Selling an Inherited Home: The Stress-Free Guide

By |April 12th, 2019|Estate Planning, Probate|

Inheriting a house from a loved one can be a wonderful gift or a challenging inconvenience. Depending on your individual circumstances you basically have three choices on what you can do with the home: move into it, rent it out, or sell it. Many times, families will move into an inherited home and sell their own properties that they’ve been living in. In other cases, those who inherit a home will either rent the property out as an income property, or they hold an estate sale to sell off unneeded items, then sell the property itself. If you’re planning on [...]

Aretha Franklin Dies Without a Will or Living Trust, $80M at Stake

By |August 23rd, 2018|Estate Planning, Probate|

Legendary singer and performer Aretha Franklin died on August 16, 2018, leaving behind a legacy of thousands of performances, and countless chart topping Jazz and R&B hits. What did she not leave behind? A will or living trust. When someone passes away without a will or living trust, they die “intestate”. This means that there are no official documents that instruct Franklin's heirs on how to distribute her assets. A recent Gallup poll suggests that only 44% of Americans actually have a will, which leaves the vast majority of people’s children responsible to dispose of their property when they die [...]

Drafting a Will in the State of Illinois

By |April 12th, 2018|Estate Planning, Probate, Probate Law|

A will is commonly referred to as a "last will and testament" in many regions, including Illinois. A will can help you to protect your family, other survivors, and even your property in the aftermath of your passing. You can draft a will in order to: Give your property to a specific person or even to an organization, In order to name a guardian to look after your children, To name an individual to be held responsible for the assets you have left for your minor children, or To name a responsible person who will ensure that your last wishes [...]

Important Factors When Obtaining a Power of Attorney in Illinois

By |March 16th, 2018|Conservatorship, Estate Planning, Probate, Wills & Trusts|

Obtaining a power of attorney in the State of Illinois can give another person, agent, or party the legal right to make financial or health care decisions on your behalf in the event that your because incapacitated to make these on your own. When a power of attorney is obtained, this power can be flexible and it can also be valid for an indefinite and definite period of time. Factors To Consider When Assigned a Power of Attorney While a power of attorney can be formulated without the assistance of a lawyer, it can nonetheless be beneficial to obtain the [...]

What is Meant by a ‘Probate Caveat’?

By |February 22nd, 2018|Probate, Probate Law|

Probate is the process of administering the will of a deceased person. The legal heirs have the right to challenge the will if they believe that it has been tampered with after the death of the grantor. The document that is filed in the court to halt the probate process is known as 'Probate Caveat'. What is meant by Probate Caveat? Why would anyone want to lodge a caveat? You will know more about probate and required documents in this article. What is a Probate Caveat? Probate caveat is a legal notice to a court to suspend the probate process.The [...]

Who is Responsible for the Deceased Persons’ Debt in Illinois?

By |December 5th, 2017|Estate Planning, Probate|

The last thing that anyone would want after they pass away is their grieving family members to be haunted by creditors to settle debt obligations. Do the close family members really inherit the debts? Or does the debt follow the deceased person to the grave? The answers to the above questions are not that simple. A number of things determine who will be responsible to settle the debt obligations of the deceased person. Here we will take a look at the circumstances regarding the settling of debts in the state of Illinois. Settling of Debt Obligations in Illinois Residents of [...]

The Illinois Probate Process Explained

By |November 3rd, 2017|Estate Planning, Probate, Wills & Trusts|

Probate is the legal process by which assets of the deceased person is distributed. The court-supervised process helps settle the legal title of the deceased person's property and fulfill debt obligations. Understanding the probate process is important as it will allow you to know whether or not probate should be sought. Here we will take a close look at the probate process in the state of Illinois. What is the Probate Process in Illinois? The probate process in Illinois is similar to any other estate. It includes identifying the assets of the deceased person, paying the debts, and distributing the [...]

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