Oak Park Real Estate & Estate Planning Blog

Do you currently have a will? If you do not, it is essential to consider getting in touch with an Oak Park estate planning lawyer and making one. Many Illinois residents assume that they will consider a will when they get older or if they learn they are ill and need to worry about their own long-term health or the care of their minor children. Another common belief is that you only need to make a will if you have substantial assets. Yet making a will certainly is not only an essential task for an elderly adult, a wealthy person, or a terminally ill person. Indeed, wills are important for any adult, regardless of your age, how much money you have, and the status of your health. It is also critical to know that you cannot simply write a document with your wishes, keep it with your belongings or in a place known to your family, and assume that your wishes will be honored. To be sure, Illinois law has specific requirements for making a valid will, which includes having at least two witne...

Part of the estate planning process for many people involves thinking about how to avoid the probate process, as well as thinking about how to transfer real property to loved ones. For most Illinois residents, making a will is an essential part of the estate planning process, but there are many other considerations, as well, such as the creation of certain trusts and, for some, the benefits of the Real Property Transfer on Death Instrument Act . If you have never done any estate planning before, you may not have heard of this law or even realized that such a law exists. In short, it is a law that allows real property owners to designate a beneficiary to receive their real property upon death without going through probate. Our Oak Park estate planning attorneys can tell you more about this law and how it might be relevant to your estate planning process. Learning More About the Real Property Transfer on Death Instrument Act When you are considering working with an estate planning lawye...

Estate planning involves the creation of many different documents and the use of various tools for transferring property upon death or ensuring that loved ones are financially cared for upon your death. One of those tools is a “trust,” which is, according to Fidelity , “a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.” There are many reasons that people establish trusts, including allowing beneficiaries to avoid probate, controlling financial distributions to particular individuals, planning for Medicaid and long-term care needs, and supporting a disabled loved one without putting their government benefits at risk. While many trusts are established by adults with significant assets, there are also many reasons that middle-class Illinois residents would also want to consider establishing a trust. Our Oak Park estate planning lawyers can give you more information about some of the different types of trusts that yo...

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 ...