Oak Park Real Estate & Estate Planning Blog

There are a lot of myths concerning estate planning. Because of many of those myths, Illinois residents mistakenly assume that they do not need to talk to an estate planning lawyer anytime soon, if at all. Yet, nearly all adults can benefit from estate planning, even if the process only involves creating a will and one or more advance directives. For single parents, estate planning is especially important — particularly when you have a minor child or a disabled adult child. What should single parents consider when it comes to estate planning? Our Oak Park estate planning lawyers can tell you more. You Can Designate a Guardian for Your Child During the Estate Planning Process For single parents with minor children, one of the most important parts of estate planning is designating a guardian to care for their minor children in the event of their death. While nobody likes to think about the possibility of a devastating fatal accident or a life-threatening illness, unexpected life events ...

If you have not yet worked with an estate planning attorney in Oak Park, Illinois , to create a will, formalize advance directives, and consider other tools of estate planning, learning that “wills” and “living wills” are two separate types of document can be extremely confusing. You might also assume that a “living will” is merely a type of traditional will that you make while you are living or that is different from other people’s wills in some capacity. Our Oak Park wills attorneys want to make sure you know that these are two entirely separate types of documents, and both of them serve important purposes. Regardless of your assets, your health, and other factors, you should talk with an attorney about creating both a will and a living will. Our lawyers can explain the difference between these documents to you in more detail, and we can help you to create both of them. Wills and Living Wills: Are They Really Different Documents Entirely? The answer to that question is yes. A will, i...

The idea of estate planning can seem daunting to many people, and residents of Oak Park frequently assume that they do not need to worry about estate planning until a particular issue arises or a life change occurs. However, it is essential to know that estate planning is important for all adults, and you should work with an experienced estate planning attorney in Oak Park to determine what types of documents and tools you should have in your estate plan given your particular circumstances. In the meantime, we want to dispel some common myths about estate planning and give you the facts so that you have the information you need to make an informed decision about getting started on the estate planning process. Myth: Estate Planning is Only for Older and Wealthy Adults Fact: Many people assume that you should only get started on estate planning if you are older or ill, or if you are wealthy, but this is a myth. Estate planning is important for adults of all ages, regardless of the value...

There is a wide range of misconceptions about how certain estate planning tools or documents work and whom they are designed to benefit. Very commonly, people mistakenly assume that trusts are only beneficial to wealthy or high-net-worth individuals who are working with an estate planning lawyer. While certain types of trusts might be more beneficial to individuals with significant assets, trusts can be helpful — and sometimes essential — for people regardless of the amount of wealth they have (or have not) accumulated. Most issues pertaining to trusts in the Oak Park area are governed by the Illinois Trust Code . Our Oak Park estate planning lawyers can tell you more about certain trusts that may be relevant to your situation and may be able to help you regardless of your net worth. Trusts can help you preserve and protect your assets in the event of certain health emergencies, and they can also allow you to continue to provide for a loved one who is eligible for asset-based governme...

Whether you are considering the possibility of establishing one or more trusts, you recently established a trust, or you have been named as a trustee for a particular trust, you may have questions about how the process works. The Illinois Trust Code governs most issues pertaining to trusts, including those that a person creates as part of an estate planning process. Yet parsing the Illinois Trust Code can be extremely complicated if you do not have familiarity with trusts more broadly or with statutory language. Accordingly, our experienced Oak Park estate planning lawyers want to provide you with more information about trustees and what they do when a trust has been established. If you have further questions, or if you want to begin the estate planning process in order to create a trust, we can start working with you today. What is a Trustee? In order to understand what a trustee does, it is essential to understand what a trustee is, more broadly. A trustee is a party that is respon...

Are you currently in the process of buying residential or commercial real estate in Illinois? Or are you considering a real estate purchase? Whether you have bought homes and businesses in the past or you are a first-time buyer who is new to the process, it is important to have an experienced Oak Park real estate attorney on your side to ensure that the purchase process goes smoothly — from identifying a home or business you want to buy and making an offer to the closing. While any checklist for a real estate closing is something that you should discuss with your real estate attorney, it is also important to have a good idea of the steps that you will need to take just before or at your closing. While Illinois real estate law does not require you to have an attorney at your closing in order for the sale to go through and to be finalized, you should keep in mind that closings can be complex, and an attorney can help to ensure that everything goes according to plan. When you sit down t...

Are you currently thinking about making a will , or are you planning to speak with an estate planning attorney about revising or adding to an existing will? You might have come across the word “codicil,” and you may be wondering if you need one or simply what it means. In short, a codicil is a legal document that allows you to make certain changes to your will without needing to rewrite the will entirely. Accordingly, if you are just beginning the estate planning process, you are unlikely to need a codicil at this point (since you will be newly making a will), but you could need to create a codicil in the future. As such, whether you already have a will or you are considering making one, it is important to learn more about codicils, their requirements, and why they exist. Our Oak Park estate planning lawyers can tell you more. When to Consider a Codicil As we said above, a codicil is a legal document that you can draft with assistance from an estate planning lawyer in order to change y...