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Can I Exclude My Spouse from Inheriting My Estate While My Divorce Is Pending?

Search Results for: probate

Can I Exclude My Spouse from Inheriting My Estate While My Divorce Is Pending?

Writing testament my last will on a paper with several $100 dollar bills People in Illinois must take action to exclude their spouses from inheriting their estates if death precedes the finalization of their divorces. Many married people name their spouses as a sole or partial beneficiary of their estates when creating their wills. Only the final divorce or annulment order or a revised will can revoke bequests to the surviving spouse. Surviving spouses who are disinherited will still have the … [Read more...]

How Long Does it Take to Settle an Estate?

Closeup of three business people are having a meeting It takes time for the estates of decedents in Illinois to pass through the probate process. From submitting the will for probate to paying off any outstanding debts and distributing the assets to the specified heirs or beneficiaries, settling an estate can take an average of six months to one year. Going to Probate Probate is the legal, court-supervised process of settling the final affairs of a deceased person. Through this process, … [Read more...]

What Lack of Testamentary Capacity Really Means

A small dummy stands on a last will and testament document Lack of testamentary capacity may be grounds to dispute the validity of a will in Illinois. Since the law presumes that a person possesses the mental capacity to execute a will unless it is proven otherwise, the person seeking to invalidate a will bears the burden of proving the testator lacked the capability to create a will at or near the time the document was created. What Is Testamentary Capacity? Testamentary capacity is … [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 … [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 … [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

A green eraser is going to erase a debt word 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 … [Read more...]

Planning Your Estate: How to Make Sure Your Kids Can Keep the House

Parents who wish to leave their house to their kids can employ a variety of tactics to ensure their wishes are honored. Working with an estate planning attorney to create a will and a living trust, and making sure all the right wording is included in the deed is often necessary to ensure all bases are covered. Wills A will is a legal document that is set-up and signed by the testator to transfer property and money upon death. A will can be used to transfer anything the testator owns to … [Read more...]

Are You a Victim of Estate Fraud?

If an executor, beneficiary, or some other person steals estate money or assets or unlawfully sells the property of the deceased before it can be distributed to heirs, it is known as estate fraud. This crime can be committed by a beneficiary who defrauds the estate. It can also be committed by an executor who transfers assets from the estate to an entity the executor controls against the terms of the will. Depending on the acts committed, it could implicate both civil and criminal … [Read more...]

You’ve Been Named Executor: Now What?

When an individual is named as the executor of a deceased person's estate, he or she is responsible for winding down the decedent's affairs. This includes protecting the assets of the estate, notifying creditors and beneficiaries, settling debts and paying the taxes owed by the estate, and distributing property to the beneficiaries. For those who have never executed a will before, the position can be challenging and a full understanding of the duties and liabilities of an executor is vital. If … [Read more...]

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