The simple fact of the matter is that leaving your assets to your loved ones at your death can be complex. Often, while you may believe that you have a firm grasp on how it will play out after you are gone, there's a good chance that you may not anticipate unintended consequences from informally dealing with this issue. Not only does the estate planning process involve a variety of legal issues and potential conflicts, but taxes can be an issue as well.
For this reason, it's typically wise to hire an estate planning attorney. Wondering if you should hire a Estate Planning attorney in Bensenville, Illinois? This article should help you to make your decision.
How Can an Estate Planning Attorney Help You?
Create Your Will
It's advised that everyone who lives in the United States create an official, legally binding will. A last will and testament dictates to whom your many assets will be passed, ensuring that your estate goes to the people you select.
While anyone can technically create a will, creating a will that's legal and will be accepted in a court of law is not easy. There is a body of law dating back to England in 1540, some of which is specific to your state of residence, which you must understand in order to create a valid will, which is ironclad and indisputable. A Estate Planning attorney can help you to draw up such a will.
Defend Your Will
As the executor of a will, it is your responsibility to distribute a deceased person's assets in the way that he or she sees fit. While an executor's job is typically fairly straightforward, there are occasions in which wills can be contested.
Should a will that you are the executor of become contested, you'll need a probate attorney to represent you in a court of law, which can be, but is not always, an estate planner. Probate is complex and can only be properly navigated by those with a great deal of relevant experience.
In some cases, disputes will arise between the beneficiaries in a will. When these disputes arise, it is often necessary for the courts to moderate them. A probate attorney can do this for you, ensuring that your estate is distributed fairly.
Trying to settle an argument or dispute without an attorney can create bitterness and resentment between beneficiaries which can last for years, or even a lifetime. There is no reason for close friends and family members to unnecessarily spend time in a dispute after the death of a loved one.
Reduce Tax Burden
When someone dies, his or her assets are passed down to his or her designated beneficiaries. Unfortunately, sometimes, those assets are taxed. Depending on the size of your estate, or the nature of your assets, the taxes which are taken out of a person's estate can be substantial, drastically reducing what the beneficiaries receive.
However, by hiring a Estate Planning attorney, you can work to legally minimize the amount of taxes which are taken out of an estate. An experienced Estate Planning attorney will be able to find all of the deductions or tax-minimization methods available to you, ensuring that beneficiaries receive as much as possible.
Prepare and Submit Important Documents
When a person dies, before his or her assets can be distributed, a number of different documents must be filed, including some with the government. For example, the will must be filed with the Probate Court within 30 days of the death of the decedent, final income tax returns must be filed, and documents transferring title to the assets must be prepared and then processed. These documents can be complex and burdensome to the person attempting to settle the affairs of someone who died.
This is where a Estate Planning attorney can help. A Estate Planning attorney will be able to help you complete and file the documents for you, sparing you the time and headache.
Seeking a Reputable Estate Planning or Probate Attorney in Bensenville, Illinois?
Are you the administrator of an estate? Seeking out a reputable Estate Planning attorney in Bensenville, Illinois? If so, the experts here at John J. Pembroke & Associates are the people to see.
With over 30 years of experience on our side, we have helped a variety of clients navigate through the Estate Planning process. We will help you traverse the many roadblocks that you'll meet throughout the process.
Contact us today to get started!