Recent Blog Posts
What Happens During the Probate Process?
When a loved one passes away, you are grieving and likely overwhelmed. Knowing what to expect can ease some stress if they leave behind property requiring probate. An Illinois estate planning lawyer can provide insight into what happens at each step so you feel informed and empowered.
Filing the Initial Petition
Formal probate begins when an appointed executor or estate representative files paperwork with the county probate court. This includes a certified copy of the will (if one exists), the death certificate, and a petition to open probate and appoint the representative. Filing fees must also be paid.
The court reviews the petition and supporting documents. As long as everything looks valid, they officially open the estate and issue a document called “Letters of Office” naming the estate representative and authorizing them to conduct transactions on behalf of the estate.
When Do You Need Deed Drafting?
Transferring real estate requires properly documenting the exchange through quality deed drafting. However, with multiple deed types and complex transfer issues, confusion abounds around necessary occasions for professional legal help. An Illinois real estate lawyer can help you make the deed drafting process less complex.
Purchasing Property
Perhaps the most obvious need for legal deed drafting arises when purchasing a property. Sales contracts contain promises to convey land title from seller to buyer. Trained lawyers utilize precise legal terminology and required elements to transform sales contracts into enforceable warranty deeds. This legally conveys ownership rights to obtain clean title insurance policies. Any ambiguities or missing details during deed drafting could nullify the transfer or spark future claims against ownership. Simply using template deeds or listing services forms fails to adequately protect buyers’ interests in the land purchase.
Estate Planning for Owners of Illinois Vacation Homes
When families have many treasured vacation homes full of memories, ensuring these unique properties remain in the family for generations should be an estate planning priority. You must know how to do this properly. An Illinois lawyer can help you make sure you fill out the correct documents and make sure you use the proper terms so there are no hurdles later.
Choose Beneficiaries Wisely
Carefully select who should inherit your vacation home upon your passing. Jointly owned homes often transfer automatically to a co-owner. For sole owners, name beneficiaries in your will or living trust to receive the home. Weigh family dynamics and relationships when deciding on the best recipients.
How to Avoid Probate for Illinois Real Estate Holdings
If you own residential or commercial real estate in Illinois, ensuring your properties transfer smoothly to chosen beneficiaries without getting tied up in probate should be an estate planning priority. You should be aware of your options that can help you avoid the time-consuming and public probate process for your real estate holdings. An Illinois lawyer can help you figure out the best option for you.
Understand Probate's Drawbacks
In Illinois, probating a will can take six months to two years. During this period, your properties may sit idle while beneficiaries wait to take ownership. Probate records are also public, making details about your estate accessible.
Name Payable-on-Death Beneficiaries
Illinois allows payable-on-death (POD) designations on real estate deeds. By naming POD beneficiaries, your property can be transferred to them outright upon your passing without probate. Update deeds to list desired beneficiaries. Make sure you monitor regularly, as your circumstances can change, and this is one area people often overlook.
Managing Digital Assets in Your Illinois Estate Plan
Nowadays, most of us have tons of valuable digital assets - from social media accounts to cryptocurrency wallets. Making sure these all get adequately handled after you are gone takes some planning. Working with an Illinois lawyer to include digital assets in your estate plan is wise to ensure it is all legally done right.
Why Digital Assets Matter
Digital assets can have financial and sentimental value, so they are important to address in your estate plan. Online accounts, photos, videos, and domain names are valuable and should be managed carefully. Leaving behind an unfinished online presence can also complicate things emotionally for grieving loved ones.
Take Inventory of Your Digital Assets
Start by making a thorough list of all your digital assets, such as:
- Email accounts (Gmail, Yahoo, work email)
Navigating a Property Dispute Case
Dealing with property disputes can be a complex process. With the right help by your side, you can work to resolve these issues and protect your interests. An Illinois lawyer can help you with property disputes so you do not feel overwhelmed. There are a few things that you should know to make sure you are handling your dispute correctly.
Reviewing Relevant Documents
An important part of resolving property disputes involves reviewing relevant documents such as deeds, property surveys, plats, titles, easements, covenants, and prior contracts. These records often contain pivotal details regarding intended property boundaries, easements, ownership interests, rights of use, and other information that provides context to evaluate and address contested issues comprehensively.
Being able to produce valid documentation that supports your position will substantially strengthen your case. Therefore, extensively gathering pertinent documents and reviewing them closely is highly recommended when asserting property rights.
Common Real Estate Transfer Mistakes to Avoid in Illinois
When transferring a property title, even small mistakes can cause major legal and financial headaches down the road. Here are some of the most common Illinois real estate transfer mistakes to avoid under Illinois law and how a lawyer can help.
Signing Before Final Walkthrough
Do not sign final closing documents until completing a final property walkthrough to ensure no changes or new damage has occurred. It is tempting to sign closing papers early to get one step closer to moving in, but this risks major unnoticed problems.
Sellers could cover up or fail to disclose issues like roof leaks, foundation cracks, faulty wiring, or plumbing that arise at the last minute. Signing too early leaves you legally bound without recourse. Always insist on a final walkthrough within 24 hours of closing to check the property thoroughly before signing.
Break Your Illinois Home Lease Legally - What Tenants Should Know
Ending your residential lease early can be complicated in Illinois. While the law does allow tenants to break a lease under certain conditions, you must follow proper protocols. Tenants who terminate illegally risk financial penalties and eviction. A lawyer can help you, but it is important you also follow the proper legal steps. Here is what you should do for a lawful process for early lease termination in Illinois.
Review Your Lease Agreement Carefully
The first step is to thoroughly read your entire lease agreement, paying close attention to any provisions about early termination. Many leases outline specific notice periods, fees, or conditions required for legal early move out. Failing to comply means defaulting.
Proper Notice to Your Landlord is Key
In most standard Illinois residential leases, tenants are required to provide 30 days' written notice to legally terminate early. The notice period commences at the start of the next rental period after notice is given. Inform your landlord in writing as soon as possible once you decide to leave.
What Types of Assets Can Be Placed in a Trust?
One of the most popular estate planning tools that are available is a trust. There are a number of different types of trusts that can be utilized, depending on what your needs are. Many of the clients who meet with our Illinois estate planning attorneys are often surprised at the number of assets that can be protected by placing them in a trust. The following touches on some of the benefits a trust offers. Contact our office for more detailed information.
What Is a Trust?
A trust is a legal instrument that protects assets from various risks that could ultimately lead to some sort of loss of those assets. Some of the more common risks include:
-
Divorce
-
Creditors
-
Excessive spending
-
High tax obligations
What Should Be Included in an Illinois Real Estate Contract?
One of the most critical pieces of documentation in a real estate transaction is the purchase contract between the buyer and seller. This contract is usually drafted once the buyer has made an offer on the property and the seller has accepted that offer. This contract outlines all of the terms and conditions of the transaction, providing protection for both parties. The following are some of the key components that should be included in the contract. For more detailed information regarding a real estate transaction you are considering, make sure to consult with a qualified real estate attorney.
Basic Information
Every real estate contract should clearly state the identification of the parties entering into the agreement, including names, current addresses, and contact information. This will eliminate any confusion about who the contract applies to should issues come up in the future.