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Recent Blog Posts
What Are the Steps for Contesting a Will in Illinois?
Estate matters can be complicated since they involve emotional attachments to people and things. Creating a will helps make sure a person’s wishes are carried out after he or she passes away. For those individuals who are single or married with no children, a Last Will and Testament allows them to specify how their assets should be distributed to their heirs upon death. For people with children, a will can be used to address how they would like guardianship of their children to be handled. In addition, certain medical treatment that someone does or does not want to receive at the end of life can be specified. However, it is difficult to please everyone all of the time, and some relatives may not agree with the terms of a will. An experienced estate planning attorney can help families avoid contentious disputes over the contents of a will or trust.
What Is Probate?
Losing a loved one is hard under any circumstances, and it can be especially challenging when you believe your family member’s will is not valid. If you have concerns about a will, you can file what is called a will contest when it goes through probate. When someone dies, his or her estate usually must go through the legal process of probate. Probate is required for the following reasons:
Top Tips for Starting Your Own Business in Illinois
If you are an entrepreneur, you may have a dream of opening your own business someday. Being your own boss can provide a flexible schedule and control over daily operations. In addition, it can be rewarding to build a company from the ground up. Regardless of the type of industry or field you go into, it is imperative that you research and take the necessary legal steps before launching your business. An experienced Illinois business law attorney can explain what you need to do to get started off on the right foot.
Things to Do Before Opening Your Doors
There are numerous issues to address before you can say you are officially open for business. Here are several steps to take with the help of your attorney to make sure you are successful:
- Build a business plan: Develop your pitch, determine your business structure/entity, create a budget, address desired markets.
- Register your business: Once you decide on the type of business formation, you need to register it with the state of Illinois so it is legally recognized as a business organization.
Can Illinois Spousal Support End if the Paying Party Is Unemployed?
Although there is light at the end of the tunnel with a vaccine for coronavirus being administered now, the economic impact may be felt for some time. Many non-essential businesses such as bars, restaurants, casinos, fitness centers, and salons were closed to stop the spread of COVID-19. As a result, workers across the country, including Illinois, had to file for unemployment for the first time in their lives. The financial impact of this can be especially difficult for a divorced person.
In some cases, an individual may either pay spousal maintenance (alimony) or receive it as determined in the divorce decree. Spousal support refers to the legal obligation to provide financial support to an ex-spouse in a legal separation or divorce. The purpose of this maintenance is to help the ex-spouse eventually become self-supporting. However, if either spouse loses his or her job, it is important to understand how this unemployment can impact the support payments moving forward.
What Are the Different Types of Illinois Commercial Lease Agreements?
A commercial lease agreement is a written contract used to rent an office, retail, or industrial space. This legally binding document outlines the terms and conditions associated with renting the space. These types of leases are generally more involved than a residential lease because commercial properties cost more to maintain. The contract is typically between a party who owns a commercial property (landlord) and a tenant who rents the property or building space in order to operate a business, usually in the retail, office, or industrial fields. Per Illinois real estate law, there are certain issues that must be addressed in a commercial lease agreement in order for it to be valid.
Finding the Right Fit for Your Business
Commercial leases are important since they provide income for the property owner or landlord and also provides the business owner with a safe and secure place in which to do business. In addition, these agreements establish rules for how the business can be conducted, as well as the rights and responsibilities of each party. Specific details about what kind of business will be conducted should be clearly stated so as to avoid any illegal activity. Standard residential leases usually last one or two years, while a commercial lease can be 10 years or more, especially if the business is thriving.
Tips for Going Through the Probate Process in Illinois
Estate planning includes several different legal documents that outline a person’s future wishes through the creation of a will or a trust. Making decisions ahead of time can alleviate the uncertainty and potential disputes after someone passes away. Probate is the judicial process in which an individual’s will is proven in a court of law and accepted as a valid public document that is the true last testament of the deceased. In addition, it is also the process by which the estate is settled according to the laws in the state of residence of the deceased person at his or her time of death if he or she does not have a will (intestate).
Understanding the Executor’s Role
An Executor is named in a Last Will and Testament to oversee the probate of his or her estate. In many cases, this individual is named in the will, but any competent adult can volunteer to be the personal representative (PR) of the estate. The duties and responsibilities of the executor should be taken seriously. Here are a few tips for successfully completing them:
Should I Franchise My Illinois Business?
If your business is growing more and more successful by the day, you may be thinking about franchising. The benefits of franchising your business can be enormous, but franchising before you are ready can be disastrous. It can be hard to know whether now is the right time to expand your business. As with any business-related decision, the decision to franchise should not be taken lightly. You will need to take an honest look at your business’s strengths and weaknesses as well as your own ambitions and personal goals before you can know whether franchising is right for you.
Is Your Business Replicable?
Franchising can be a great way to expand your company without needing a large capital investment. However, not just any business is able to be successfully franchised. Is your business unique enough to be marketable? Do you have a sustainable competitive advantage? Even more importantly, how replicable is your business? If the success your business has enjoyed so far is the result of a smart business model and unique, in-demand products and services, you may be able to replicate this success in a second location. However, if the business’s success is the result of its current location or your own dedication to 15-hour workdays, you may not be able to duplicate the success in a franchise location. Keep in mind, a franchise location must be lucrative enough to pay royalties and still leave the franchisee with a decent profit.
Should I Use a Revocable Living Trust or an Irrevocable Living Trust?
Although many people assume that a last will and testament is the only estate planning tool that they need, a will is not always the best way to accomplish all of your estate planning goals. Other estate tools such as living trusts are often overlooked due to confusion or misunderstandings about the purpose of these tools. A trust is a legally binding agreement involving an individual or entity called a trustee who holds property for the benefit of a beneficiary. A living trust is an advantageous tool for managing your assets during your lifetime and then passing those assets to beneficiaries upon your death. If you are interested in using a living trust to manage your assets, you may question whether you should use a revocable living trust or an irrevocable living trust.
Revocable Trusts
As the name implies, a revocable trust is one that is able to be revoked or canceled. If you place assets in a revocable trust, you remain in control of those assets. You are also considered to be the owner of those assets in the eyes of the Internal Revenue Service and other governmental agencies. Because the property is yours, you can choose to remove the property from the trust and use it for other purposes at any time. A revocable living trust covers you while you are alive, in the event that you are incapacitated by illness or injury, and after you pass away. One of the greatest benefits of a revocable living trust is that it avoids probate– the public legal process during which a will is validated in court. Because you remain the owner of the property placed in a revocable trust, transferring property to a revocable trust does not affect your federal income taxes or estate income.
How Are Commercial Real Estate Properties Valued?
The decision to buy or sell a commercial property is likely one of the most consequential financial decisions you will ever make. In order to get the best deal possible, proper valuation of the property is essential. An accurate appraisal of a property’s value is also used by lenders when determining how much debt the lender is willing to provide. There are several different approaches used to value commercial real estate properties.
Valuation Methods for Commercial Real Estate
Many people assume that the term “value” is synonymous with “price” or “cost.” Price and cost will certainly influence a property’s value, but they are not interchangeable terms. The value of a commercial property is typically determined by an appraiser. The three main methods for valuing a commercial property include the income approach, replacement cost approach, and market value approach. The valuation approach an appraiser will use depends on several factors including the type of property and how the property will be utilized.
Are Non-Compete Agreements Legal and Valid in Illinois?
If you are on the job hunt or have recently been hired by a new company, it is important that you review the contract given to you by your new employer. Many new hires will sign employment contracts relieved to have found a job rather than skeptical about the contract’s details. No matter how much your employer appears to explain the contract in front of you, there is always the chance that some details are being left out. One of the terms that you may overlook is a non-compete agreement hidden within the pages of text. Many employers will be upfront about this agreement to avoid any future contention while others may fail to mention what this means for you as an employee of their company. In order to avoid this confusion, you should always take the time to review your hiring contract with a reputable business attorney.
What is a Non-Compete Agreement?
Evident in the name, this contractual agreement restricts employees from working for or becoming a competitor for a set period of time. These non-compete agreements, also known as covenants not to compete (CNC), are enforced when an employee separates from their employer and the employer wants to prevent the employee from taking on a position that would be considered their competitor. Depending on the details of the agreement, these CNC regulations can last weeks, months, or even years after leaving your place of employment. This is meant to protect the company’s secrets and to keep the employee from poaching other employees to work alongside them.
What Are the Different Types of Powers of Attorney in Illinois?
In the instance that you become unable to handle your own affairs, either financially or medically, it is important that you have a power of attorney (POA) set in place. This allows you to designate who will be in charge of your affairs if you are unable to do so on your own. The person designated to handle the affairs is known as the “agent” and the person who the POA concerns is known as the “principal.” If you are intending on getting your affairs in order, it is important to work with a reputable estate planning attorney to ensure that the POA is valid and the proper terms are included.
General POA Requirements
There are a number of requirements that must be met when creating a POA in the state of Illinois. In order for the legal document to be valid, the agent must be designated by name and their powers must be outlined. POAs are unique to your circumstances so you should include, in detail, what your agent is legally responsible for. This person must be at least 18 years of age. The POA must be signed by the principal and at least one witness must be present. The principal must also acknowledge their signature, and thus their consent to the POA, in front of a notary public, or attorney.
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