When a person dies, their heirs or beneficiaries may be a minor. However, minors are unable to open a bank account on their own.
Under Illinois law, an individual or business entity may file a lawsuit in probate proceeding. However, the individual or entity must have an actual legal interest in the probate estate in order to proceed with the lawsuit.
A living will helps a person prepare for a time in which they are suffering from a terminal condition. These conversations are difficult and emotional for families, however, it is necessary to have them during a time in which an illness or crisis is not occurring.
Many of our Estate Planning seek methods to help their family members become financially stable. A popular tool to minimize the tax implications, is to provide money to your loved one with an “intra-family loan.”
After a person dies, a probate estate may need to be opened to transfer property. This article will focus on the costs associated with opening a probate estate, transferring property, and closing a probate estate.
After a person dies, his or her real property may need to be sold or transferred to a beneficiary of the person’s estate. Real property includes homes, plots of land, or condominiums.
A Power of Attorney for Property document is a very helpful and very effective estate planning tool. You are able to name a person who can act for you in business and financial affairs.
In reality, many people think that a will is not necessary unless one has extreme wealth. However, a will can be useful if you have young children, and little assets, because you are able to nominate a guardian for your children.
Your agent will have a variety of duties to ensure that your financial matters and your property are managed properly.
The executor owes a fiduciary duty to the Estate’s beneficiaries. Accordingly, an executor is held to the highest standard of fair dealing and diligence when dealing with the Estate.