The Payne Law Office, Chartered Legal Blog

When Illinois residents draft a will, choosing an executor is one of the most important decisions they make. Their executors will be tasked with making sure that the estate’s debts are paid and the remaining assets are distributed to heirs in accordance with the...

Planning a will can be much easier for those who already know who they want to leave their assets to when they pass away. One of the most difficult decisions an Illinois resident can face is being fair with their heirs when they have considerable property to...

The Uniform Electronic Wills Act allows people to execute an electronic will, so people can record wills in electronic form instead of traditional printing. The new laws allow probate courts to give e-wills legal effects in Chicago, Illinois. Electronic wills Illinois...

In Illinois, there are many ways to ensure that your loved ones respect your wishes after you're gone. One such way is to include a "no-contest" clause in your trusts and wills. This particular clause has proven itself effective as an effective deterrent against trust...

Creating an estate plan in Illinois can seem like a daunting process. Many people do not like to think about or discuss the issues around estate planning, so one big hurdle is that they may not know the difference in estate planning, writing a will and creating a...

On average, estate plans should be updated every three to five years. Your estate's administration in Illinois is either done privately or in a public hearing. For these reasons, re-evaluating an estate plan now can prepare you. The risk of having your assets...

There is a formal procedure for every step of estate planning. At some point, the beneficiaries have to be formally notified when a will is ready. This does not occur automatically after a person dies. In Illinois, a beneficiary must learn what to look out for and...

Funding your Illinois trusts with annuities could create a tax haven for you. When trusts are irrevocable, their status signifies how their assets are handled. A revocable trust can, instead, be changed without issue, but this results in lesser hedges when sheltering...

People in Chicago, Illinois, can choose several estate planning tools. One popular tool that people use is a trust, which helps control where assets go. Trusts are either revocable or irrevocable and have their own benefits. Revocable trusts The grantor, or creator,...

Probate in Illinois is a transparent process that strives for an equitable disbursement of someone's assets. A loved one who dies soon has their estate administered through a probate trial. During this period, the assets of an estate are accounted for, and a public...