An agent pursuant to a power of attorney owes a fiduciary duty to the creator of the power of attorney (the “principal”) and is obligated to carry out the terms of the power of attorney with the highest degree of fidelity and good faith according to Illinois law. This fiduciary duty of power of attorney…
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There are many reasons why people do not do Wills. There will be time to do one later. I don’t have many assets. I am not ready to think about those things. I am not sure what is involved – and many other reasons. We try to focus on the positives: so here are five reasons…
DetailsBusiness owners are a hopeful, positive and adventuresome group. The strong character traits that propel people into commercial enterprise, however, may also reveal areas of weakness that may lead to difficulty and even disaster down the road. Business owners are not shy about entering into contracts, but sometimes they are big picture people and do…
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To many it seems that estate planning is like a mysterious woodland creature. There are sightings, but descriptions of the animal do not all jive, and an accurate picture of the real thing remains illusive. Dispelling some myths about estate planning is a good start in gaining an accurate understanding of the elusive creature. Once you begin…
DetailsWe all know intuitively that there is risk to business enterprise. We have watched restaurants come and go. We have heard the statistics: 50% of all businesses fail in the first year, and 95% do not survive the five year mark. Fortunately, those statistics are just urban legend (or a little exaggeration to make a…
DetailsI am going to step out on a limb, and likely ire my fellow attorneys, to say that LegalZoom is a cheap alternative to hiring an attorney to draft estate planning documents for you. Allow me to let you in on a secret: attorneys use forms that they buy! Anyone can create his/her own Will.…
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