Godfrey Illinois Law Blog

You are preparing to buy a property in Illinois and are anticipating signing a contract reasonably soon. Now, you are wondering if there are specific terms that you should better understand before you sit down with the contract in front of you. Familiarizing yourself with some common terms can help you to more confidently understand each clause before you agree to them when you sign your name on the dotted line. 

A good rule of thumb is to have someone you trust and who is experienced in reading contracts, review and read the documents with you. They may be able to provide clarification on parts and give you a better understanding of what is being said. According to Realtor.com, some of the terms you may notice include the following:

• Inspection: This process involves a third-party coming in to assess the condition of your property to determine that it is compliant with legal requirements. 
• Appraisal: This process also involves a third-party coming in to establish a fair estimate on your property so the new buyer's lender can be sure they are not going to be taken advantage of.
• Contingencies: These requirements will need to be accomplished by either you or the buyer before the real estate transaction can be completed. 
• Title search: This process verifies that you are, indeed, the owner of the property and have all of the rights on the title. 

Every family business should have a succession plan to help create business stability and prevent family infighting in times of change. Succession planning can foster a smooth leadership transition for the time you choose to retire from your business or are forced to step away due to health. However, it should be completed well before either of these events transpire.

If your business is to continue beyond your involvement, you will have to make sure you have a successor with all of the necessary skills to replace you. For that, you will need time to train and mentor this person before he or she can be expected to succeed in your place.

One of the easiest ways to avoid probate in Illinois is to not leave behind anything that needs to go through that process. Essentially, this means having all your assets set up to automatically transfer to another person upon your death. Many people use trusts or have joint ownership of an asset. If you have a spouse, assets typically go directly to him or her when you die. However, you may have other situations with assets where these things cannot apply. In those cases, you may consider a payable on death account.

According to the Illinois General Assembly, a payable on death account is when two or more people jointly own an account and sign an agreement that states upon the death of the last owner, the account transfers to designated beneficiaries. For example, you and your business partner own a savings account and you sign a payable on death document with the bank. You both name beneficiaries. Your partner dies first. When you die, the account transfers to the beneficiaries you named.

Setting up an estate plan can be a daunting task for all sorts of reasons. Some people, for example, may be unsure of which type of estate plan to choose. A trust may be ideal for some people (and there are various types of trusts, too), while a will may work out better for another. Once you have figured out which type of estate plan to move ahead with, many other considerations could surface, such as trying to decide how to distribute your assets. This can bring up some incredibly difficult decisions, especially those which involve family members, and it is crucial to be mindful of how your decisions may affect those you love.

You may be dealing with a number of issues which could influence how you will divide your estate among those you love. For example, one of your children may be estranged from you, or you could worry that leaving a portion of your estate to one of your family members may actually be counterintuitive. If you have a family member who is addicted to drugs or gambling, you may need to be careful when it comes to deciding how to leave them with some of your estate.