When a loved one passes, and the executor of the estate sets the process in motion, the probate process will begin. This is a somewhat lengthy process where the will must be determined valid or invalid by a court. If a person finds fault with the will, it can be contested which lengthens probate. Once the will has been determined valid, all assets and belongings are identified and assessed, and then are passed on to the appropriate beneficiaries. Probate can take years, but having an experienced attorney can help you and your family navigate this unpleasant situation. Learn more about probate here.
If you are over 45, it is crucial you make a will. Oftentimes, people put off this task either because it’s unpleasant to think about or because they don’t see it as a pressing matter. However, it is smart to have one in place in the unfortunate event of incapacitation or sudden death. Having a last will and testament can ensure that your assets are divided according to your wishes, placing the least amount of stress on your loved ones in an already trying time. You can learn more about the importance of wills here. An attorney can help ensure your will holds up in court after your passing. Schottler & Associates helps residents in Riverside, IL write their wills.
Making plans for your estate and assets after your death is a necessary step in planning for the future. What will your family do in the case of your untimely death or if you become incapacitated? To take care of your family and loved ones, and to avoid undue stress, a lawyer can help you set up a trust. Like a will, this expresses your wishes on how you’d like your assets and estates to be passed.
One of the main allures to setting up a trust over a will is that trusts avoid the probate process. This makes the distribution of assets laid out in a trust more timely and more secure. Trusts allow you to set certain stipulations to how your assets are passed as well, which is another reason they’re popular. An attorney can help you with creating a trust and can help you will all of the details. You can also learn more about the benefits of setting up a trust here.
Land trusts dictate how real estate is handled and passed to beneficiaries. If you’re a property owner, it could be beneficial for you to set up a land trust that is specifically tailored to your circumstances. Setting up a land trust, like other forms of trusts, can keep property out of probate. If you live in Riverside, IL consider hiring our lawyers to help you create and manage your land trust. You can find out more about our real estate law services here.
For some, the topic of estate planning can seem grim; perhaps that’s why 51% of Americans between the ages of 55 and 64 don’t have an estate plan. The truth is, everyone has an estate, and that means everyone ought to have a regularly updated estate plan. While this is most important for anyone getting ready to retire, it’s still important to people of all ages because one never knows when they will become incapacitated by illness or injury, and certainly no one knows when they will die. Many people underestimate just how many areas are handled by this sort of planning, from guardians for dependents and funeral plans to the transfer of business, and as a result, those choices are left up to probate court. Find out about our estate planning services here.
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Schottler & Associates
7222 W Cermak Rd #701
Riverside, IL 60546