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 […]
While there is no general rule of thumb as to how often an Estate Plan should be updated, I tell my valued clients that they should make an appointment to see me whenever something significant happens in their lives – birth of a child or a grand-child, retirement, inheritance, as a few example. One of the […]
Whether you are the sole owner of the business or are in a partnership, the equity you have in the business is an asset of your estate; you wish your family to benefit from the value you hold at the time you pass away. This can certainly be a complicated situation, and over the years […]
This is a difficult personal question and a complex legal question as well. If a parent or sibling is asking you to consider taking on this role and they have no other responsible, caring person to take on this role, then it is a personal decision only you can make. Fortunately, I can assist you by […]
The answer is yes, if you have minor children, you absolutely need a guardian in place in case of your passing. If you have minor children it is imperative that you name family members or very close friends to act as Guardians for you children. Failure to do so could necessitate a Probate Court becoming involved […]
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 […]
Living Trust’s usefulness for a well drafted Estate Plan has nothing to do with whether someone is rich, but rather everything to do with protecting yourself and those you love. It’s all about effective planning for yourself and your family. When I meet with prospective clients I explain the differences between Wills and Trust’s, and […]
The very simple answer to the second question is yes, you absolutely do need them. The good news is that I prepare them for every Estate Plan that I draft for a client. These documents serve to appoint someone your trust; whether it be spouse, partner, sibling or friend, to act on your behalf to […]
There is no easy answer to this question in a brief paragraph, but for most people a Living Trust is a better option for long term protection; whether you are single, have a partner, are married, and perhaps also have a child or children. A Living Trust provides greater flexibility for future changes in one’s […]