Estate Planning Lawyer Bloomington IL
Estate Planning FAQs
FAQ: What does an estate planning lawyer do?
An estate planning lawyer Bloomington IL, residents trust may be able to assist you in creating plans for your assets and future needs, if you should die or become incapacitated. At Pioletti & Pioletti Law Firm, our lawyers work diligently to follow your goals and desires for your estate and other property. Selecting an estate planning lawyer in Bloomington IL, whom you can depend on, may help you provide for the future of your loved ones.
FAQ: Is estate planning the same thing as writing a will?
A will is only a small, yet important part of creating an estate plan. A will does not affect all assets and is used after you have passed away. A thorough estate plan will include a living trust, and plans if you become incapacitated, in addition to a will. An estate planning lawyer Bloomington IL residents turn to from Pioletti & Pioletti Law Firm, may help to develop an estate plan that is specific to your situation.
FAQ: What should I include in an estate planning inventory?
An estate planning lawyer Bloomington IL residents have worked with, will suggest putting together a comprehensive list of everything you own. This includes:
- Physical Assets: Your home, real estate, cars, jewelry, artwork, etc.
- Write down all insurance policies you have.
- Create a list of liabilities you have such as mortgages, line of credit, and other forms of debt.
- Gather statements from your bank, brokerage, and retirement accounts.
FAQ: What is the difference between a will and a trust?
A will goes into effect only after you have passed away. It is a document that directs who will receive your property and assets and appoints a legal representative to carry out your wishes. A trust, on the other hand, takes effect as soon as it is created. In a trust, the third party, or trustee, holds assets on behalf of a beneficiary. Choosing an estate planning lawyer Bloomington IL residents trust should be taken into account when determining a trustee.
FAQ: What happens if I die without a will?
Passing away without a written will, also known as intestate, allows the state’s laws of descent and distribution to determine who receives your property by default. Typically, the distribution of your assets is split among your spouse and children. Even if you wish to have your property split among your spouse and children, an intestate, does not provide specifics of how your assets should be distributed. A Bloomington estate planning lawyer may help you outline specific wishes that you want carried out after you have passed.
FAQ: How do I provide for my children?
One of the primary goals for establishing a will is to provide and protect for the future of your loved ones. In the case of an emergency, you should include the names of a guardian for any children that are under the age of 18. Naming a guardian for your children is specified in a will and an estate planning lawyer Bloomington IL provides, may be able to help provide guidance when choosing a guardian.
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