Oak Park Real Estate & Estate Planning Blog

Most of us have heard about wills, either because a relative or friend has talked about making a will or because we have considered making a will ourselves in the past to ensure that our assets go to the people who we want to have them. While general knowledge of wills may be relatively common, many people in Oak Park and throughout Illinois have misconceptions about who should make a will and, specifically, when it is important to make one. You might wrongly assume that you should wait until you are older to work with an estate planning lawyer or that you do not need to think about making a will unless you find out you are experiencing serious health issues. Yet those truly are misconceptions. If you are wondering when to make a will, the answer is now (or as soon as possible). Our Oak Park estate planning lawyers can explain. When to Make a Will As we mentioned above, there are many incorrect assumptions about who should make a will and when. We want to be clear that every adult sho...

Are you considering buying or selling real estate, or are you currently in the process of doing so? You might be wondering if you can simply act as your own attorney when it comes to drafting, reviewing, and signing a real estate contract, especially if you have been involved in the purchase or sale of real estate in the past. While you may have some familiarity with real estate guidelines, it is critical to keep in mind that contracts can be extremely complex, and a minor error can result in major issues later on. As such, you should always plan to have a real estate lawyer in Oak Park review your real estate contract before you sign. What are some of the key reasons to work with a real estate attorney on your contract? Consider the following information. Real Estate Agents Do Not Have the Legal Experience of an Attorney Whether you are a real estate agent yourself or your agent has offered to look at a real estate contract with you, it is critical to remember that real estate agents...

Nobody wants to hear that their family members ultimately could contest, or challenge, the validity of their will. Yet that is what happens in a will contest. This is a legal term that refers to a specific type of proceeding during probate where a party challenges the validity of a deceased person’s will. What do you need to know about will contests, and how can you avoid one? Learn more from our Oak Park estate planning lawyers. General Requirements for Contesting a Will Under Illinois law , an interested party must move to contest a will within six months following the admission to probate of a will. When a party contests a will, Illinois law is clear that the “representatives and all the heirs and legatees of the testator must be made parties to the proceeding.” It is also possible to demand a jury trial. Party Contesting the Will Must Have Standing Illinois law makes clear that a party must have standing in order to contest a will. What is standing? This is a legal term that means...

When you have already worked with a lawyer to make a will in Illinois and to name an executor of your estate, you may be wondering if there will ever be a need to change the executor and if Illinois law permits you to do so. For example, you might have second thoughts about the person you have chosen as your executor, or you might experience certain life changes that could necessitate a change in an executor, such as a divorce or a family estrangement. In other words, various circumstances may arise under which you find yourself asking the question: Should I name a new executor, and am I allowed to do so? Our Oak Park estate planning lawyers can give you more information. Understanding the Role of the Executor In order to know if you need to name a new executor, it is important to have a clear understanding of the executor’s role and who can serve as an executor in Illinois. An executor is the party who administers a person’s estate after their death. This means that the executor wil...

If you have assets that are of limited value, or if you have only a handful of seemingly simple assets (such as a savings account or a home), you might be wondering if it simply makes more sense to give away — or gift — your property to a loved one before you die instead of making a will and having a loved one go through the probate process. While it might make sense to gift assets to loved ones while you are still living in certain circumstances, there are also important reasons to avoid doing so. In addition, regardless of whether or not you plan to give away assets during your lifetime, it is critical to make a will to ensure that any property and estate issues you did not consider will be handled appropriately by an executor, and that your loved ones will not have to contend with the complications of intestate succession. Our Oak Park estate planning attorneys can say more about the potential benefits and limitations under Illinois law of giving away assets during your lifetime t...

Making the decision to work with an estate planning attorney in the Oak Park area to create a will and advance directives, along with other relevant estate planning tools, is important for nearly all adults in Illinois. Yet for nearly everyone with an existing estate plan, an initial meeting (or initial few meetings) with an estate planning attorney should not be the last time you think about the documents and tools that are part of your estate plan. Circumstances can change, and unexpected life events can occur, necessitating changes to one or more of the materials in your estate plan. Accordingly, if you are wondering whether you should ever revisit your estate plan, the answer is yes. If you are currently wondering whether an event has occurred that necessitates revising a document that is part of your estate plan, it is important to talk with a lawyer. In the meantime, our Oak Park estate planning lawyers can tell you more about some of the reasons that you will need to revisit yo...