Failing to plan, failing to update the estate plan, failing to coordinate beneficiaries, forgetting to plan for disability and long-term care, and forgetting about estate tax liability are the most common mistakes to avoid in estate planning. Failing to involve a legal, tax, or financial professional is another common estate planning mistake. Estate planning mistakes can subvert the decedent’s real intent and significantly reduce the inheritance the decedent leaves behind. They can expose … [Read more...]
How Do You Become an Executor of an Estate in Illinois?
Posted on February 21, 2022 //
Most people file to become an estate executor after the person who owns the estate names that person as executor. An Illinois Circuit Court that has jurisdiction where the estate is located formally appoints an executor of an estate. Any qualifying adult can be named the executor of someone’s estate. An executor exercises legal control over an estate’s assets and debts until a probate court determines how the assets will be distributed. The executor is often a family member or an … [Read more...]
What Is Attorney Review in Real Estate?
Posted on January 21, 2022 //
In Illinois, attorney review is a 5-business day period that allows a property buyer’s or seller’s attorney to review and approve or disapprove a real estate contract. Sometimes, provisions will also allow the attorney to amend a real estate contract as well. When a person is buying a commercial or a residential property in Illinois, the real estate contract that he or she signs often contains an attorney review clause. Working with a real estate attorney when buying or selling a commercial … [Read more...]
Do You Need to Hire a Probate Lawyer?
Posted on December 20, 2021 //
Some probate processes can be handled without a lawyer. Lawyers are, however, necessary when dealing with large estates or estates that contain special assets, such as ongoing businesses. The ultimate decision to hire a probate lawyer or not requires a person to answer these frequently asked questions. If the person answers most of the questions with a “no,” then that person needs to work closely with a lawyer when wrapping up the estate. Can the Decedent’s Assets Avoid Probate? The … [Read more...]
How an Estate Planning Attorney Can Help You Protect Your Family’s Future
Posted on December 10, 2021 //
An attorney can help protect the future of a person’s family by advising on guardianship and drafting power of attorney (POA) agreements. The attorney can guide the person through the whole process of drafting a legally binding Will. A Will is a legal document that allows smooth asset distribution according to the wishes of the testator (Will maker). An attorney’s involvement is also crucial during the estate plan’s review and update. Key Roles of an Attorney in Estate Planning Providing … [Read more...]
Industrial Real Estate in Demand in Chicago
Posted on November 21, 2021 //
The demand for distribution centers and warehouses in Chicago continues to skyrocket. Builders are working around the clock to try and keep pace with the booming demand. According to CommercialEdge, sales reached $1.52 billion within just the first half of 2021. That figure is likely to surpass the $2.13 billion in sales recorded the previous year. Industrial Real Estate Demand in Chicago A Colliers International report shows that as of November 2021, an estimated 19.5 million square feet … [Read more...]
Power of Attorney Agreements: Ensuring the Right People Make Important Decisions
Posted on November 10, 2021 //
Power of Attorney (POA) agreements are important legal documents that allow people to choose the right persons to make important decisions on their behalf. If someone becomes incapacitated, a POA can give someone else power over financial and medical decisions. A POA goes beyond finances and health care — it’s also critical for legal and personal matters. Types of POA Agreements Medical Power of Attorney or Durable Power of Attorney for Health Care A Medical POA also known as a … [Read more...]
Preparing to Buy Your First Home? Here’s What You Should Know
Posted on October 20, 2021 //
Buying a home for the first time requires diligence and careful preparation. Making oneself attractive to lenders and working with a lawyer from the start can make the home buying and ownership process less hectic. Choosing the right home and planning a smooth transition from renting is also a crucial part of the first steps towards a home purchase. Practical Tips for Buying the First Home Making Oneself More Attractive to Lenders Lenders generally want people who have good credit and … [Read more...]
Unmarried Couples: Here’s Why You Need an Estate Plan
Posted on October 11, 2021 //
Failing to plan an estate proactively can be disastrous for unmarried couples. Without an estate plan that specifies who gets what in the event of death or incapacity, the decedent’s wishes are likely to be ignored. The partner could receive nothing—or everything. With a properly organized estate plan, an unmarried partner can leave his or her estate to the surviving partner in the event of death. The unmarried partner can also give the other partner the authority to make health care, … [Read more...]
Arlington Heights Property Owners: Are the Bears Moving to Your Back Yard?
Posted on September 20, 2021 //
On September 29, 2021, the Chicago Bears announced the signing of the Purchase and Sale Contract for the 326-acre Arlington International Racecourse property in Arlington Heights. The team will part with $197.2 million for this property. The most likely plan is for the Bears to relocate from Soldier Field and settle in Arlington Heights. The spacious racecourse will enable the team to construct a modern football mega stadium and a magnificent entertainment district. Impacts of the Chicago … [Read more...]
