Whether you are buying or selling real estate, or you are trying to arrange your financial affairs to reduce the tax burden on your family, you should consult an experienced attorney. Gugliuzza Law, P.C. handles real estate and estate planning for many Illinois residents. Chicago estate planning lawyer Marc L. Gugliuzza provides clear explanations and sound legal advice He also offers a wide range of fixed-fee packages to accommodate the financial needs of his clients, placing an emphasis on cost-effective solutions.Representation in Real Estate Transactions
For many people in Illinois, the purchase or sale of a home is the largest financial transaction of their lives. Mr. Gugliuzza has successfully navigated many buyers and sellers through the challenges of real estate transactions. There are numerous requirements that both parties must meet and many things that can go wrong either at the time of sale or down the road if an attorney is not involved to protect your interests.
For example, if you are a seller, you may need to make specific written disclosures to a prospective buyer about residential real property under the Illinois Residential Real Property Disclosure Act. This law applies to any conventional residential real property sales, installment sales, or sales when the Illinois Land Trust owns the property. However, certain transfers do not require disclosures, such as transactions occurring as a result of divorce or mortgage foreclosure.
Under the law, residential real property includes an individual condominium, an individual cooperative unit, or property that consists of 1-4 dwelling units. Disclosures that must be made concern the risk of floods, any unsafe conditions, environmental problems, boundary line disputes, municipal code violations, and certain defects. These disclosures are not a warranty, but they need to be made on a standard form before you sign the purchase and sale contract. The disclosure requirement cannot be waived by agreement between the buyer and seller.Guidance on Wills, Trusts and Estate Planning
People who wish to ensure that their intentions for the distribution of their property and assets after their death are fulfilled should engage an attorney with experience in estate planning. We can prepare wills, trusts, powers of attorney for health care and property, and other instruments essential to a sound estate plan.
If you do not prepare a will or trust to distribute your property after death, your property will be distributed according to the Illinois law of intestacy. This law will distribute your property to those relatives considered to be closest to you, starting with your spouse and children. If you are not married or do not have children, a probate court will try to pass the property to increasingly distant relatives, even if you did not know them. If there are no living relatives, the state will receive your property.
In order to make your will enforceable in Illinois, it must be in writing, you need to sign it in front of two witnesses, and those witnesses must also sign the document. There is no notarization requirement in Illinois, but a will does need to be notarized to be made self-proving, which speeds up the long and expensive process of probate. You also need to be at least 18 years old to make a valid will. One spouse may not disinherit the other spouse without that spouse’s consent.
In addition to making a will, you may want to consider making a living trust. This is an arrangement in which a person (the trustee) holds legal title to property for someone else, known as a beneficiary. Making a living trust can allow you to avoid a complex probate process.Contact a Real Estate or Estate Planning Lawyer in the Chicago Area
For most people, any real estate and assets that they own represent many years of hard work, and they want to have control over how their estate will be distributed after their death. At Gugliuzza Law, P.C., Chicago estate planning attorney Marc L. Gugliuzza can help you prepare the appropriate instruments to dispose of your property in the way you see fit. He can also guide people who need a real estate attorney to protect their interests when they are buying or selling a home. Our firm represents people in Wheaton, Naperville, and other communities throughout Cook, DuPage, and Kane Counties. Call us at (708)-497-6294 or contact us through our online form for a free initial consultation.