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Posted on in Estate Planning

b2ap3_thumbnail_estate-planning-after-divorce-Naperville.jpgOswego and Kendall County Living Trust Attorney

Yorkville Estate Planning Attorney

What is a Living Trust?

A Living Trust is often called a “Revocable Living Trust”, a “Trust” or “Family Trust” is a legal instrument which distributes your property upon death or incapacity with the purpose of avoiding probate court and court procedures.  Unlike a Last Will and Testament, a properly executed and funded Living Trust avoids probate court and transfers your property upon your death or incapacity to your loved ones.  A properly executed and fund Living Trust means that it is important to transfer ownership of your assets such as your house title, your life insurance proceeds, your bank and savings account to your Living Trust’s name.  Like a corporation, a Living Trust is a fictional person and creation which is separate and distinct from you as an individual.  Unlike a corporation, a Revocable Living Trust is revocable which means that you may amend, alter, or change your Revocable Living Trust.  Due to this feature, a Living Trust does not provide you asset protection benefits.  Thus, a Living Trust does not protect your assets in case of a lawsuit or creditor proceeding.

Oswego, Yorkville, and Kendall County Probate and Trust Attorney

Sean Robertson resides in Yorkville, Kendall County (Illinois) and handles estate planning, estates and trust, and probate related issues in Kendall County.  Probate is a legal process in court such as in Kendall County Circuit Court that determines who is the appropriate owner of the property of a deceased person.  Hence, probate court is necessary when you have a Last Will and Testament and/or you do not have a valid estate plan.

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Will County family law attorney, parenting plan, fireworks injury, parenting time orders, child injuriesFor the past few weeks, a small liquor store’s marquee sign delivered the following blessing to passersby: “May you have as many fingers on July 5th as you do on July 3rd.” As humorous as some may find such a message, the message presupposes a terrible reality: The Fourth of July holiday can be extremely dangerous for adults and children who play with or set off fireworks.

It is illegal for individuals to possess or use fireworks in Illinois, but other nearby states such as Indiana do not have such restrictions. If your child’s other parent lives in such a state, does that parent’s decision to possess or use fireworks around your child constitute bad parenting? Does an injury accident involving fireworks and your child provide any ground to adjust your parenting plan?

No Automatic Changes to a Parenting Plan for Fireworks Accidents

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Naperville family law attorney, valuing tangible assets, Illinois divorce, marital assets, property divisionIndividuals who are familiar with the basic steps of a divorce in Illinois (or a divorce in any other state) know that, in many cases, one of the chief functions of the family law judge is to divide the marital assets of the divorcing parties in a “fair and equitable” manner.(Note, however, that some states follow “community property” rules and, therefore, the division of property follows slightly different principles.)

In the vast majority of Illinois divorce cases, the court’s goal is to award each a party assets and property of (roughly) equal value.

Methods of Determining the Value of Assets

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Naperville estate planning lawyers, estate planning documents, estate planning services, Illinois estate planning, Illinois willFor some Illinois residents, creating their first estate planning document, such as a will or trust, is a positive step in protecting their assets and providing certainty for their loved ones following their deaths. Others, however, are prolific creators of estate planning documents, generating several wills, trusts, and/or other estate planning documents over the course of their lives. If not done properly, these multiple incarnations can cause headaches for the creator’s loved ones and beneficiaries as well as for probate courts.

What Does a Court Do When Presented with Multiple Estate Planning Documents?

When a court is presented with several wills or other estate planning documents, all purporting to be executed by the same decedent, a court must sift through the various documents to determine which, if any, is the document that should be followed and enforced by the court. In making this determination, a court may employ one or more of the following guidelines:

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Posted on in Real Estate Law

quit claim deeds, general warranty, Will County quit claim deed attorney, land transfer, estate planning lawFRANKFORT AND HOMER GLEN REAL ESTATE DEED ATTORNEY

MOKENA AND WILL COUNTY QUIT CLAIM DEED ATTORNEY

Conveying title to land often involves far more than many individuals realize. In a typical deed, which is called a general warranty deed, conveying title to real property, such as a house, generally involves a set of “covenants.” These “covenants” are essentially promises from the conveyor of the land to the recipient that the conveyer could be legally liable for if they are not met.

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Will County estate planning lawyers, estate planning, Joliet family business succession planning lawyer, Bolingbrook Family Business estate planning attorney, business succession planningWILL COUNTY AND JOLIET FAMILY BUSINESS ESTATE PLANNING

JOLIET AND CREST HILL SMALL BUSINESS ESTATE PLANNING ATTORNEYS

It is not often that estate planning attorneys get the opportunity to capitalize on popular events, especially in the world of sports, to lecture on legal issues that have been presented. Fortunately, the situation surrounding the Los Angeles Lakers affords us that rare opportunity.

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Will County real estate lawyer, commercial real estate leasesJOLIET AND WILL COUNTY COMMERCIAL REAL ESTATE ATTORNEYS

PLAINFIELD COMMERCIAL REAL ESTATE LEASE ATTORNEYS

When most people think of real estate, the first thought is residential estates such as houses or apartments. While this is a very large percentage of real estate transactions, there is the far less seen—but also large market—of commercial real estate.

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Will County family law lawyer, victims of abuse, leave Illinois with childrenJoliet and Shorewood Child Relocation and Divorce Attorneys

Will County Child Custody Lawyers

Divorces tend to be complicated for a variety of issues—the allocation of maintenance from one spouse to another, parental responsibilities of minor children, the payment of child support, and the division of the marital estate are generally seen as the heated issues in most marital dissolutions. One of the points rarely heard of is abuse and the potential need to leave the state and/or go into hiding during the divorce proceedings.

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