Estate Planning Lawyer Bloomington IL
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.
A Bloomington IL estate planning lawyer often finds that although our clients may have their assets in insured and government protected accounts, there are other risks that can threaten those assets they are not even aware of. Some of the life events that occur which can have negative impacts on assets include the following:
End of a Marriage
One of the most common life events that people go through which can do significant damage to a person’s financial standing is divorce. Many couples get married and then combine their income during the years of their marriage. This often includes any inheritance that either of the spouses may receive. This is referred to as comingling of assets. When this occurs, the assets are no longer considered separate property but becomes part of the marital estate and both spouses and must be fairly distributed should the couple divorce.
It is not uncommon for our clients to be working on their estate plans with one of our attorneys and to express concern that their adult child’s marriage is on shaky ground and they are concerned about what will happen to any assets they bequeath to their child in the future. They worry that the inheritance will become part of the divorce settlement and go to the future ex-daughter- or son-in-law.
There are steps that your estate planning lawyer can take on your behalf to ensure that should any of your heirs go through a divorce, any inheritance you leave them will be protected.
Although it is not something couples really want to think about, the reality is that when one spouse dies, it is common for their widow or widower to eventually remarry someone else. Although many people express that they would want their spouse to move on with their life and be happy with someone else, there could be and should be concern that any assets they have do not end up benefiting that future spouse should the widow or widower pass away during that marriage.
The main concern is that all the assets would pass to that future spouse. This could also occur if the marriage ends in divorce. Your estate planning lawyer can set up your estate plan to make sure this does not happen and that any assets you and your spouse have would bypass his or her future spouse and go to your children or anyone else you designate as beneficiary.
Lack of Trust in Beneficiary or Heirs
Every family has their issues and many of our clients have come to us concerned that the very people they love and want to make sure are taken care of when they are gone are people they do not trust to make smart decisions about any assets that they inherit. For example, an adult child who has a substance abuse or gambling problem could very well spend their inheritance foolishly and quickly blow through the entire amount. An estate planning lawyer Bloomington IL clients recommend can explain how easily you can implement safeguards against this, while still making sure your loved one will be taken care. In the meantime, here are some common questions our clients ask:
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 & Nichols, our lawyers work diligently to follow your goals and desires for your estate and other property. Selecting an estate planning lawyer in Bloomington IL 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 & Nichols 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: Why is it important to hire an estate planning lawyer?
Estate planning can involve many complexities and it’s beneficial to have an experienced estate planning lawyer Bloomington IL trusts on your side. A lawyer may advise you throughout the entire process and answer all of your questions. Some of the benefits of hiring an estate planning lawyer in Bloomington IL include:
- Every estate plan is unique: Each estate plan is different because not everyone has the same needs and goals. An estate plan that works for your neighbor might not necessarily work for you. An estate planning lawyer Bloomington IL families trust can help you create a customized plan that focuses on your unique goals.
- Errors are costly: If you don’t have experience with estate planning, it’s easy to make mistakes. The smallest errors can cost extra money and lead to unnecessary hassles. An estate planning lawyer can help you create an error-free plan in a timely fashion.
- A will might not fit your needs: When it’s time for estate planning, many people assume that drafting a will is the best option for them. While a will is one of the most common estate planning options, it might not be right for you. A revocable living trusts might fit your needs better. A skilled estate planning lawyer may go over all your options with you and help you choose a plan that suits your needs.
- Your estate plan may need updates: It’s likely that your estate plan will require updates in the future. For example, you may choose to add or remove a person from your will. An estate planning lawyer Bloomington IL relies on may assist you with making these necessary updates in an efficient manner.
What should I expect during an initial consultation with an estate planning lawyer?
If you have scheduled a consultation with a Bloomington estate planning lawyer, it’s important to be prepared. Bring all the documents related to your assets and liabilities and be ready to answer several tough questions. For example, a lawyer may ask you who you want to raise your children if you die and if you have any heirs with special needs.
Don’t be afraid to come with a list of questions you want to ask your lawyer. Asking the right questions may help you determine if the lawyer is the right fit or not. Here are a few questions you may want to ask an estate planning lawyer Bloomington IL offers:
- What is your experience dealing with trusts and estates?
- How long will it take you to complete my estate plan?
- If an unexpected issue arises with my estate, will you be able to help me right away?
- Is your primary focus on estate planning?
- Will you send me the estate plan to review?
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.
For more information, or to schedule a consultation with an estate planning lawyer Bloomington IL depends on, contact Pioletti Pioletti & Nichols today.
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