For those in Illinois taking the responsible step of writing a will, the term "probate" can be confusing. According to FindLaw, probate refers to the process of legally transferring your property after you die. However, the term can also refer to the court in which this process takes place. The purpose of probate is to ensure the validity of your will, settle any debts you leave behind and distribute your assets and property according to your wishes in accordance with the law. Because probate can be an expensive and time-consuming process, however, many people try to avoid it.
3 tips for writing good business contracts
Entering into contracts is a crucial aspect of running a business. Whether you enter into an agreement with another company or have an employee sign a contract, you must give each contractual relationship careful consideration. If you do not follow strict procedures, and the relationship goes south, you may get stuck in legal trouble.
How can I equally distribute my assets to my children?
As an Illinois parent, you want to be fair to each of your children when, upon your death, your assets are distributed to them. But as you draft your will, you find problems with giving your children equal shares of what you have. For instance, you may own a sailing ship but two of your children enjoy boating activities. So how can you give your children an equal share of your boat when you possess just one boat? Sometimes it is not possible to equally distribute all of your assets to your children, which can put you in a troublesome situation.
