info@BlackBlackBrown.com
309.444.3108

Related Practice Areas:

Estate Planning

As part of an estate plan, wills and trusts are a way to clearly and legally provide instruction for the management, protection and distribution of property and assets. Our attorneys stay current in  laws and tax revisions that can affect your estate. We can help you not only create wills and trusts that address your family situation today, but also can help you maintain and adapt these critical documents as your personal, family and tax status changes.

FREQUENTLY ASKED QUESTIONS

What will happen to my assets if I die without a will?

When one dies without a will, the state determines how assets will be distributed based on enforceable debts. The probate process can take significant time and cause a delay in your family and loved ones receiving access to assets.

What age is best to be thinking about creating a will?
We are less concerned about the age of our clients rather than their circumstances. If you have significant assets it’s a good time to develop your will to ensure that those assets are distributed according to your wishes and optimally protected from taxation in case of your death. In addition, if you have a family, you may want to set up your will in order to avoid probate and minimize the amount of time it takes for your family to have access to your assets. Young families, especially, are often dependent upon the income of the parents, and in cases of unexpected death, need access to fund to pay expenses.
Do I really need an attorney to develop my will or trust?

Your attorney brings with him the experiences of many, many clients before you. He will be able to help you evaluate what’s important to you and determine how to properly protect your assets. In addition, your attorney will be able to help you anticipate situations and contingencies that a book or program may not consider.

When should I consider modifying or updating my will?

Wills should be updated when your experience life changes that could directly affect it. Events such as changes in state law, financial earnings, marital status, parental status or health changes could warrant changes to your estate documents. We recommend that you examine your will every few years to ensure that you are still satisfied with its contents.

What is a trust?

A trust is a legal document that specifies how you want specific assets to be managed and distributed to your beneficiaries. It also communicates which individual or institution is responsible for carrying out your final wishes regarding the assets specified in the trust. A trust typically does not replace a will, rather is part of your overall estate plan.