Pioletti & Pioletti
Eureka, IL LOCATION
24/7 live phone answering
An estate planning lawyer Bloomington IL residents trust can help clients set up an estate plan to make sure their families are protected when they die. Although estate planning may not be a popular topic of discussion for many people, sitting down with a skilled Bloomington estate planning lawyer can help alleviate the uncertainty and stress this type of legal issue sometimes brings people.
In order to prepare a solid estate plan, there are several documents that an estate planning lawyer in Bloomington IL may prepare and have you sign. These documents ensure that whatever your wishes may be for your estate may be carried out. Having your wishes specifically written out and legally documented also helps minimize the risk of survivors fighting over any assets or property you leave. A good estate plan also helps avoid the delay and expense of probate court, as well as minimize any tax obligation your estate may have.
Can a Bloomington Estate Planning Lawyer Prepare a Living Trust?
In order to have a secure and effective estate plan, there are certain key documents you may want your estate planning lawyer in Bloomington IL to prepare. It is these documents which can specify exactly how you want your assets to be divided among heirs.
One option that an estate planning lawyer Bloomington IL residents rely on often discusses with clients is a living trust, also referred to as a revocable trust. With a living trust, you can place all your assets in the trust and still maintain control over them. A successor trustee is named, and upon your death, all of the assets go to that person (or persons). By placing all your assets in a living trust in lieu of addressing what should happen to the assets when you die in a will, you allow your heirs to avoid the long probate process and give them immediate access to those funds.
It is also important to note that should you not want the successor trustee to have total access – for example, if you are concerned the heir may not be mature enough to handle the funds responsibly – you can stipulate how those funds may be dispersed. You can also change or cancel a living trust at any time with the assistance of your estate planning lawyer Bloomington IL community members depend on.
Besides allowing you to explicitly spell out how funds from the living trust should be handled when you die, a living trust also protects you and your family from exorbitant nursing home costs that can occur as a result of either old age, accident, or illness.
Talk to an Estate Planning Lawyer Bloomington IL Residents Trust
Living trusts are just one component of estate planning. There are other documents such as durable and healthcare power of attorneys, guardianship designations, and wills which you may also want to consider. If you need help with these decisions, don’t hesitate to contact an experienced lawyer for counsel.
The attorneys at Pioletti & Pioletti are happy to discuss your case in detail during a complimentary case evaluation. To schedule an appointment with a trusted estate planning lawyer Bloomington IL has to offer, contact us today 309-467-3213 or fill out a contact form from our website.
A divorce is one of the most emotionally draining and financially critical times in a woman’s life. Even more grueling is the need to make long-term financial decisions when you are emotionally vulnerable. It is critical to obtain advice from a west bend divorce attorney to discuss financial planning prior to divorce mediation. Here are… Read More »
After someone passes away, their estate passes through a legal process called probate. This is necessary to settle any debts and help distribute assets of the estate. Any assets not included in a trust are subject to taxation. Probate is often expensive and takes a long time to complete, so people tend to dislike it.… Read More »
Trusts are established in an attempt to pass on monetary gifts, belongings, personal items, art or other assets to designated family members. Despite best of intentions from the person who wrote the trust prior to their passing, there may still be issues that come up between beneficiaries or in response to a trust executor’s careless… Read More »