Probate is a difficult legal process, and many questions emerge during the administration of the decedent’s estate. The following are answers to some of the most frequently asked questions about probate law in Illinois: When Does Probate Come into Force? Once a person dies, his or her estate goes into probate. In Illinois, the formal probate process is usually compulsory if: The estate comprises assets individually owned by the decedent; andAll estate assets are worth over … [Read more...]
What You Should Know About Foreclosure Protections
Mortgages financed by Freddie Mac, Fannie Mae, or the federal government have two foreclosure protections. They include a temporary suspension of foreclosures and COVID-19 hardship mortgage forbearance. These protections were availed to qualified homeowners after the enforcement of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Since then, these protections have been expanded to offer additional help to eligible homeowners under the supervision of Fannie, Freddie Mac, and … [Read more...]
All in the Family: Estate Planning to Preserve Your Home
Estate planning is the most reliable way for a person to preserve a family home and have it transferred to the heirs upon his or her death. It can also help him or her reduce tax obligations. Estate planning can offer a framework in case a person becomes incapacitated. An estate trustee, for instance, can take the responsibility of managing the estate in case the original owner is unable to do so. Options for Preserving a Family Home … [Read more...]
Get Prepared for the Unexpected with Powers of Attorney
A power of attorney is a great option for ensuring proper management of a person’s finances when unexpected issues like incapacitation, severely disabling conditions, accidents, or other circumstances arise. While it’s difficult for anyone to imagine that a time may come when he or she will be unable to make crucial financial decisions independently, there is a possibility that such a time will come. Having a financial power of attorney in place will ensure a person is prepared for the … [Read more...]
Online DIY Will Kits: You Get What You Pay For
Using a DIY tool to create a will saves both time and money. However, using this option could result in costly estate planning blunders. Issues such as typos, missing documents, and lack of personalized online support are common with DIY will kits. Online DIY Estate Planning Vs. Hiring an Attorney Online wills and trusts may not sufficiently address all the personal and financial concerns of a testator. While many people would prefer to use DIY tools to create wills, getting … [Read more...]