There is no doubt that 2020 has been a year that will go down in history. Unfortunately, many households will remember 2020 as a year of unemployment and financial struggles. Whether you were temporarily furloughed, had your hours reduced, or lost your job entirely, your family might have fallen behind on debts and/or relied on credit cards to get…
A critical part of creating a living trust is to choose who will be the successor trustee. A successor trustee takes over the management and administration of the trust if the trust creator becomes incapacitated or passes away. A trustee stepping in has many duties related to trust administration, including a fiduciary duty to the beneficiaries of the trust….
When people draft a last will and testament, one important step is to select another individual to serve as the executor of the will. This means that after the will-maker (testator) passes away, the executor will be in charge of administering the estate as instructed in the will. This can involve several different complex tasks, and many executors can…
When a will is submitted to the probate court following a death, the court must approve the will as valid before the probate process can proceed. While most wills are deemed valid, there are situations in which someone might have reason to challenge the validity of certain provisions or even the entire will. The following are only three examples…
When you create a revocable living trust, you will be able to manage and access the trust property until you pass away or become incapacitated. Then, a person you designated will need to take over the management role as your successor trustee. This trustee will have numerous duties and must conduct these duties while maintaining a high standard of…
Trusts are popular estate planning tools, and different kinds of trusts have different purposes and benefits. The following is a brief overview of types of trusts – to discuss the best kind for your specific situation, you should consult with an experienced estate planning lawyer in Illinois. Revocable Living Trust – This is a trust that you can manage…
Divorce laws can vary significantly from state to state, especially when it comes to the grounds you cite when petitioning the court for a dissolution of marriage. All states now allow no-fault grounds, though other states also give you the option to cite fault-based grounds, such as adultery, cruelty, or substance abuse. Illinois overhauled its divorce laws in 2016,…
Many of us have loved ones who live in nursing homes, and Illinois has about 1,200 facilities that assist over 100,000 residents who need specialized care. While these facilities are expected to abide by state regulations and provide a safe atmosphere for residents, many residents suffer preventable injuries due to nursing home neglect or abuse. While advocates know that…
Many people begin to feel extra financial pressure as the holidays near. If you were already struggling to pay your debts, you might decide to file for bankruptcy after the holiday season comes to a close. While this is a popular decision among consumers, there are some things to keep in mind. Don’t Overspend When you decide to file…
Chicago is routinely cited as one of the worst cities for traffic. If you own a car in the city and drive on a regular basis, you likely have sat in heavy traffic for hours on end. Slow traffic and careless drivers not only cause frustration, but they also can regularly result in car accidents. An accident can delay…
