Oak Park Real Estate & Estate Planning Blog

Have you thought about estate planning and what types of documents you might need to prepare with assistance from an Oak Park estate planning lawyer ? Many people mistakenly assume that estate planning is something that they can put off until they are older or until they learn about an illness. In reality, estate planning is a process that all adults should consider, regardless of age and health and regardless of whether they have minor children. If you are beginning to learn more about estate planning or if you want to create important estate planning documents, it is important to learn more about the general process and the most common documents and tools. Drafting a Will A will is one of the most common documents that you will want to draft in the estate planning process. Almost every adult should have a will. Under Illinois law , this document allows you to do a number of important things (including leaving assets to specific parties or entities and naming a guardian for your minor...

When you are thinking about buying or selling a home in Oak Park or elsewhere in Illinois, it is important to work with a real estate attorney. While you might think it is possible to learn about Illinois real property laws on your own and handle any aspects of your real estate closing while avoiding legal fees, you should remember that real estate law is complex, and having an attorney on your side is always a good idea. If you are considering hiring a real estate attorney, you are probably wondering what they do and how they will help you with your sale or purchase. The following are some of the key ways in which real estate lawyers in Illinois assist buyers and sellers. Preparing and Reviewing Documents The purchasing or selling of real estate involves drafting and reviewing a substantial number of documents, for which a real estate attorney is essential. Important documents to be prepared and reviewed include the deed, the mortgage, any disclosures, and the contract. Handling Cont...

Do you currently have a last will and testament ? If not, you might be under the misconception that making a will is only necessary for people of a certain age or economic bracket. To be sure, many Illinois residents have heard the myth that only wealthy people need to make wills or that only people with assets of significant monetary value need to consider estate planning. There are also myths about age and estate planning, and the misconception that only older adults need to make wills is pervasive. In fact, every adult can benefit from having a will. Wills can help you to have a sense of security for the future, knowing that your property will be taken care of and your children will have someone to look after them. If you do not have a will, the laws of “intestate succession” will apply instead. What is intestate succession in Illinois? Consider the following information from our Oak Park estate planning lawyers. What Does it Mean to Die Intestate? Dying intestate means that you hav...

There are many misconceptions about estate planning and who needs to have a valid will. Regardless of your assets or age, it is critical to work with an estate planning lawyer and to draft a valid will that can allow you to make important decisions about who will inherit your property, who will manage your estate after your death, and who will care for your minor children in the event of an accident or death. Now, recognizing that it is essential to have a will, you might be wondering: how do I make a will, and what goes into it? You should get in touch with an Oak Park estate planning attorney when you are considering a will or any other estate planning materials to ensure that everything is done in compliance with Illinois law . In the meantime, our firm can tell you more about making a valid will in Illinois and the steps you will beed to take according to the Illinois Probate Act. Make Decisions About Your Property, Your Children, and Your Estate Wills are extremely helpful for a ...

Over the first half of 2023, bankruptcy filings have risen significantly from this same time last year, according to a recent report from MSN.com . The report underscores that the rise in overall bankruptcy filings has occurred despite the fact that the pandemic student loan forbearance remains in effect through September. By October, when a large percentage of Illinois residents begin making payments on federal student loans again — which is now definite, given that the Supreme Court struck down the Biden administration’s student loan cancellation plans in Biden v. Nebraska (2023) in June — bankruptcy may be a good option for those struggling with student loans. What do you need to know about rising rates of consumer bankruptcies in the country, and what are the potential implications? Our Oak Park bankruptcy attorneys can say more. More Than 200,000 Bankruptcy Cases Have Already Been Filed in 2023 According to data from the American Bankruptcy Institute and Epiq Bankruptcy cited in ...

The amount of money necessary to obtain a college education has been high for many years, and it has only continued to increase over the past three decades. Indeed, according to a recent article in Forbes , more than 50%of all college students now leave their institution with student loan debt, and Americans currently owe a total of about $1.75 trillion in both federal and private student loans. The average amount of debt per borrower is nearly $29,000, but the average loan balance in Illinois and a handful of other states is significantly higher. On average, debtors in Illinois currently have student loans over an average of more than $37,000. Now that the U.S. Supreme Court has struck down President Biden’s plan to cancel anywhere from $10,000 to $20,000 of student loan debt per borrower, many debtors are now considering other options. Given that it may now be easier to have student loans discharged in bankruptcy, our Oak Park bankruptcy lawyers want to discuss your options. We can ...