Should I include care for my dogs in my trust just in case I pass before they do?

I have three beloved border collies (ages two to five) and I’ve been recently diagnosed with 3rd-stage lung cancer. Should I include care for my dogs in my trust just in case I pass before they do? I ask because my sister in Scottsdale told me that if I did nothing, the dogs would be euthanized a few weeks after my death.

That is a lovely consideration for your furry family members. Illinois does allow a trust for domestic or pet animals. It’s covered under the Pet Trust Act (760 ILCS 5/15.2). (more…)

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How often should I review and/or update my beneficiary designations on my various insurance and IRA accounts?

It is important to review and update your beneficiary designations as you move through different stages of your life or have life changing events. The most common changes and events that I see are marriage, divorce, birth of a child, your children becoming adults, and, ultimately, death. (more…)

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Should my Power of Attorney for Property, my Healthcare Power of Attorney, and my Executor all be the same person?

Initially, the nominated agent for your Power of Attorney for Healthcare, Power of Attorney for Property and the Executor of your Estate do not have to be the same person. You may choose to identify the same person if in fact you rely on one person to make all of these decisions. It is not uncommon for a trusted person to serve in all three capacities. Common examples include: spouse; partner; child or parent to be named in all three capacities. (more…)

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