basis – the account holder has the responsibility to keep them current and valid."
Bradford Miller Law, P.C. can prepare all your estate planning documents and keep them updated. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. Visit our website for helpful information regarding Estate Planning and give us a call at 312-238-9298 for a FREE 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago eviction attorney, Chicago Leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
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