Law Offices of David Clough P.C.
Available for matters in Cook, Dupage, and Will Counties
Established in 2001
Recent Emails

If you've recently been added to our email distribution list, you may have missed an email you, your family or friends might find helpful. Click on any of the links below to view our library of emails.


 





 
"Often it isn't that we can't see the solution; 
it's that we can't see the problem."
 
   
-G.K. Chesterton
Join the mailing list


View our profile on LinkedIn    Like us on Facebook    Follow us on Twitter                                                  
October 2014
Probate: The Pros and Cons

Our last newsletter talked about ways to transfer assets upon one's death. It generated numerous questions, which we address in this and upcoming newsletters. (See below.) Please keep in mind, however, that there is no substitute for individual legal advice! The following information speaks only in general terms. Each situation must be independently analyzed to determine what might be the optimal solution. If you need a referral for a qualified Estate attorney, please call us -- we will be happy to supply names and contact information.


Why would someone want to avoid Probate?

Probate Court

The main reasons are time and money. A full probate of an estate in Cook County often takes more than 18 months (or even longer!). It can require, even in simple cases, court costs greater than $500. Add to that the fees an attorney charges, and a probated estate can become expensive.

 

The third main reason some people wish to avoid probate is to avoid publicity. Once an estate goes through probate, anything introduced in this proceeding becomes a public record, and becomes available to anyone with the time and energy to go to the courthouse and ask for the probate file to browse through its documents. 

 

Is there a benefit to probate?

Probate has taken an unfair rap as a legal process to be avoided at all costs. But probate can be beneficial if there are cantankerous, litigious heirs, numerous creditors, or no will or a questionably-written will for the deceased.

 

A judge will determine how a person's property is to be divided, based on the decedent's will or the statutory formula if there is no will. At that time the heirs, creditors and other interested parties can question the judge's decision. The judge will explain his or her decision and make sure there are no misunderstandings or questions.

 

With probate, businesses and people having claims against the person who has died must file their claims within six months of the death notice published in the local newspaper. If they do not file their claims within that period, they cannot thereafter seek to collect from those who have inherited property of the deceased. If no probate is filed, creditors may have a longer time to collect any debts due them.

New Laws... Gotta Love 'Em!

Gavel Image

 

At the start of this year we shared a few new laws impacting Illinois residents we thought were good to know. Here are a few others you might find of interest.

 

HB 0049 - Prohibits the sale of devices that steal credit card information.

HB 2675Any public school sex-ed course offered to 6th-12th graders must cover both abstinence and contraception.

HB 2992 - Parents in a joint-custody relationship must first offer the other parent the option of temporarily caring for a child before seeking third-party child care.

SB 0722Allows people at wineries to seal and take home one bottle of opened wine.

SB 2245Grants veterans priority registration to state universities.

I hope you find this newsletter helpful. Next month we will answer questions about living and real estate trusts.

 

As always, feel free to circulate this email to your friends, family and colleagues. If you have questions about a particular legal matter, just call me or send me an email

 

Signature
Law Offices of David Clough P.C. | 312-849-3000 | david@davidcloughlaw.com | www.davidcloughlaw.com
55 West Monroe, Suite 3950, Chicago, IL 60603

Copyright 2014. All Rights Reserved.