Residential Real Estate Transactions
I have been an Illinois real estate lawyer for over 30 years.
I can assist you in resolving the numerous issues that arise after the contract is executed and before the closing date.
Knowledge is power and you should make an effort to learn as much as you can about the home sale process.
My Approach to Residential Transactions
I hate surprises but sometimes we can't avoid unwelcome issues that may come our way.
However, we can take steps to anticipate and prepare for certain problems that can and do arise during a residential real estate transaction.
As an Attorney, I begin to anticipate problem issues as soon as I receive a copy of the signed sales contract.
Together you and I will discuss your real estate transaction, which is different from every other transaction, and establish a plan to achieve a successful closing.
I represent Clients in DuPage, Cook, Kane, Lake, Will and McHenry Counties.
If you are interested in learning more about how I can represent you, contact me at no cost or obligation by calling (630) 930-7464 or by email at email@example.com.
What are the Benefits of an
Illinois Revocable Trust?
A Living Trust can spare your family the trouble and expense of dealing with the Probate Court. This is of particular importance to Illinois residents, since Illinois's probate system can be cumbersome and family members often live at great distances.
Avoid Guardianship & Keep the Court Out of Your Personal Affairs
Unlike a Will, which is a death instrument only, the Living Trust also protects you while you’re alive by allowing you to appoint someone to handle your financial affairs in the event you become incapacitated. This minimizes the chances of guardianship and court involvement in your personal affairs.
Maintain Family Privacy & Discourage Challenges
The Living Trust is a private document and need not be filed with the court. That offers another advantage: privacy. Your dispositions are not public record, as they are with a Will. That also reduces the possibility of your plan being challenged by any disgruntled heirs.
More Control Over Distributions to Beneficiaries
A Living Trust gives you greater ability to control when your beneficiaries receive their inheritance, and how they use it. For example, you may want your grandchildren to receive their money only when they attain a certain age. If you have an adult child who is not responsible with money, the provisions of your Trust could specifically give him only certain amounts at specific ages, and/or for specific purposes.
Will a Revocable Living Trust Protect My Assets from Creditors?
No. When a Living Trust is created, the grantor (you, if you’re the one contributing assets) remains free to control the assets and how the assets are used. As a result, if you are sued, creditors are able to seize assets in a revocable living trust in the same manner as if the assets were never placed in a trust in the first place.
Choosing Your Successor Trustee
When you establish a Living Trust as part of your estate planning, you (the grantor, also known as the trustor) make yourself the trustee of the assets you place in the Trust. You are still free to sell, trade and give away the assets as you see fit. You may also change the terms of the Trust, or revoke it, at any time. But once you pass on, the successor trustee(s) you’ve designated take control of your assets, and distribute them in accordance with the provisions of your Trust.
Choosing a successor trustee is a serious decision. The person must be willing to serve, obviously. The successor trustee should also have sufficient financial experience, sound judgment and adequate time to handle the responsibilities that come with the job. The successor Trustee should always hire professionals – lawyers, accountants, etc. – to assist with the tasks the trustee lacks the proficiency or comfort level to do him/herself.
In certain circumstances you may find it preferable to appoint a third party rather than a relative as successor trustee. For example, you may believe that time constraints or questionable integrity will interfere with your adult child’s ability to handle the job.
Also, if your adult children do not get along, choosing a third party can be preferable to choosing just one child, which may inflame sibling rivalries, or to appointing all your children as co-trustees and somehow hoping that they can work together amicably. A bank or brokerage may serve as a third-party trustee.
If you want to learn more about how Revocable Trust can be a good fit for you and your family, contact me at no cost or obligation by calling (630) 930-7464 or by email at firstname.lastname@example.org.
Areas of Practice
Residential Real Estate Transactions