Does Your Family Need Probate Attorneys In Chicago?
If you've ever watched a movie in which someone dies and their friends and family members gather around wearing black for a reading of the will, you might be surprised to find out that this actually doesn't happen in real life — it's just a Hollywood trick. While probate attorneys in Chicago do manage the filing of a will after someone dies, it's done without ceremony. However, that doesn't mean that you don't need help from probate attorneys in Chicago. If you're not sure whether probate attorneys in Chicago can help your family, ask yourself these questions.
Can Probate Attorneys In Chicago Help If Family Members Don't Agree With The Will?
In many cases, a will is straightforward. However, in some instances, it can cause major strife among family members, especially if there are multiple assets that need to be divided. If one or more family members feel as if they're being slighted, they could contest the will in court. If family members don't agree, it could mean a lengthy court case that rips families apart and drains the assets from the estate.
Does The Estate Include Business Assets?
Another reason to hire probate attorneys in Chicago is if the estate includes a business. This is because handling business assets and transferring ownership could be a complicated process. Instead of leaving the company susceptible to errors, many families choose to turn to probate attorneys in Chicago for help when dealing with a business.
Has The Deceased Taken Steps To Avoid Probate?
In some states, probate is necessary. In Indiana, for instance, if the estate is worth more than $50,000 and assets aren't owned jointly with another person, probate is required. However, in Illinois, it's possible to create a living trust to avoid probate. Probate attorneys in Chicago who also handle wills can help create these documents. Ask your attorney about a transfer on death clause for your assets. This means that the assets in your estate — normally property, vehicles, bank accounts and retirement accounts — all automatically transfer to your beneficiary when you die instead of being locked up in probate.
What Else Do Probate Attorneys In Chicago Do?
However, probate attorneys in Chicago aren't just helpful when someone has died. Many people hire these professionals to draft a will so that they can determine where their belongings end up and to minimize fighting among family members after they've died. They can also help create a living will, which is a very different type of document. While a regular will, or 'last will and testament,' determines which family members receive death benefits from a life insurance policy, the contents of a retirement account or even property, a living will helps family members know what medical decisions you want made in case you're unable to make them yourself.
Probate attorneys in Chicago can help your family members through the rough time following your death. While no one really enjoys thinking about their death or what will happen to their assets when they die, coming up with a plan before it's needed is one of the kindest things someone can do for their family. If you're not sure how to proceed, talk to Peck Ritchey. Our probate attorneys in Chicago are experienced in helping clients plan for the future.