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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.
Update: What Is the Difference Between a Title and a Deed in Illinois?
Originally Published on March 31, 2021--------- Updated May 24, 2023
One of the most frustrating aspects of a real estate transaction is interpreting legalese and real estate jargon. In this popular blog, we explain the difference between a title and a deed. Essentially, having the title to a home gives you legal authority over the home. One or more parties may hold the title to a real estate property. On the other hand, a deed is a physical document that shows proof of ownership.
If you are planning to buy or sell real estate, make sure you fully understand your rights and responsibilities. Whether it is a residential property or a commercial property, real estate transactions are loaded with complicated language and complex legal paperwork. Unfortunately, real estate transactions rarely go as smoothly as one would hope.
Boundary disputes, hidden defects, easements, encroachments, and countless other issues can arise that threaten to derail your chances of a successful transaction. To ensure you have access to the legal support and assistance you need during your real estate transaction, work with an experienced Naperville real estate lawyer.
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.
Building on Commercial Real Estate? Do Not Let These Zoning Issues Derail You
Real estate investors often buy commercial properties with the intention of updating, modifying, or improving the property. If you are buying commercial real estate, it is crucial that you understand the zoning and land use laws that will affect you. Strategic commercial development avoids zoning violations that will cause legal and financial headaches. If you are building on commercial property, work with a real estate lawyer who can help you complete your development project efficiently and legally.
Zoning Laws and Land Use Rules
Like most things in commercial real estate, modifying or building on a commercial property comes with a considerable amount of red tape. Anyone beginning a development project will want to understand how land use and zoning laws apply to the project.
Make sure you understand your obligations regarding:
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Fire escapes and exits - Often, commercial buildings will require special fire escapes or exits. These may need to be added or updated as part of your development project.
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.
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