630-665-2500
128D S. County Farm Road, Wheaton, IL 60187
Recent Blog Posts
What Are Ways to Make Probate a More Manageable Process?
Probate is a legal process that occurs after someone’s death. During probate, the property of the person who died goes through the courts and then is given to the person’s heirs, or beneficiaries. However, probate can be a hard process for people who are not lawyers, often leading to stress and confusion. Today, we will discuss ways to make probate easier to understand and handle. Contact an estate planning lawyer for help if you are nervous about the probate process. Even if you feel good about the process, having a lawyer is still in your best interest.
Plan Ahead with Estate Planning
One of the best ways to make probate easy on everyone is to plan ahead. By having a will, a trust, and/or listing your beneficiaries, you can ensure that your assets are more likely to be handed out according to your wishes. Moreover, work with an estate planning lawyer who can help you set legal goals and understand the probate process.
Will vs. Trust: What’s the Difference in Illinois?
If you are planning your estate in Illinois, knowing the distinctions between a will and a trust is important. While both are useful, they have distinct features and benefits. In this blog post, we will explore these differences and assist you in making informed decisions about your estate plan.
Getting Around Probate
One significant difference between a will and a trust in Illinois is how they handle probate. Probate is a legal process that involves the court overseeing the transfer of properties from a person who has died to their heirs. Whether or not the deceased person had a will, probate is usually required. This process makes the will a public record, which means that anyone can view the assets you owned and who they were given to.
On the other hand, probate is not necessary for a revocable living trust. The person who creates the trust (known as the grantor) can manage the assets in the trust while they are alive. Once the grantor passes away, a successor trustee named in the trust documents takes over and distributes the trust’s assets to the beneficiaries specified in the trust. This procedure is private and offers a level of confidentiality that is not available with a will.
What Can I Do About Substandard Construction on My Home?
Your home is likely the most valuable asset you own, both in the financial sense and a personal sense. When problems such as leaky roofs, cracked foundations, and unsafe electrical systems arise due to substandard construction, it can be extremely frustrating and very expensive. In some cases, construction defects like these may even put your and your family's lives at risk.
Shoddy construction work lessens the value and functionality of your real estate property. It is important to take swift action to protect your rights and hold the at-fault party responsible.
Poor Workmanship and Mistakes During Construction Can Cost You Dearly
When a homeowner hires a construction company or contractor to do work on their property, they have certain expectations, including having the job done on time and within budget, as well as to a certain standard of quality. Unfortunately, mistakes can be made during construction that result in serious flaws and dangerous conditions.
Using a Special Needs Trust to Provide for a Child with Autism Spectrum Disorder
About one out of every 44 children in the United States has autism spectrum disorder (ASD). The condition varies significantly from individual to individual. However, some of the most common symptoms of autism include difficulty with social interactions, communication, and behavior. Just over 30 percent of people with ASD have an intellectual disability.
If your child has ASD and requires extra help, you know that this can be quite expensive. It is important for parents of children with autism to plan for their children's long-term financial security. A special needs trust is one way to do just this.
How Does a Special Needs Trust Work?
If your child is nonverbal or struggles to complete everyday tasks, he or she may need significant care and assistance. What happens when you are no longer around to provide this assistance or provide financial support to your child?
Tips for Choosing Who Will Act as Power of Attorney
Most people wrongly assume that drafting a will is all there is to estate planning. However, there are several other estate planning instruments that can be greatly beneficial in the event of incapacitation or death. A power of attorney is one such instrument. A power of attorney is a document that grants someone else the authority to handle your financial and medical affairs in the event of your incapacitation. If you suddenly became extremely ill, who would you want to speak on your behalf? Answering this question is rarely easy, so it is important to weigh your options and choose carefully.
Power of Attorney for Finances
Appointing a person as power of attorney for finances authorizes them to make financial decisions on your behalf. This could mean anything from writing checks, to accessing bank accounts and making investments. When selecting someone to be your agent in this capacity, consider the person’s trustworthiness, ability to manage money responsibly, and willingness to act in your best interests. Choose an individual who will be able to competently manage your finances, pay bills on time, make responsible decisions regarding investments, and communicate with financial institutions on your behalf if needed.
Six Key Considerations for Your Illinois Living Will
The pandemic has made many of us more acutely aware of our own mortality. It has also forced us to confront the difficult question of what our end-of-life wishes would be if we were to become seriously ill.
A living will is a legal document that allows you to spell out your preferences for medical treatment in the event that you are unable to communicate them yourself. Creating a comprehensive estate plan, including a living will is important regardless of your current age or health. It is especially important if you have a chronic or terminal illness, or if you are over the age of 65.
What Does a Living Will Cover?
A last will and testament describes how your earthly possessions are distributed to heirs. A living will, on the other hand, is all about your healthcare and treatment preferences. It allows you to make decisions in advance about the kind of medical care you would or would not want to undergo if you were extremely sick. This spares your loved ones from having to guess what your wishes are.
How to Deal With a Mechanic Lien During Your Residential Real Estate Transaction
If you are in the process of buying or selling a home, you may be wondering what to do if you come across a mechanic's lien during your transaction. A mechanic's lien is a claim that a contractor or subcontractor has against a property for unpaid work. If you are the buyer, this can be a huge problem because it means that the property you are interested in purchasing may have a debt attached to it. If you are the seller, a mechanic's lien can also complicate things because it may reduce the amount of money you ultimately receive from the sale.
What is a Mechanic’s Lien?
A mechanic's lien is a claim that a contractor or subcontractor has against a property for unpaid work. For example, if you hire a contractor to build a deck and the contractor is not paid for their services, they may put a mechanic's lien on your property. This means that if you try to sell your home, the contractor can come back and claim the money they are owed out of the proceeds from the sale. Unfortunately, some homeowners find themselves facing mechanic liens even if they believe they have already paid their contractor in full.
Irrevocable Trusts Versus Revocable Trusts: Determining What is Right for You
The last will and testament is the fundamental estate planning document. However, there are many other estate planning tools that can better meet unique financial needs and personal objectives. Unlike a will, a trust is a separate legal entity that can own assets and distribute them according to the terms of the trust agreement. A key advantage of a trust is that it can help avoid probate, which is the legal process used to validate a will and distribute a deceased person's assets.
There are two main types of trusts: irrevocable and revocable. As the name suggests, an irrevocable trust cannot be modified or revoked once it has been created. A revocable trust, on the other hand, can be modified or revoked at any time by the grantor, as long as they are alive and competent. Both types of trusts have their own advantages and disadvantages that should be considered before deciding which is right for you.
Can a Special Needs Trust Benefit My Disabled Adult Child?
Parents of children with disabling special needs must navigate a complex array of Illinois laws to ensure their children are taken care of as part of their estate plan. In addition to managing the financial resources a family can provide for their disabled loved one, government assistance may also be available to support a disabled adult. A family that can set up the right special needs trust can maximize their options for providing a stable, reliable source of income for their loved one that combines available government support with family assets.
How Do Special Needs Trusts Work?
A special needs trust is part of an overall estate plan that allows parents of children with disabilities to give their child money while still allowing the child to receive government benefits like social security. There are three kinds of special needs trust that vary slightly in certain respects. They are:
Tips for Choosing a Power of Attorney for Health Care or Property
Estate planning is one of those responsibilities that many people put off for as long as possible. However, proper estate planning is crucial to ensuring your wishes are followed if you become incapacitated or pass away. An important part of your estate planning process is choosing a power of attorney (POA). Your POA will have the authority to make decisions on your behalf if you are unable to make or express your wishes. It is important to choose someone you trust who can handle this vital responsibility.
The Main Types of Power of Attorney in Illinois
There are two main types of power of attorney. A power of attorney for health care gives someone else the authority to make medical decisions on your behalf. A health care POA will be expected to make decisions about the types of medical treatment you do and do not receive if you are incapacitated by illness or injury.
Contact Our Firm
The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.
I have read and understand the Disclaimer and Privacy Policy.
