Having a well thought out estate plan is crucial. The details of the plan will ensure that your heirs are provided for upon your death. One wrong word or phrase can effectively change the intent of your will or trust, as such, it is extremely important to engage the professional services of an estate planning lawyer in Moline IL. Do not think that estate planning is only something that those of means do, if you own assets, regardless of the size of your estate; you need to prepare an effective plan to manage your affairs should you become incapacitated or upon your death.
If you die and you have not prepared your will, the distribution of your assets will be decided by the probate court. The rules of probate are based on whether you have a surviving spouse and children or not. If there is no immediate family, your estate will be divided amongst relatives, some of which you may not even know. Intestacy laws only recognize blood relatives; you cannot leave something to friends or a charity. If the probate court cannot locate blood relatives, your estate will usually end up being forfeited to the government. With these complex rules, it is easy to see why you need to seek advice from an estate planning lawyer.
What are your will options?
There are two different types of wills, simple and a will with trust provisions. A simple will allow you to designate your beneficiary’s and leave designated assets to them outright. A will with trust provisions, on the other hand, puts your assets into a trust for the benefit of any person you so specify.
There are considerable differences, a knowledgeable estate planning lawyer in Moline, IL can give you in-depth information on the differences which will help you decide which serves you best. A will is not intended to be an idle document, things change. You should revisit your will every few years and bring it up to date, ensuring that any changes that have taken place in the interim will be reflected in your will.
Regardless of size, planning for the disposition of your estate is important and should be done with the assistance of an estate planning lawyer in Moline IL.
