Your will directs the distribution of your estate upon your death. However, having one may not be enough for your wishes to be followed, as the document also needs to comply with the law to be valid. If your will is not valid, the court would distribute your assets...
When someone dies, his or her estate may go through probate. When this happens, the court needs someone to act as an executor and handle all the work required to close the estate. The estate owner is able to choose the executor. If someone asks you to be their estate...
Some people think estate planning is only for individuals with families and wealth. However, planning your estate is just as important even if you are not married and do not have children. When you recognize the benefit of thinking ahead, you can develop a...
There are various ways to plan who will take over your business when you decide to step down or when circumstances do not allow you to continue running your enterprise. Some business owners already have a successor in mind and build a plan for their chosen successor...
There are different business structures in Illinois you may choose to form your new company. Perhaps you are considering a limited liability company or an LLC. If an LLC suits your priorities, you should think about what to name your new business. There are legal...
Business owners rely on the strength of their contracts to form the foundation of the organization. From employment contracts to vendor agreements, business owners draft these documents to both encourage partnership and create rules that all parties must follow. It is...
Creating your estate plan is just one step out of many when it comes to estate plan maintenance. Of course, since your estate plan will determine what happens to your estate after your death, you must constantly keep it up to date with your current life circumstances....
Illinois estate plans often include trusts that name an individual to administer the contents. The trustee typically is separate from the estate administrator, as managing the trust requires significant time and commitment. If you are the trustee for a loved one, you...
Some wills and trusts include instructions for a named heir to take over a business after its owner dies. Unless an individual dies intestate, Illinois law does not require family ventures to pass on to a surviving spouse and children. When owners prefer to have their...
Nearly all businesses need to think about a succession plan at some point. This could involve a large corporation looking forward to having the right leaders for the future, or it could refer to a small dental practice that will sell its assets upon the retirement of...
