Estate Planning Lawyer Bloomington, IL
If you want to set up an estate plan, you may want to consult an estate planning lawyer in Bloomington, IL from Pioletti Pioletti & Nichols. Estate planning can be quite complex, so it’s wise to have someone knowledgeable and experienced on your side. Here are the most frequently asked questions and answers about estate planning.
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 planning lawyer in Bloomington, IL, it is in your best interest to do so. A lawyer can ensure 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 consultation with an estate planning lawyer in Bloomington, IL today.