The ABC’s of Inheritance Law in Illinois
When a person dies, his or her estate, assets, and property is passed along, or inherited by the deceased person’s heirs or named beneficiaries through either a last will and testament or, if no will exists, through Illinois Intestacy Laws. These estate, assets, and property are called the inheritance and an identified...
All About the Illinois Power of Attorney Act
A power of attorney allows a person (known as a “principal”) to appoint a representative (or agent) to manage their property and affairs in the event they are no longer able to do so for themselves. At some point, nearly everyone will need a power of attorney to represent them....
Real Estate Closing Costs in Illinois
Closing costs is an umbrella term used for a realtor commissions, taxes, title related fees, filing fees, and other costs due at closing. A closing occurs at the point in a real estate transaction when the title of the property is transferred from the seller to the buyer. If you’re buying or...
What You Need for an Islamic Will
Much like the American common law, Islamic laws provide a code of practice for Muslims in estate planning. This specifically includes provisions regarding the transfer of a person’s assets after his or her death as well as the creation and maintenance of an Islamic will.
Specialized documents such as...
Like-Kind Exchanges Under IRS Code Section 1031
Like-kind exchanges are regulated by Internal Revenue Service Code Section 1031, and sometimes they are referred to as Section 1031 exchanges. For tax purposes, these transactions are not recognized as a sale of property, but rather as a trade of one investment in real property for another. Real estate investors often use...
The Probate Process in Illinois
In Illinois, the probate process makes sure that a deceased person’s property and assets are distributed correctly and that any debts or taxes are paid in full. Probate is a court supervised legal procedure that may be required after a person’s death. Although many estates are unable to avoid probate...
How Do You Know if You Need Title Insurance?
Performing a title search and obtaining title insurance are two common requirements homebuyers encounter, particularly during the mortgage closing process. Simply put, the title is the official document reflecting legal ownership of the property, an in is conveyed as the property is sold over time. Although the completion of the...
Millennials’ Frequently Asked Questions About Estate Planning
Thinking about death is not fun. It’s morbid and depressing, and as a result many young people believe that is state planning is typically something reserved for people entering their golden years. The fact of the matter is, however, there is no way of knowing when it will all end. This is...
Things to Keep In Mind When Buying Commercial Property
Regardless of whether it’s commercial or residential, any real-estate transaction can be overwhelming. They are typically full of long negotiations and complex contracts, and the process of closing can be a real bear. The fact of the matter remains, acquiring real estate is a major milestone in anyone's personal or professional life....
Staying Safe with Your Power of Attorney
Power of attorney documents are legal forms that most people encounter at some point in time in their lives. These documents may be common, but unfortunately many people who execute power of attorney documents do not really know what the agreement actually does. As a matter of fact, power of attorney documents...
