Planning Your Estate in Illinois
The options you have when planning your estate are endless. I can help you narrow down the possibilities to those that best fit your finances, and from there we can determine how to proceed. A few of your options can include drafting wills, establishing joint tenancy, creating trusts, and more.
A will is a document that defines and controls the transfer of your property after you have died. When making a will, there are many questions you need to ask, including:
- Who should be named as guardians of your children in the event of your passing?
- Would you like charitable gifts to be made?
- Who should be named executor of your will?
As your attorney, I can help you find the answers to the concerns that you need to take into account when creating a will.
There is some property that a will does not typically control. This includes property held in joint tenancy, property held in a trust, and property payable to a beneficiary. If you would like to discuss whether or not your property is covered in your will, reach out today to set up a free consultation.
Joint tenancy is a form of property ownership, wherein there are multiple owners of the property and each has the right to use the said property. When an owner of jointly-owned property dies, the living owner becomes the sole owner of the jointly-owned property.
While there are contingencies that accompany joint tenancy, it is an option to consider when determining how to set your property up for an easier transfer down the line.
A trust agreement names beneficiaries and rights and duties that you and said beneficiaries should uphold. Once you have passed away, the trust property is transferred to your beneficiaries without the need for probate.
Setting up trusts is an excellent way to ease the process of property transfer once you have passed because your loved ones will not have to face probate, which can cause undue stress.
These are just a few of the many options you have when deciding how to plan for the future of your estate. By seeking out the help of a legal advisor, you can ensure that you are making the choices that best fit you and your needs.
Probate is a court-supervised process during which a decedent’s property is transferred to the designated recipients. In the state of Illinois, a formal court proceeding is necessary if the decedent had solely-owned assets and all of the probate assets together are worth more than $100,000.
If you are facing the probate process, reach out to me today. You’ll want compassionate counsel in your corner as you work through the process of settling the estate of your loved one.
Why You Should Seek the Help of an Estate Planning Attorney
Estate planning is complex and highly individualized. Your financial situation, needs, and wants are completely unique to you, so you need an attorney who will take the time to get to know you and build a strong attorney-client relationship. I put in the hard work to simplify the process for you, and I collaborate with you every step of the way.
Don’t wait to plan for the future of your estate. Start now. Contact Attorney Mike Fritz today if you need the guidance of an estate planning attorney in Peoria, Illinois. I am proud to serve clients in East Peoria, Morton, Washington, and Dunlap.