Even if you already know exactly who you want to name as the beneficiaries to your estate, there are a number of choices that you still need to make about how your estate will be turned over to those beneficiaries. By planning the distribution of your estate now, you can eliminate many of the challenges your family might otherwise have to face further down the road.
Preparing a will can be one of the greatest gifts you offer your family. It removes the potential for fights and traumatic strife between loved ones in one of the most difficult moments of their lives. It also ensures your wishes are fulfilled entirely with your money and your assets.
To provide this relief to your family, though, you will need the assistance of a will planning attorney. Navigating the intricate laws about wills in Illinois and ensuring that what you want to happen after your passing actually happens requires an experienced hand.
The will planning attorneys at Peck Ritchey, LLC can leverage our combined legal experience of more than 100 years to create a thorough legal will that provides closure to you and your family over all your property.
At Peck Ritchey, LLC, our Chicago will planning attorneys understand exactly how important this legal document will be to your family after you pass; we can help you ensure that the language of your document clearly specifies each of your final wishes.
When you are ready to plan out your will with the experienced attorneys at Peck Ritchey, LLC, you can contact us at (855) 328-5787 for a free and completely confidential consultation.
How a Will Planning Attorney Can Help
While a will is an incredibly personal document, it is also a very powerful legal document, and it is absolutely crucial that yours is set up correctly. When a person passes without a legally correct will, they leave behind a great deal of potentially very costly confusion in regards to their income and property.
Without a will planning attorney, any will you have (if there is one at all) may not protect your family from costly taxes and fees that significantly reduce your estate. The lack of a recognized will can also lead to family disputes that can leave relationships in tatters and transform into costly legal fights that further erode the estate you leave behind.
A will planning attorney can ensure these tragic events are avoided. You can relax knowing your wishes will be carried out, and your estate will pass to those you want with the least amount of taxes and fees possible.
Will Planning Services in Chicago from Peck Ritchey, LLC
Because a will is one of the most important documents you will ever create, you want to make sure it is carried out by professionals in the field who know the law and are responsive to your specific wishes.
The lawyers at Peck Ritchey, LLC have the experience required to construct a will with absolute legal clarity that will allow for no disputes between family members. We have more than a 100 years of combined legal experience that we use to help those in the Chicago area who are dealing with the legal side of aging and end of life.
We have been recognized as leaders in this area across Chicago. The City of Chicago sought us out to rewrite the Elder Abuse and Neglect Act, and our individual partners and lawyers have been singled out for incredible praise and accolades. Managing partner Kerry Peck is a former president of the Chicago Bar Association, has testified before the Illinois House and Senate, and was named a “Super Lawyer” by his fellow attorneys in every year from 2007 to 2015.
Peck Ritchey, LLC has assembled a team that knows every aspect of Illinois law in regards to will planning and can give the best legal advice to our clients in the Chicago area. We see our work as a service to the community, helping ensure fewer costly disputes that split up families after a loved one’s passing. We are passionate about getting every detail right on the most important wishes a person ever expresses.
Choosing the Correct Type of Will in Chicago
Not every will is the same. In fact, every will by its very nature is unique and has to meet the very unique needs of the individual creating it. Creating a will that meets the precise requirements for your family is of the absolute highest priority, and that entails creating the right type of will.
Our Chicago legal team possesses the experience and the resources to help you choose the kind of will that is best suited to your wishes and your estate. Once a decision has been made, our attorneys can help you compose the actual language of the specific kind of will you have chosen, including but not limited to the following:
This document will be important for your family once you pass on, and our Chicago legal team can help you ensure that your wishes are clearly articulated so that the transition of your estate runs as smoothly as possible.
What Happens if I Don’t Have a Will?
It is unfortunately common for people to fail to create a will before it is too late. This is even the case for those with significant assets to pass on.
When a person dies without leaving a will, any assets that would have been passed on by a will enter into what is called “intestate.” This does not include certain assets, such as IRAs, life insurance, or any assets that already have a co-owner or beneficiary named.
Those assets are then divided amongst living relations using a system that will award them to a spouse and/or children, and then other near relations. The departed’s wishes do not factor into this system unless expressed in a will. If, for instance, the deceased preferred to see the assets divided in a certain way amongst relatives or to include non-relatives, these wishes will only be followed if a will is written. The process of dividing assets amongst living relatives may result in a rather costly, extensive, and drawn-out probate.
If the deceased has no living relatives, on very rare occasions, the state can appropriate the assets in what is called “escheats.” This prevents any non-relatives from receiving anything, despite what the deceased may have wanted.
Consult with a Will Planning Attorney in Chicago
If you would like to learn more about how our firm can help you plan for the future, you should speak with one of the Chicago will planning attorneys at Peck Ritchey, LLC. Our Chicago legal team can help you choose the right type of will for you and your financial circumstances. To speak with a Chicago estate planning attorney about your specific situation, please call us at (855) 328-5787 today.