July, 2017 Archives

Archives for 2017

3 Common Myths About Probate Law

Probate is a technical and often misunderstood area of the law. Here are some of the more popular probate law myths. 1. There Will Be a Reading of the Will Many fictitious depictions of probate law include a reading of the will, but in reality, there won’t be an actual reading with your attorney or representative. While readings may have taken place more often in days of illiteracy, they are far less likely to be done today unless it’s absolutely required for the beneficiaries. Typically, … [Read more...]

Estate Planning for Same Sex Couples

Same sex couples often have unique circumstances that can sometimes result in more complicated or creative estate planning techniques being implemented to ensure that their wishes are followed. Fortunately, there are a few simple steps that LGBT couples and their estate planning attorney can take to avoid potential pitfalls in the future. According to the pros, same sex couples should: Review their legal marital status ahead of time In Illinois, same sex marriage has been legally … [Read more...]

Choosing the Best Fiduciary for Your Will

Choosing a qualified trustee to oversee a will can have a big impact on divisions of assets after a person’s death. A will attorney can address questions and concerns of family members and beneficiaries. Choosing an Estate Fiduciary A fiduciary is an entity or person who manages another person’s affairs if that person is incapacitated or deceased. The word fiduciary is a general term referring to agents, personal representatives, or trustees. When choosing a fiduciary to oversee an estate, … [Read more...]

The Truth About Zestimates in Illinois

Zillow’s property value estimates, commonly referred to as “Zestimates,” may be misleading Illinois home buyers. With a median error rate of approximately 8 percent nationwide, and even higher in some areas, these inaccuracies can equal disparities of tens of thousands of dollars. In some situations, the difference between a Zestimate and a true property appraisal is more than $100,000. Zestimates Are Not Actual Appraisals A Zestimate is a very popular consumer tool used to estimate a home’s … [Read more...]

Small Estate Affidavits for Decedents Who Lived the Simple Life

Large estates can become extremely complicated when loved ones pass away if thorough planning has not been completed. But smaller estates can often avoid the hassles of a lengthy probate process. While many individuals spend their lives accumulating significant amounts of land, real estate, collectibles and other items of monetary value, others either downsize to achieve a simpler life or never establish a large estate to begin with. For deceased individuals who did not have a high value estate … [Read more...]

Importance of Due Diligence Before Completing a Real Estate Transaction

Due diligence can help prevent homebuyers in Illinois from losing thousands of dollars. This is a vital part of the home buying process and one that is the responsibility of the buyers. While Illinois does require sellers to disclose material defects in the homes, there are additional factors that the buyer should consider when deciding whether or not to go through with the transaction. Buying residential real estate may be one of the largest financial transactions that home buyers ever complete … [Read more...]

Avoid Common Mistakes in Wills

Estate planning is important for all Illinois residents to complete, but they should make certain to avoid making certain common mistakes on their wills that can have unintended consequences. Some of the mistakes that are made include not following the rules, not including all of the assets, choosing the wrong executor, failing to update the will and forgetting to name a guardian for minor children. A will attorney may help clients with writing wills that avoid these errors so that their wishes … [Read more...]

Five Mistakes To Avoid When Buying A Home In Chicago

Potential home buyers can make informed home buying decisions they will feel good about for many years ahead by avoiding some basic mistakes. Home buyers sometimes purchase based on emotion and want instead of logical reasoning and practical need. That can lead to years of stress due to being strapped with monthly mortgage payments for a home they are unable to sell for what they owe. Buying more than is easily affordable According to the National Association of Realtor’s (NAR) Housing … [Read more...]

Requirements for an Illinois Will

According to a 2016 Gallup poll, only 44% of Americans have a will. Too often people believe that they either do not have adequate money or assets to warrant a will or that they will have plenty of time to write one later. The main problem is that wills do more than handle assets after a person passes. Wills specify who will become the guardian of any dependents of the deceased and how the deceased's body will be handled, among other non-asset related issues. They also provide comfort and … [Read more...]

Challenges Faced by the Medical Marijuana Industry

  Every since lawmakers passed the pilot medical marijuana program in Illinois in 2013, the marijuana industry has experienced its own share of growing pains. Despite generating more than $42 million in retail sales, entrepreneurs continue to suffer from the stigma that surrounds marijuana. Just a few of the challenges faced by those in the marijuana business include:   Capital: Like with other industries, the challenges for a marijuana start-up often begin with capital. … [Read more...]

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