October, 2019 Archives

Archives for 2019

What Are Executor Duties in Illinois Probate?

An executor in Illinois probate is given significant responsibilities when administering an estate. Since a violation of an executor's duties can result in the imposition of harsh penalties, it is vital that the executor become familiar with what is expected. What is an Estate Executor? An executor of an estate is someone who is named in a person’s last will and testament to acting as his or her personal representative through the probate process. Estate executors are responsible for … [Read more...]

Common Causes of Home Closing Delays

At the 11th hour, a variety of issues may come up with real estate deals that cause home closing delays. Before escrow can close, buyers and sellers must meet all purchase contract terms, the sellers must transfer the property deed to the buyers, and the buyers must deposit the funds for the purchases to the sellers. Should problems arise during this time, the closing process may be delayed until they are resolved. Title Issues Problems with the titles for homes could delay potential … [Read more...]

Why Your College-Bound Child Should Have a Power of Attorney

After years of preparation and planning, your child is set to go off to college – perhaps nearby; perhaps several states away. Part of the preparation was helping your child make decisions about important issues.  Part of the learning process at college will be how to refine the decision-making process. Upon reaching age 18, your college student is considered an adult and will be required to make decisions on his or her own. What if Your Child Is Unable to Make Decisions Due to an Injury … [Read more...]

Contesting a Will in Illinois

The death of a loved one in Illinois often triggers a will contest. Suspicion of undue interference, greed, hurt feelings, and any other number of factors may lead estate beneficiaries or those who feel they should have been named, to question the wills of deceased loved ones. Under certain circumstances, the courts may see fit to declare a will invalid. Who Can Contest a Will in Illinois? In Illinois, those who would suffer adverse effects due to the execution of a will can file a petition … [Read more...]

What Happens If An Heir Doesn’t Want The Inheritance?

A farmer who lay on his deathbed asked his son to make sure that the land would always stay in the family. Upon his death, the farmer’s will leave 320 acres for his wife and 160 acres for each of his four children. While some family members were overjoyed with their inheritance, others did not expect the million-dollar mortgages that came with the land. According to Iowa Farmer Today, several of the farmer’s children were not equipped to handle inheriting that level of debt. In Illinois and … [Read more...]

Has Your Spouse Moved to a Nursing Home? It May Be Time to Update Your Estate Plan

Illinois estate planning attorneys suggest updating your estate plan when a spouse moves into an Illinois nursing home as this is a change in life circumstances. Wills and other legal end-of-life documents should evolve as people’s lives and needs change. Just as people often make updates following marriage, the birth of a child, or a divorce, so too should they consider making modifications when they move a spouse into a long-term care facility. Protecting Assets When a Spouse Needs Long-Term … [Read more...]

Adding Your Spouse to the Deed of Your Home

Adding a spouse to the deed of a home is typically a fairly simple process, but the decision to do so should be carefully evaluated. Since such a move could have a substantial impact on a couple's financial future, homeowners should consider the advantages and risks before adding their spouses to the deed of their homes. How Do Homeowners Add Spouses to Property Deeds? One of the most common ways property owners add spouses to real estate titles is by using quitclaim deeds. Once completed … [Read more...]

A Guide to Debt After Death

When people in Illinois die with debt, the money owed typically has to be repaid by the estate. The way a deceased person's debt is handled, however, depends on a variety of factors including whether there was a joint borrower or co-signer, the debts are secured, and assets exist to pay off amounts owed. A 2017 study by Credit.com found that almost three-quarters of Americans have outstanding debts after death. What if the Estate Cannot Pay? In addition to covering any operating costs of … [Read more...]

3 Alternatives to a Reverse Mortgage

Reverse mortgages are not the only option for retirees looking to enhance their cash flow. Alternatives, like refinancing the existing mortgage, taking out a home-equity loan, or selling the property might help some people reach their goals. Evaluating financial circumstances and retirement objectives can help homeowners determine which route is the best fit. Refinancing For homeowners that are struggling with their monthly payments, refinancing is a potential option. Refinancing may allow … [Read more...]

What Happens to Your Investment Assets When You Die?

The fate of retirement funds after death depends on the type of accounts held, whether designated beneficiaries exist, and the way accounts are set up. By making sure the right types of accounts are correctly set up and proper beneficiary designations are in place, people can ensure that their retirement money is available for surviving family members when they die. Annuities Annuities are retirement benefits in which individuals pay a set amount over time (monthly, annually quarterly, etc.) … [Read more...]

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