Avoiding probate with your real estate

photo by Richard West, licensed by Creative Commons

photo by Richard West, licensed by Creative Commons

One of the common mantras in estate planning that appears over and over is to avoid probate as much as possible. In 2012 Illinois made this a little easier by enacting Transfer-On-Death (TOD) instruments under 755 ILCS 27/1 et seq. Continue reading


DIY documents part 3: real estate LLC

Today’s post on DIY documents takes the pre-made LLC and kicks up the temperature a few notches.

My last post, a foray into the exotic pizza industry, revealed how a simple LLC agreement can lead to disaster without a little fine-tuning by a skillful pair of eyes. Here I’m going to show you how a simple real estate LLC setup, when prepared without consulting an attorney, by using only free advice from sites/books like NOLO (or the many other Internet voices out there), can wreak havoc similar to having a major volcano eruption on one of your real estate properties. Continue reading