The Payne Law Office, Chartered Legal Blog

Residents of Illinois can benefit by creating a will to protect their estates and loved ones. Sometimes, there are questions regarding the person’s capacity during the will's creation. Knowing what this means can determine whether the document is legal. Understanding...

A trust is a lawful arrangement where one party has property or assets for the benefit of another party. The trustee may be an individual, a corporation, or a charitable organization. Many different types of trusts are available in Illinois, each with its own purpose...

Many residents of Illinois believe estate planning is something for older people. However, the reality is that it’s never too early to address end-of-life issues. Estate planning earlier is even better for a variety of reasons. Gives you control When you begin estate...

Trusts are powerful, flexible estate planning tools that can be used to allow for passing assets outside of probate or designed to provide the grantor or beneficiaries with particular tax benefits. In Illinois, one type of trust that can be helpful for estate planning...

When it comes to estate planning in Illinois, many have a passing familiarity with the concept of "transfer on death" (TOD) accounts. The idea behind such financial vehicles is that they permit account assets to pass directly to a pre-determined beneficiary upon the...

A memorial trust is a special kind of trust in Illinois created to remember and honor a loved one who has passed away. This type of trust can be beneficial in preserving the legacy of someone who has died and can also provide financial security for their loved ones....

In Illinois, estate planning with real estate often involves transferring real estate assets into a trust. This can be done to reduce the taxes due on the estate, to better control the probate process and for other reasons. Trusts are an important tool for managing...

You might think it's complicated to transfer property into a trust in Illinois. Fortunately, it is easier than you might assume. With that in mind, here are the three steps needed to transfer real estate into a trust. Getting a hold of the original real estate deed If...

Residents of Illinois should make estate planning one of their biggest priorities for the future. Preparing a power of attorney is an important aspect of doing that. There are certain characteristics to look for when choosing an agent. The importance of having a power...

There are many different ways that you can choose to establish your trust in Illinois. Two of the most common methods will be to establish a revocable or irrevocable trust. Both of these types of estate plans offer a distinct set of pros as well as cons. It may...