Estate Planning Lawyer Bloomington IL
Estate Planning Lawyer Bloomington IL Explains Importance of Drafting Estate Plans. Pioletti Pioletti & Nichols, an estate planning lawyer Bloomington IL residents can count on, has been offering legal assistance for 79 years. As a family-run law firm, we help clients take proactive steps to ease tax burdens through estate planning and legal trusts. Estate planning not only includes the creation of wills; it also protects assets and asset owners who may be susceptible to financial or physical abuse.
A Dedicated Bloomington Estate Planning Lawyer
An estate planning lawyer Bloomington IL respects from Pioletti Pioletti & Nichols may handle all aspects of your case. 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 complexities and laws associated with estate planning, and we remain committed to preventing unnecessary catastrophes. Guided by this willful determination, we build long-term relationships with our clients.
Understanding Estate Planning
A basic estate plan typically consists of a last will and testament, a power of attorney, and a living will. These three documents form the basic building blocks of a proper estate plan. They facilitate the proper administration of a person’s estate while they are living but unable to make decisions for themselves. They also provide for the basic disposition of a person’s assets after their death. For many people, this is the extent of their estate planning needs.
Some people require a more complex estate plan including the use of trusts. If you’re unsure, an estate planning lawyer in Bloomington IL may help you determine which plan is ideal for your situation.
Will and Trust Preparation Attorney
Traditionally estate planning has been viewed as dealing with the disposition of property after death, however, it encompasses much more. It is a dynamic process that takes into account personal and family goals throughout a client’s lifetime as well as after their death. The attorneys at Pioletti Pioletti & Nichols take time to understand your unique situation. Together we may decide which instrument best serves your needs, the needs of your beneficiaries, and the needs of charitable organizations you are connected to.
There are many ways to dispose of your property through the use of wills and trusts. We may talk you through the advantages and disadvantages of every option available to you. Our attorneys may also provide experienced counsel as to the best option to execute your desires. Our representation includes:
- Wills and trusts
- Life insurance trusts
- Power of attorneys
- Advanced health care directives
- Elective share planning
- Creditor’s claims
- Fiduciary litigation
- Trust contests
- Special needs trusts
If you need assistance with any of the aforementioned, you may want to contact an estate planning lawyer Bloomington IL families can count on.
Estate Planning Lawyer Bloomington IL Trust Discusses the Role of the Executor
As you and an estate planning lawyer draw up a trust, will, or estate plan, there will be a time in which you must choose an executor. This should not be immediately decided as it is a role that requires care, attention, honesty, and trust. On the other hand, if you are being asked to become the executor of a trust, you should take some time to think about what will be expected of you.
To speak immediately with a Bloomington IL estate planning lawyer about assigning an executor, please call Pioletti Pioletti & Nichols. We have been helping people draft estate plans of every kind and complexity. Regardless of what your needs might be, we can help.
What is the role of an executor?
An executor of an estate oversees the disposition of property and possessions. For some, the role of an executor is an honor. For others, this role is particularly scary. The executor of an estate has a duty to ensure the deceased person’s last wishes are granted with respect to the distribution of their personal assets. In addition to this task, an executor must make sure that all debts and taxes are paid with the remainder being distributed to the right beneficiaries.
An executor does not have to be a legal expert; however, an estate planning lawyer would advise you that he or she be honest, trustworthy, mature, and diligent. An executor is not entitled to any proceeds from the sale of property or assets of the estate. They may receive compensation for administering it once everything has been completed. Usually, a lawyer will hold this compensation and pass it onto the executor at the right time.
Duties of an Executor
An executor of an estate will have many duties to fulfill. Some of these include:
- 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 the 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.
Talk with an Estate Planning Lawyer for Personal Legal Advice
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 an estate planning lawyer Bloomington IL clients recommend who can help you to draft a legally binding will, trust, and estate plan.
Schedule a Free Consultation with an Estate Planning Lawyer Bloomington IL Residents Deserve
Estate planning is crucial to the protection of your wealth and assets. Without it, you risk lengthy court battles and legal matters which could cause a serious disruption in your life. To prevent this from happening, you’ll want to consider talking to the lawyers at Pioletti Pioletti & Nichols. For a free consultation with an estate planning lawyer Bloomington IL trusts, please call our office today.
Common Questions Regarding Beneficiary Designations for Estate Planning
Are you in the process of developing your estate plan? One consideration to bear in mind is the importance of making sure that you have designated beneficiaries on all accounts that allow you to do so. Beneficiary designations may seem like a fleeting thought but, they are critical for a variety of reasons. A Bloomington IL estate planning lawyer can help you by developing an estate plan and in making sure that all of your accounts have both primary and contingent or secondary beneficiary designations.
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
What is a contingent beneficiary designation?
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.
Do accounts with beneficiary designations go through probate?
In most cases, accounts that have a beneficiary designation are not required to go through the probate process. As an estate planning lawyer in Bloomington IL can explain, 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.
How often should I review or update accounts with beneficiary designations?
Keeping beneficiary designations up to date can ensure that your assets do not fall into the wrong hands. Regularly update them with the assistance of your Bloomington IL estate planning lawyer, especially when you experience life changes such as:
- Birth of children
Making sure that you have kept your beneficiaries updated can help reduce the risk of family conflict should you pass away. Beneficiary designations can provide for a seamless transfer process to beneficiaries, especially if you keep these designations updated.
What happens if I did not 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.
It’s important to understand beneficiary designations in addition to making sure they are regularly reviewed. Without the proper designations, your accounts may be subject to probate, which could impact the inheritance of your loved ones. Speak with an estate planning lawyer Bloomington IL clients trust from Pioletti Pioletti & Nichols to ensure that you have an estate plan and beneficiary designations complete for when the time comes.
“Mike did an excellent job helping me work through an expungement hearing. Very professional, well prepared, and treated me like family. Would highly recommend.”