It is natural to think you can use your last will and testament to pass anything you own to family members or other heirs after you die. However, there are some kinds of property and financial accounts that should not go in a will. Typically, assets that do not belong...
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Illinois And Missouri Legal Blog
Reinforce your upcoming bankruptcy with spending restraint
Completing Chapter 7 bankruptcy allows you to eliminate many unsecured debts, such as your credit card balances and personal loans. The goal of this process is to help you regain your financial footing. However, bankruptcy courts will be on watch for any efforts to...
The benefits of chapter 7 bankruptcy for small businesses
Chapter 7 bankruptcy offers small businesses the opportunity to discharge most of their debts, providing relief from overwhelming financial burdens. By liquidating assets to pay off creditors, companies can eliminate unsecured debts, allowing them to make a fresh...
Valid reasons to challenge a prenuptial agreement
Getting married is more than an emotional endeavor. For many couples, it involves creating a prenuptial agreement, a legal document outlining financial arrangements in the event of divorce. While these agreements seek to be fair, there are circumstances where one...
3 types of assets to include in your revocable living trust
A revocable living trust is a useful estate planning tool, allowing you to avoid probate and ensure your assets get distributed as you wish after your death. For your trust to work as intended, you need to transfer ownership of the right assets into it. There are...
What to do if you want to adopt your grandchildren
When the desire to adopt your grandchildren arises, you need to understand the steps involved in this significant undertaking. While the process may seem complex, a clear roadmap and legal guidance can help you navigate it successfully. Understanding legal...
Mistakes to avoid when creating an estate plan
Estate planning is an important step in securing part of a financial future for your loved ones. While the process may seem daunting, avoiding common mistakes can make it more manageable. Part of this includes knowing pitfalls to steer clear of when creating your...
3 ways to financially prepare for divorce
Divorce can bring significant financial changes. Preparation is key to navigating this transition smoothly. In the state of Illinois, understanding how to handle your finances during a divorce is important for a stable future. 1. Create a detailed budget Begin by...
What to do when you cannot pay child support
The U.S. Census Bureau reported in 2020 that about 2/3 of parents receiving child support have outstanding balances. This means the paying parent is in arrears, which can lead to some serious consequences. Any parent finding themselves in a situation where they may be...
Misconceptions about choosing an executor for your estate plan
As reported by Caring.com, only 34% of people in the United States have an estate plan. Planning for the future is important, and a significant part of that planning involves deciding who will manage your assets and wishes after you are gone. This is where the role of...