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Mistakes to Avoid in Estate Planning

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?

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?

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?

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

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...]

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