If you want to ensure your estate and assets go to the people you love, you need to create a last will and testament. In Illinois, these allow the testator, i.e. the individual preparing the will, the chance to ensure their loved ones will be taken care of in case they pass away. Aside from family and friends, you also can leave charitable donations to non-profits in your will.
In case you pass away without drafting a will, according to the Illinois probate process, the court will designate a personal executor to your estate and that individual... Read more
Have you fallen behind on your mortgage payments in Elgin, Illinois and are you facing foreclosure? Unfortunately, if your lender has filed a lawsuit against you because of those outstanding payments, you are headed to a court. However, the good news is an attorney who is well-versed in current foreclosure laws can stall proceedings to give you enough time to come up with the money and prevent an eviction.
The Foreclosure Process
Illinois is a judicial state, which means foreclosure cases are presided over by the court. The process is quite s... Read more
Planning for death is a necessity – especially if you are the breadwinner of your household. You want to ensure your assets end up in the right hands after you pass away. Estate planning can ensure your properties, vehicles, money and other assets are handled and distributed according to your wishes.
Questions Your Estate Plan Should Answer
According to the Illinois State Bar Association, your estate plan should address the following issues: Who will be responsible for taking care of your family and children?
Who will handle property managem... Read more
If you have been struggling to pay your mortgage, you are not alone. Thousands of homeowners across the U.S. are in the same situation. The good news is you can come out of this predicament with a short sale.
What Is a Short Sale?
In real estate, a short sale is usually conducted on a property that belongs to a financially distressed homeowner – but for less than the amount due on the mortgage. In other words, the buyer is a third party rather than the bank, but all the money from the sale goes to the lender.
It is up to them whether they... Read more