Estate Attorney Near Me Peoria-Bloomington IL – Queen Law Firm – For a Consultation 309-845-8080
In the event that you pass away and do not have an estate plan, you risk giving up control of who shall receive your property and assets. Instead, the intestacy laws in the state of Illinois takes effect and instructs how the disbursement of your estate will proceed. But with estate planning, you can control exactly what shall happen to your property and assets.
-An Estate Attorney Near Me Peoria-Bloomington IL can help you create a plan that safeguards your children from the demands of creditors or lawsuits. If your children inherit your assets through the state’s intestacy laws, though, the assets may be vulnerable to creditors. A solution is to leave assets to your children in a trust, which establishes a degree of protection.
-Estate Attorney Near Me Peoria-Bloomington IL planning can include arrangements for the care of your children. In an estate plan you can nominate who will care for them. Without doing so, you are giving up your voice in this important issue.
-It’s always best to act sooner rather than later. Regardless of your age and stage in life, it’s never too early to plan for the future of your loved ones with an estate plan. By doing so while you’re in good health and not under pressure from an emergency, you’ll have time to examine all the options and make smart choices.
Estate Planning and Divorce – Estate Attorney Near Me Peoria-Bloomington IL – Call 309-845-8080
Going through the process of divorce is often financially and emotionally stressful. Understand how divorce can affect your Estate Attorney Near Me Peoria-Bloomington IL planning documentation by consulting with an experienced lawyer at our offices.
When a divorce proceeding is ongoing, your spouse still has rights. In the event you suffer incapacitation or die before your divorce finalizes, you’ll want to keep as much control as you can. A few important steps you can take:
-Keep healthcare proxy current. Have you decided who will make decisions for you in the event you’re in a major accident? It’s likely that your spouse is still the person who will make the decisions. If you are in the middle of getting a divorce, you might want to change this.
-Update your power of attorney. You and your ex-spouse may have established powers of attorney. If it’s a durable power of attorney, it provides your spouse with access to your assets and accounts. This may be cause for concern if your divorce isn’t an amicable one. Consider revoking the power of attorney and establishing a new one.
-Updates to your will. Does your will name your spouse as the executor of your estate? Talk with your Estate Attorney Near Me Peoria-Bloomington IL about removing your spouse as executor and updating the terms of your will.
-Review your prenuptial agreement. If you signed a prenuptial agreement, your divorce lawyer probably reviewed it with you during your divorce. Be sure you carefully read the document to understand what assets your spouse would be entitled to if you die. Your new, updated Estate Attorney Near Me Peoria-Bloomington IL plan should remain consistent with all the terms of a prenuptial agreement.
If you’re planning to divorce your spouse, talk with an Estate Attorney Near Me Peoria-Bloomington IL at our law firm. We can review your plan and recommend changes that will protect your interests.
Estate Planning, Wills, Choosing an Executor – Call 309-845-8080 for a Consultation
Serving as the executor of someone’s estate is a significant responsibility. The steps involved in execution of an estate generally include:
-Reviewing the will. After locating the deceased person’s will, review the document along with any additional attachments. Then, take inventory of the assets, property and gifts and make a list of who is to receive them. Contact any individuals who have an interest in the Will to review its provisions. This is usually the deceased’s family, witnesses to the signing of the will and the deceased’s lawyer.
-Filing the will. After creating an asset inventory and notifying recipients, the executor must file the will in probate court. This process determines the will’s validity and officially gives authority to the executor.
-Manage finances, debts, securing assets. The executor will often open an account for the estate’s financial activities. The executor uses this account for paying debts such as a mortgage or for making automobile payments.
-Dispense property, assets and gifts according to the instructions in the will. After paying off remaining debts, the executor transfers assets or properties in the will to its beneficiaries. This includes any donations to charitable organizations.
-File the deceased person’s income taxes. Among the most critical duties of an executor is filing the deceased’s taxes. If necessary, the executor should seek professional accounting services for this step.
-Closing the estate. After going through all the above steps, the executor organizes all financial information. For example, the records of the estate’s bank account activities such as disbursements or income. The executor should and send current statements of the estate’s financial activities to all of the will’s beneficiaries.
Get expert advice on executing an estate in the state of Illinois – call the Queen Law Firm at 309-845-8080.
Recovering the Assets of an Estate in Illinois
The time period immediately after the passing of a loved one is an emotional time for families. It is usually the task of family members to plan a memorial service, make a burial arrangement and host other family and friends who want to convey their respects and support. In many cases, appointment of of someone to represent the deceased person’s Estate Attorney Near Me Peoria-Bloomington IL may not occur for days or even weeks after their passing.
Understandably, securing the deceased’s persons property is not necessarily the first thing that comes to mind for surviving relatives. However, in the meantime, people that feel they have an entitlement to a share in the deceased’s estate might start to take possession of property and assets.
This particularly happens in the event there is some level of conflict in the family. Most often tangible items such as important documents, art, collectibles, heirlooms, jewelry or motor vehicles are taken. Other assets that may be taken by individuals who have access can include cash, bank account funds and credit cards.
Fortunately, the law in the state of Illinois gives the Estate Attorney Near Me Peoria-Bloomington IL some effective means of addressing this type of situation. The representative has the legal right to pursue civil action in order to recover the property of the deceased person. Critically, this includes the ability to require persons thought to possess the deceased’s belongings to appear in court for a hearing.
At the hearing, the Estate Attorney Near Me Peoria-Bloomington IL can ask the person about the whereabouts of the belongings. If the court determines the person does possess the items, the court can order that person to return the property to the estate representative. In addition, the court can order the person who took the property to pay for the costs of the court proceeding.
For a consultation with an Estate Attorney Near Me Peoria-Bloomington IL about the issues we mention on this post, don’t hesitate to contact the Queen Law Firm at 309-845-8080. We serve clients from many communities in Illinois including Peoria, East Peoria, Bloomington, Normal, Chenoa, Washington and Morton.