Windy City Legal Blog
Six ways that a Will can help your family
Sep 14, 2015 by
Many people think of the Will as a document that causes the distribution of their assets after their death. While that is certainly a part of its function, the Will can help the family in several other ways.
1. The executor.
First, it names an executor or executrix to administer your estate. By designating such a person, one can avoid having no one take action, and will decrease the time until the estate is closed. Also, the will can specify that the executor serve without posting bond, whic...
1. The executor.
First, it names an executor or executrix to administer your estate. By designating such a person, one can avoid having no one take action, and will decrease the time until the estate is closed. Also, the will can specify that the executor serve without posting bond, whic...
Basic asset protection: three things that can save you thousands
Sep 8, 2015 by
A storm came through Chicago today, with a lot of lightning. Lightning strikes quickly and without notice. Accidents and illness do too. There are three very basic documents that you should have in place, so that your choices can be carried out if you are not able to articulate them.1. The power of attorney for property.
This document allows a trusted person that you designate to act as your agent if you can not act for yourself with respect to business and financial affairs. Some exa...
About homeowner insurance
Oct 19, 2014 by
Generally, homeowner's insurance refers to coverage of the real estate and the personal property at the home in case of damage from various occurrences and perils. Some amount of insurance is needed if one is not readily and comfortably able to pay cash to rebuild the dwelling and replace the personal property in the event of a disaster. Consider that personal property also may include furnishings, fixtures, appliances, flooring, window and wall treatments, and the like, which, though easy ...
Seller-financed real estate transactions
Oct 12, 2014 by
In some cases, a buyer and seller of commercial real estate which seek to enter into an agreement by which the seller will provide financing to the buyer. These types of transactions often differ from those in which the buyer is financing the purchase on its own or with third party funds.
A blueprint for such a transaction is a form of contract known as Articles of Agreement for Deed. The Articles will map out the major terms of the transaction, and will need to be written out and executed b...
A blueprint for such a transaction is a form of contract known as Articles of Agreement for Deed. The Articles will map out the major terms of the transaction, and will need to be written out and executed b...