Estate Planning Lawyer Bloomington, IL

At Pioletti Pioletti & Nichols, we’ve been offering legal assistance to Illinois residents since 1938. Our Bloomington, IL estate planning lawyer believes in the power of comprehensive estate and probate planning. Many people think the process starts and ends with wills; but it also has the power to protect assets and asset owners who may be susceptible to financial or physical abuse. Our experienced team is here to help you create a roadmap for your loved ones that can sustain your legacy for generations to come. Contact our Illinois estate law firm today to get set up with a free initial consultation where we can discuss your goals and your options for protecting what matters most. Our attorneys and staff do our best to respond to all inquiries as soon as possible.

Our law firm serves as an advocate and resource to those who might have concerns about the protection and distribution of their wealth and assets. We understand the emotions and sensitivities associated with estate plans, and we remain committed to preventing unnecessary catastrophes. Guided by this willful determination, we build long-term relationships with our clients.

If you’re like many people, your estate plan may be fairly straight forward and include these three basic documents: a last will and testament, a power of attorney, and a living will. Taken together, you have the basic foundation of a simple yet solid estate plan. They actually can help you make sure the proper administration of your estate can take place either after your death or in the event you become incapacitated and unable to make decisions for yourself before you pass. These papers, properly drawn by an attorney practiced in estate planning let’s you make sure your assets are distributed according to your desires when the time comes. 

Of course, your situation and assets may be more complex and require an estate plan with more elements. Our team will help you understand your options, including, for example, the proper use of a variety of trusts. If some of your assets are owned jointly with another, the attorney will help you sort that out so your wishes are met. All the forms needed will be available and you won’t have to worry about skipping something. The goal is to make sure your needs and wishes are met. 

Estate planning is really about you having a say about to whom and how your assets are to be distributed after you die. The value of your assets may be more than you realize. Of course they include the obvious, like your home, any second home, your vehicles, including boats and antique cars. You may own stocks and bonds or perhaps a stamp collection you started in your youth that has acquired way more value than you know about. Properly done, an estate plan will help you know the real worth what you’re leaving behind. It may also protect those assets from losing significant value to taxes of various sorts. With the help of an attorney who understands the various laws that govern your estate, your plan can often avoid the delay and cost of probate. Estate planning may also significantly reduce the stress your heirs may feel when it comes time to figure out who gets what. You’ve done it for them. 

Planning your estate often lets you not only acknowledge your obvious heirs like family members and people who have been truly significant in your life but means you can also contribute to institutions like an alma mater or an art museum or a zoo or a private school. You probably have more options than you know. 

Elements Of An Estate Plan

An estate plan encompasses crucial documents that outline a person’s wishes when the time comes that they are unable to make decisions on their own. These documents indicate how the executor would like to be cared for and how their assets will be distributed after their passing. These plans are significant because they ensure that there is no question as to how the executor would like their estate to be managed. These fundamental elements may include: 

• Wills
• Trusts
• Beneficiary Designations
• Powers of Attorney
• Healthcare Directives
• Guardianship Designations
• Funeral Arrangements

There are several options that executors have when developing an estate plan. However, it’s important to know that serious issues may arise for all who are involved without one. Our Illinois estate planning firm can help prevent complications by listening to the needs of their clients and clearly outlining their wishes. 

Updating Your Estate Plan

Once the estate plan is created, it can’t be left to sit and gather dust. Executors must update these documents over time. As circumstances change, the estate plan should reflect these changes. It’s only natural that a person will experience many changes throughout their lifetime. Failure to update the estate plan to reflect these changes can be detrimental, leaving the estate plan so painstakingly created useless. Executors should update an estate plan at least every 3-5 years or when they:

• Accumulate additional wealth
• Give birth or adopt children
• Marry or divorce
• Purchase property
• Change jobs
• Move out of state

Life changes almost always constitute an update of a person’s estate plan. An out-of-date plan can result in severe issues as guardianship designations, and beneficiary allocations may no longer be valid. However, when these are left to sit without updates, the executor risks decisions being made by loved ones that no longer reflect the executor’s wishes. 

Communicating Your Estate Plan To Beneficiaries

Once the estate plan has been created, additional legwork must be done. The executor must communicate their wishes to loved ones. While an estate plan will outline critical decisions when a person is no longer able to make decisions on their own, sharing these wishes with family and beneficiaries is one of the most crucial next steps that should be taken. When families are unaware of who will care for children, how assets will be distributed, and how the executor would like to be cared for should they become incapacitated, familial conflict can follow. Families will have their ideas of how their loved ones would have wanted decisions made. Even when there is an estate plan, it can be difficult for them to wrap their heads around the next steps. When these plans are clearly outlined and communicated, an estate plan may mitigate the risk of conflict within the family. When these wishes are discussed ahead of time, loved ones can ask questions and come to terms with the decisions that have been made. As a result, familial conflict and will contests are mitigated, which can take a significant load off of family members who are grieving such a loss. 

Start Planning For Tomorrow, Today

Terms such as “estate” and “last will” may seem daunting, especially for young people (who often haven’t thought as much about their mortality or long-term wealth management), but they really aren’t anything to be nervous about. At some point, everyone will need to consider their estate and make decisions about what should happen in the event that they pass away. There are several reasons why you shouldn’t wait to start your estate planning, even if you think you’re too young. 

Protection For Your Family 

While obvious, the most basic reason not to put off this kind of planning is to protect and provide for your family. Even if you think you don’t have enough wealth or assets to really make a difference, it should be your top priority to make sure that things are ordered in such a way that your spouse, children or other family members receive what they ought to receive if something happens to you. Bank accounts, investments, property and other assets should all be covered in this process. Some of these considerations can get complicated, so it’s always a good idea to hire our Bloomington estate planning attorney to help you tackle it and do it right. The last thing you want is to leave your estate (and perhaps your family) vulnerable simply because you neglected to be thorough and get the help you needed! 

Peace Of Mind 

On a similar note, getting your estate planning done (or at least a first draft of it to get started) will give you great peace of mind from day to day. Even if you’re young, the uncertainty of what will happen if you pass early can become a nagging stresser that builds up over time. Give yourself the gift of peace by getting it done. And remember, it’s okay if it feels overwhelming; just be sure to reach out to Pioletti Pioletti & Nichols for experienced legal guidance. 

Motivation 

Finally, a great benefit of organizing your estate is that it helps you to take stock of where you are financially and where you want to be ten, twenty or more years from now. Even the act of planning your estate will help to give you a better appreciation for the financial and other blessings you’ve been given, and out of that appreciation you can find motivation to keep saving handling your wealth well for the sake of your loved ones. 

Don’t be afraid to start tackling your estate planning today. After all, being prepared for whatever happens can pay dividends for both you and your family for generations to come! 

Living Trust FAQs 

What Is the Difference Between A Living Trust And A Will?

A living trust is a vehicle for managing only the assets you put inside it. It’s going to exist while you live and after you die. A will provides for what happens to your assets after you die, and only goes into effect at that time.

What Are the Benefits Of A Living Trust?

The biggest advantage to a living trust is that it allows your assets to skip the lengthy, costly probate process. A living trust can also hold assets, for example, if you want your children to receive money on their 25th, 30th and 35th birthdays, you can set up your trust to do that. Your estate planning lawyer can explain more benefits of a living trust to you.

What Are the Drawbacks?

Not all of your assets may be owned by the trust. These include life insurance policies and some retirement accounts. If you forget to retitle your assets such as bank accounts, vehicles and your home into the name of the trust, they may still have to go through probate. If you rely solely on a trust, without a will, any assets left out of the trust will be disbursed to your heirs according to state law. Setting up a living trust can also feel prohibitively expensive. 

Who Should Be My Trustee?

Many people choose themselves to be the trustee of their living trust. This allows them to control their assets during their lifetime. However, they can also name friends, relatives or law firms as their trustee. If you name yourself the trustee, we may advise you to choose at least one backup trustee to take over when you die.

Should I Also Have a Will?

You should definitely have a will. Many times, your lawyer might advise a “pour over will,” which directs assets to pour over into the trust after your death. This protects all your assets from probate. At Pioletti Pioletti & Nichols, we can help you draft the right will for your particular situation. 

Do I Still Need a Power of Attorney?

Even if you name someone else as the trustee of your living trust, you should also draft a power of attorney, giving someone the legal right to handle your finances for you in the event you’re incapacitated due to illness or injury. These two people can be the same person for simplicity’s sake. 

Duties Of An Executor

• Locating the assets of the deceased and keeping them safe until their distribution.
• Determining whether or not the probate process will be necessary.
• Locating and contracting people named in the will or trust.
• Ensuring the will is filed in the right probate court. A lawyer can assist with this.
• Cancel credit cards, notify financial institutions about the death, contact the Social Security Administration, and so forth.
• Opening a bank account for the estate.
• Paying the mortgage, insurance, and any other recurring payments.
• Pay off creditors, debts, and final taxes.
• Oversee the distribution of the property and assets.

Depending on how large your estate is, there could be several other duties for an executor to perform. Before naming an executor for your own estate you should make sure he or she will be able to handle the tasks you are assigning to him or her.

How To Choose an Executor

It’s always a good idea to name an executor when drafting your will and sometimes it is even beneficial to name a backup executor in case your first choice declines or is unable to fulfill the role. Our Bloomington estate planning lawyer can help you determine who might be the best option to serve as the executor of your will.

Choose Someone Trustworthy

An executor can be chosen from friends, family, or professionals, but you want to make sure that you can fully trust this person. They will be responsible for completing the distribution of the assets you have left behind. An executor can also be included as a beneficiary in your will. However, if you feel that any of your wishes might be difficult to carry out it might be easier for your beneficiaries to see a third party serve as the executor of your estate. Pioletti Pioletti & Nichols can help you decide who might be the most trustworthy executor for your estate.

Choose Someone Good With Details

Since executors are responsible for a wide array of tasks such as relieving unpaid debts, canceling bank and credit card accounts, contacting all institutions and notifying them of your death, as well as distributing all the assets, it is imperative that you have someone who has administrative strengths.  Pioletti Pioletti & Nichols recommends you choose someone with the ability to pay attention to detail and to see tasks through to completion. Individuals with these characteristics are the best options to fulfill the role of an executor.

Choose Someone Steady

You want to consider the fact that many people will be mourning your loss and might have a difficult time coping with your death. It’s best to choose someone who feels they will be ready and able to complete the tasks at hand, even while grieving. For some people, having to sort through all the paperwork and other work involved would be too much of a burden during an already emotionally taxing time.

The executor of your will has an important role as the person who will carry out your wishes regarding your estate after your passing. It’s important to consider these few points while determining who might be best suited to serve as your executor. 

Schedule A Free Consultation To Discuss Your Options

Planning out your estate is no easy task. Furthermore, it has to be accurate and legally stand in a court of law. Even one wrong word could lead to serious complications. To avoid this, you should consult with our knowledgeable and compassionate attorneys who can help you to draft a legally binding will, trust, and estate plan.

Estate Planning Infographic

Estate Planning Statistics

According to national statistics, only 33 percent of Americans have an estate plan in place. Unfortunately, without a solid estate plan, many estates end up in probate, resulting in costs of more than $2 billion. Not only is probate expensive, but it can also take years for any issues to be resolved, leaving beneficiaries without the funds that the decedent had planned for them to have.

Don’t take the risk that your estate will be eaten up in legal fees and court battles. Call our office today to speak with an estate planning lawyer and find out how your family’s future can be protected when you are no longer here.

Common Questions Answered

What Is Included in My Estate?

Your estate holds all of your real property, personal property and other assets. This may consist of homes, stocks, bank accounts, vehicles, retirement accounts and furniture.

What Is a Will?

A will is one of the most basic estate planning documents that lets you designate how your property will be distributed after you die. The document also states your other wishes, such as the type of funeral you want and who you want to look after your minor children. A will should include the names of your beneficiaries, who will receive your property after your death, and an executor, who will manage your assets after your death.

Who Needs Estate Planning?

Estate planning is no longer for just the ultra wealthy. Nowadays, people of all ages and economic backgrounds can benefit from having a solid estate plan in place. This way, the people you want to inherit your assets will receive them upon your death.

What Is Probate?

Probate is the legal process of distributing a deceased person’s assets according to his or her will. When the executor of the will has started the probate process, he or she will pay the decedent’s debts and then distribute the remaining assets to the named beneficiaries. 

Do I Need an Estate Planning Lawyer?

While you are not legally required to hire an estate attorney, it is in your best interest to do so. Our lawyers are here to help make sure that your estate plan says what you want it to and is enforceable in court. 

Do I Have to Leave My Property Equally Among My Children?

No, you are under no obligation to give all your children equal inheritances. Sometimes it makes more sense to give some of your children bigger inheritances than the others. For example, if one of your children isn’t as financially secure as the others, you may consider giving him or her a larger inheritance. 

If you need assistance with your estate plan, schedule a free consultation with our firm today.

What Are Beneficiary Designations?

Some accounts that you may have, provide you with the ability to choose who will inherit assets when you pass away. Beneficiary designations are a way of being able to identify the person who will benefit from your assets. In some cases, you may have the ability to choose more than one primary beneficiary. Should you name multiple people, your assets will be divided equally amongst them. Some accounts that are likely to allow for beneficiary designations include:

• Retirement accounts
• Investment accounts
• Checking accounts
• Life insurance policies

Once you have made beneficiary designations, you are not completely done with the process. You will then need to name a secondary or contingent beneficiary designation. This is the person who may inherit your assets if the original person you designated has passed away.

In most cases, accounts that have a beneficiary designation are not required to go through the probate process. Beneficiary designations on accounts often override anything you have outlined in your will. Because of this, it’s important that you keep these designations up-to-date to ensure that assets go to the correct person should you pass away. Avoiding the probate process is beneficial because it allows your beneficiaries to gain access to accounts in a timely manner.

What Happens If I Don’t Designate Beneficiaries On My Accounts?

If your beneficiaries are outdated or you have failed to make beneficiary designations, you will not have the ability to choose who should inherit these assets in the event of your passing. Should this occur, your benefits or assets will become part of your estate. As a result, assets from accounts that may have been protected from probate may become a part of proceedings. When assets go through probate they may be subject to estate taxes and utilized as payment towards your debts before they can be distributed to heirs. It could be a significant period of time before a beneficiary is even able to obtain their inheritance.

No Estate Plan? Here’s What Could Happen

Estate planning is an essential tool for anyone with assets that beneficiaries stand to inherit and minor children who will require a plan when you pass. Putting off the estate planning process has many disadvantages should something happen to you before you have a chance to put a plan in place. As a result, the decedent loses their voice and opportunity to outline what their wishes would have been. Additionally, without Pioletti, Pioletti & Nichols to support, there may be potential implications on the inheritance loved ones stand to receive. Without a will or estate plan in place, families are ripe for conflict as amidst their grief, every one of them may have a different understanding of what your wishes may have been. It’s essential to mitigate these issues by not hesitating another moment with developing an estate plan. 

Lose Your Voice

Chances are you have some idea of what you would like to happen should you become incapacitated or pass away. When you fail to complete an estate plan, you lose the ability to make these critical decisions. This stems far beyond how assets are distributed to beneficiaries. While estate taxes aren’t necessarily higher for someone who has passed away without a will, with no plan, and no beneficiary designations, most assets will pass through probate, which could deplete the inheritance of beneficiaries. It’s also important to note that an estate plan doesn’t just determine the distribution of assets; it also contains decisions regarding who will make decisions for you, who will care for your children, and how you would like to be cared for in the event of incapacitation. 

Dying Intestate

When a person passes away without a will or estate plan, it means they have died intestate, and there is no plan left to outline the distribution of assets. Typically, when a person passes away, the probate court must validate the will before debts are paid, and assets are ultimately distributed. However, there is no plan for the court to refer to when someone dies intestate. As a result, the judge presiding over the case will make decisions in accordance with the laws of succession in the state of Illinois. This can be challenging for families and loved ones, especially when minor children are involved. 

Familial Conflict

Dealing with the loss of a loved one is a heavy load to carry. At times, grief-stricken families can make decisions fueled by their emotions. When someone passes away, the possibility of familial conflict is not far away. When a person passes away without a will, it’s almost a given that family will be in disagreement over crucial decisions. Lack of a will can completely dismantle families. Developing an estate plan and sharing your wishes with loved ones makes this issue possible to prevent. 

Whether you do not believe you require an estate plan or just haven’t gotten around to developing these essential documents, it’s time to start putting off this vital process. With guidance from a firm like Pioletti, Pioletti, & Nichols, you have the opportunity to outline your wishes clearly. To get started, contact our Bloomington-Normal estate planning lawyer. 

If you want to set up an estate plan, you may want to consult with Pioletti Pioletti & Nichols. Estate planning can be straightforward, but it can also get extremely complicated, so it’s wise to have someone knowledgeable and experienced on your side. 

The Top Qualities Of A Great Estate Planning Lawyer

If you’ve never had to look for a lawyer may not know what makes a good estate planning lawyer. In order to help you in your search, we compiled a list of qualities that any good estate planning lawyer should have. Here are the qualities that any estate planning lawyer should have in order to be worth your time:

Experienced

Your estate planning lawyer should know the terminologies related to estate planning. It sounds simple enough, but these terminologies can be baffling for those who are experienced. They should also know all the methods that are used in these legal procedures. Not only that but they should be able to explain these procedures to you clearly and in a way that you’re going to understand. Just like with any profession that is specialties, and you need someone to understand estate planning.

Resourceful

Planning in the state requires various tools. Your lawyer should be able to offer you all the tools that you will need to be reduced taxes, increase profits, and keep your assets protected until they are ready to be inherited. If your estate planning lawyer is unable to do this to help you then you should look for a different estate planning lawyer.

Punctual

A genuine estate planning lawyer should be punctual. They should also respect your time as well as their own. Estate planning can happen at any age, and this means sometimes there is a strict deadline. A draft of an estate plan is to be ready within a couple of weeks and the final draft should be ready and no more than a few months. If your estate plan is seeking longer than that then it could mean that the lawyer has too many clients on their hands at once.

Strong Communicator

Your estate planning lawyer is going to require multiple details from you regarding your family and your business. They’re going to have to ask a variety of questions to help the documentation process. If you do understand these questions we feel like you are being listened to and chances are that this isn’t the right estate planning lawyer for you. Not only should that be a good communicator should also be a good listener.

Contact Us Today

There are many people who do not realize how important it is to have a solid estate plan in place. They may think that this is something only elderly people need to do, or they may just feel uncomfortable thinking about their own mortality. Whatever the reason, the truth is that not having certain elements in place can have a significant negative impact on your assets, especially if certain circumstances arise.

At Pioletti Pioletti & Nichols Law Firm, we understand why our clients may hesitate at planning for the future when they are no longer here for their loved ones and are dedicated to ensuring that the estate planning and asset protection process is as comfortable as possible. To find out more, contact our office to meet with an estate planning lawyer to discuss how we can help you.

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