When a Spouse is Excluded from a Will in Illinois

In general, a testator in Illinois can disinherit anyone – including a spouse. In fact, Illinois is one of the few states that allow married people to use estate planning techniques to ensure there is no eligible property left for surviving spouses claiming renunciation shares. Under Illinois law, however, excluded spouses may still be able to claim a portion of the probate estate. Prenuptial Agreements Take Precedence When the terms of a prenuptial agreement conflict with a will in Illinois, … [Read more...]

Bits of Wisdom from an Estate Planning Attorney

Probate is easy to avoid with adequate planning and foresight. Transferring assets, designating beneficiaries and taking advantage of a few estate planning tools can help ensure that people avoid probate. Probate Can Be a Long, Expensive Process Probate is a legal process that decides how a person's assets are to be distributed upon death. Although probate is often a routine procedure, it can become expensive and drawn out if putative heirs (people who were excluded or under-included) contest … [Read more...]

Deed Restrictions Can Ruin Your Dream Home

Deed restrictions can have a big impact on purchasing or building a new home, selling an existing home, renovations, and even how a property is used. Since deed restrictions are attached to the land, they can continue to cause problems for both current and future owners of a property for many years. What is a Deed Restriction? Deed restrictions, or restrictive covenants, are provisions in a property deed that place limits on the use of the property and/or building on the property. Such … [Read more...]

What Is an Indemnity Agreement (and Should You Use One)

An indemnification agreement is an essential document that helps protect businesses from the risks associated with doing business. It is a document that identifies the risks clients and guests accept when visiting a client's property or utilizing their products or services. This effectively shields the business from lawsuits should clients or guests experience property damage or personal injuries under certain circumstances. Types of Indemnities There are three types of indemnities. A … [Read more...]

Consider These Strategies Before Leaving Your Kids An Inheritance

Estate planning techniques like the incentive trust can nurture healthy ambition while also ensuring that an inheritance will not interfere with children going on to lead meaningful lives of their own. According to Forbes money can enable children to have a financial cushion that helps them lead better and more fulfilling lives. Money can also suck the ambition and initiative out of children who are not prepared for the sudden influx of wealth. Is Inheriting Money Always a Bad Thing? CNN News … [Read more...]

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