Estate Planning Lawyer Bloomington, IL
Estate Planning Lawyer Bloomington, IL
No Estate Plan? Understand the Impact of What Could Happen
An estate planning lawyer in Bloomington, IL, is an asset for those who need to develop or update their estate plans. 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. Our Bloomington, Illinois estate planning lawyer shares that, 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, IL estate planning lawyer.
