In Illinois there is a division of the court system called Probate. It serves to make decisions, based on the law of the State of Illinois, as to where a deceased persons assets – savings, investments, real estate – will go if that person does not have an Estate Plan. This would exclude property that may be held jointly by two or more people, whether married or not. The reasons to avoid probate are many: trouble, expense, the time involved – at least 6 months before all assets can be distributed. In addition, if there is a family situation where people may be in conflict; let’s say the last parent has died, and some adult children may be in dis-agreement, Probate can be a very unpleasant experience. If you have further questions, please contact me so we can talk further. Also, read testimonials and read experiences of my clients.
While there is no legal requirement in Illinois that a Lawyer has to be hired by a home seller, as a practicality it is nearly impossible and certainly ill-advised to represent oneself. There are many documents that need to be drafted, almost all of them fairly complex and detailed. Additionally, the negotiations that often occur […]
When I meet with prospective Estate Planning clients for the first time, it is very common for most people to believe that an effective Estate Plan must be complicated. This is generally not the case. A well drafted document – whether it is a Will or a Living Trust – should be not only legally […]
This unfortunately happens far too often. As people age, sometimes their ability to safeguard their assets diminishes. Fortunately there are laws to protect senior citizens, and each case of potential financial abuse is unique based on the facts at work. Parents, aunts/uncles or close friends who are seniors may often be reluctant to share information […]
If you have a living trust in place, it can probably be amended. It is, however, completely dependent on whether it is what is known as a Revocable Trust. The majority of Trusts are revocable in nature, which is the legal wording used to also indicate that they are amendable, or can be changed. This […]