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Top Reasons to Include a Living Will in Your Illinois Estate Plans

Posted on in Estate Planning

IL estate planning lawyerEstate planning is important for anyone of any age or health. Unfortunately, life is nothing if not unpredictable and none of us know what day will be our last. Although it can be an uncomfortable topic to think about, planning for the possibility of incapacitation and death is crucial to protecting your loved ones and ensuring your final wishes are fulfilled. A living will is an advanced directive used to describe your decision regarding end-of-life care and other essential matters.

A Living Will Ensures Your Medical Wishes Will Be Followed

Most people are familiar with a last will and testament. A will is used to describe how property should be distributed to heirs after someone passes away. However, fewer understand the purpose of a living will. A living will is a document that spells out a person’s wishes regarding medical care at the end of their life. If a person is in a coma, suffers from dementia, or has other disabling medical conditions, he or she may not be able to communicate with doctors and loved ones. A living will is used to make medical decisions about end-of-life care in advance, so there is no question about the types of medical care an individual should receive.

A living will may be used to specify your wishes regarding:

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Understanding Mechanics’ Liens on Residential Properties in Illinois

Posted on in DuPage County Real Estate Attorney

IL real estate lawyerIllinois law permits contractors, construction professionals, and other parties to place a lien on a residential property for the purposes of collecting past-due payment. The Mechanics Lien Act ensures that contractors and other parties who work on a home are paid for their work. In other words, a mechanic’s lien is collateral for a debt. It is important for any homeowner to understand when a mechanic’s lien may be placed on their home and how to respond to this situation. It is especially crucial for individuals buying a home to understand how a mechanic’s lien can complicate the home-buying process.

What is a Mechanic’s Lien?

A lien is an action used to ensure the collection of a debt. Liens filed against a real estate property give the creditor interest in the property. This means that the property owner cannot sell or refinance the property until the debt is paid and the lien is lifted. The creditor may also be able to ask the court to compel the sale of the property so the creditor can receive payment from the sale proceeds.

Mechanics’ liens are used to pursue payment of construction, renovation, repair, or home improvements projects. The contractor, subcontractor, or the party who provided materials for the project may be permitted to place a lien on the property if they are not paid for labor or supplies. However, a lien must be executed properly in order to be legally enforceable. Illinois contractors have four months after a project is completed to record a mechanic’s lien.

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How Is the Probate Process Handled if a Person Did Not Have a Will?

Posted on in Last Will & Testament

IL estate lawyerAfter a person dies, issues related to their estate will be handled through a legal process known as probate. If the person had a last will and testament, the executor of their estate will file their will in probate court, take a complete inventory of their assets, pay taxes and expenses on behalf of the estate, and distribute the estate’s assets to the person’s beneficiaries. However, in cases in which a person died without a will, their family members or other heirs may be unsure about how these matters will be addressed.

Intestate Succession

The probate process will usually be required whether a person had a will or not. In cases where the deceased person did not have a will, someone will need to be appointed as the representative of the estate. This may be a family member or another person who was close to the decedent, and they may ask to be appointed by the probate court that is handling the case. The estate representative will carry out the same duties as a person who was named as an executor in a will.

Without a will that provides instructions for the distribution of a person’s assets, an estate representative will need to follow the applicable laws, which are known as the laws of intestate succession. The laws in Illinois state that a person’s assets will be divided equally between their spouse and children. That is, the surviving spouse will receive half of the estate, and the other half will be equally divided among the person’s children. If any of their children have died, their share of the estate will go to their own children or descendants.

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What You Need to Know When Buying a Business

Posted on in Buying or Selling a Business

IL business lawyerWhile many entrepreneurs are able to succeed by developing an idea for a business and taking steps to start a new company, there are multiple other options available. For some people, buying an existing business can provide a number of benefits, such as avoiding the costs and complications of the business formation process and being able to take advantage of a company’s existing procedures, personnel, and customer base. If you are considering the purchase of a business, either as a new business venture or as an acquisition that will provide additional value to an existing company, it is important to understand the steps you can take to protect your financial interests and ensure that you will be able to achieve your goals.

Issues to Consider When Acquiring a Business

As a prospective business owner, you will want to be sure to understand your goals as you begin the process of identifying a business to purchase. In addition to considering the financial benefits, including the expected return on investment, you will want to make sure a business aligns with your values, your familiarity with a particular industry, and your knowledge of business practices. This will help you identify the right business that will allow you to succeed in the years to come.

After identifying a business that may be purchased, it is important to gain a full understanding of why it is being sold. If the current owner is selling their business because they wish to retire or are looking to pursue other business opportunities, this may allow you to step in and assume control of a successful company. However, if an owner is selling their business because of debts, legal issues, or an inability to effectively compete in the marketplace, you will need to determine how these issues may affect you and whether you will be able to make changes that will ensure that the business can be successful. Gaining a full understanding of a business’s operations, market share, and strategies can help you ensure that buying the business will be a good investment.

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When Will Spousal Maintenance Be a Factor in an Illinois Divorce?

Posted on in Spousal Maintenance

IL divorce lawyerEnding a marriage through divorce will involve multiple types of legal and financial issues. A couple will need to separate multiple different aspects of their lives that have become intertwined while they were married. As they make decisions about how to divide the property they own and the debts they owe, each spouse will want to take steps to make sure they will be able to support themselves and live comfortably once their marriage has ended. However, this can sometimes be difficult for those who rely on a spouse’s income or who do not have significant financial resources. In some cases, a person may be able to receive ongoing financial support from their spouse that will help them meet their needs. By understanding when this form of support (which is known as spousal maintenance, spousal support, or alimony) may be appropriate, spouses can make sure they will be able to address this issue correctly during the divorce process.

When Will Spousal Support Be Awarded?

A person will not automatically receive spousal maintenance following divorce, and this form of support will generally only be appropriate in situations where one spouse earns a significantly higher income than the other. If a spouse has been a stay-at-home parent during the couple’s marriage, or if they only work part-time so they can devote more time to childcare and other household responsibilities, they may ask for spousal support so that they will be able to cover their ongoing financial needs after getting divorced while also working to ensure that they will be able to support themselves in the future.

A couple may agree that spousal maintenance will be paid when they create a divorce settlement. If an agreement cannot be reached, the party seeking support can ask the judge in their case to decide whether spousal support should be awarded. When considering this issue, a judge may look at how much income each spouse currently earns, the income they should be able to earn based on their education and work experience, and their ongoing needs. Other relevant factors that may play a role in these decisions include whether the spouse seeking support has made sacrifices to their income or career in order to focus on family responsibilities and whether a person has made monetary or personal contributions that have helped their spouse increase their income level or pursue career opportunities.

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