The Illinois Probate Act of 1975 provides that executors shall be paid reasonable compensation from the estate for their work, without defining what is "reasonable." Therefore, executors are bound only to charge ordinary and reasonable fees, based on a variety of factors. In other states, reasona...
A living trust is an alternative method of transferring assets to beneficiaries that avoids the probate process. When you create a trust, you’re called the “grantor.” As grantor, you put assets in the trust (through transfer or deed, for example). When you pass away, control of the tr...
Aspringing power of attorneyis a unique type of POA that only takes effect in the event of a predetermined “trigger,” such as the principal becoming incapacitated, after which the POA “springs” into action. When creating the springing power of attorney, the principal chooses what event or ...
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If they leave it the way it is, or you agree with the changes, then the process is finished. If, however, you disagree with the changes, you have the right to appeal the determination. A lawyer will help you evaluate the IRS’ decision and understand the appeals process. Finding the ...
Approval:The surety then assesses your creditworthiness and risk. Get a quote:Once approved, you'll receive a quote for your bond. Get bonded:Upon payment, the bond is issued. Generally, the process should be quick, often allowing for same-day approval and bond issuance depending on the bond...
Someone selling or buying a home is likely to have strong feelings about that process, which means that a proactive approach is better than a reactive one, Brandon Ayers, a residential real estate attorney with the Vanek, Larson & Kolb law firm in Illinois, wrote in an email. "A ...
s value to bypass the probate process. Probate is a legal process that determines how a deceased person’s assets are distributed. By designating a POD beneficiary, you can ensure that the savings bond proceeds are directly transferred to the beneficiary without going through probate. This can ...
The main advantage of a tenancy by the entirety is to protect the interests of a surviving spouse. When one tenant dies, there is no possibility that their partner will lose the property. There is no need for the property to go through probate, and no other heir can evict the surviving ...
A title-holding trust allows the property owner to anonymously maintain all rights over the property and direct the actions of the land trust. These trusts are also commonly called "Illinois land trusts" because they were first popularized in Chicago during the 1800s. At that time, property own...