Protect Your Family with Estate Planning in Peoria IL
Many people fail to understand the importance of estate planning in Peoria IL. Estate planning is for everyone, not just wealthy people. Without establishing a plan, you could be putting your loved ones in for a lengthy and costly process to settle your affairs. Here are four major reasons to consider hiring an attorney for estate planning:
- Estate Planning Protects Beneficiaries
- An Estate Plan Also Protects Young Children
- You Can Spare Your Heirs a Large Tax Bill with an Estate Plan
- Estate Planning Eliminates Bitter Family Disputes
Essig Law can provide you with attorneys with a combined 75 years of experience in estate planning, family law, and probate law. Our father-son team of lawyers, Dean and Dustin Essig, make it their mission to learn your situation and help you to achieve your goals. They can help you protect your assets and your loved ones after you are gone by preparing an estate plan. Contact us today to schedule a free consultation to discuss your affairs.
How Does Estate Planning Protect Beneficiaries?
The courts will decide who gets your assets if you fail to have an attorney help you with estate planning in Peoria IL. Unfortunately, that process can take several years, cost your heirs a lot of money, and create divisions in your family. After all, a judge does not know which member of your family is financially responsible and which one cannot be trusted with access to extra money. Plus, the court will not automatically award everything to your surviving spouse. So, hiring a lawyer to prepare an estate plan is the only way to make your wishes known and to see they are carried out. Most importantly, it is the only way of sparing your family a lot of extra grief and hardship after you pass away.
How Can an Estate Plan Protect Young Children?
If you are the parent of small children, you need to start thinking about what will happen to them if you die unexpectedly. So, you need to do what you can to protect your kids from being left in the hands of the court. By hiring an attorney for estate planning in Peoria IL, you can designate guardians to take care of your children until they turn 18. Without a plan naming the guardians that you approve, the future of your kids and how they will be raised will be left up to a judge.
What Can a Lawyer Do to Reduce Inheritance Taxes?
Many people don’t think about protecting their loved ones from the Internal Revenue Service. However, the IRS can levy heavy tax burdens on your family with an estate plan in place. An experienced attorney can help you to transfer assets to your heirs while minimizing the tax burden. In addition, there are ways to decrease the income tax that beneficiaries may need to pay. Without a plan in place, the government may take a significant amount of the wealth you had intended to pass on to loved ones. For that reason, you should consult with Essig Law to protect your family with estate planning in Peoria IL.
How Can an Estate Plan Eliminate Family Disputes?
We all know someone that has horror stories about how their family fought over money when a loved one passed on. Inevitably, one member of the family thinks they deserve a larger share of the inheritance than another. In other cases, one heir thinks they should oversee the assets because another heir is fiscally irresponsible. Fortunately, you can stop family fights before they start by hiring an attorney to handle your estate planning in Peoria IL. This will enable you to choose who controls your assets and finances after you die. With a plan in place, you decide how your assets will get divided.
Contact Our Attorney for Estate Planning in Peoria IL
Essig Law offers free consultations when you want to speak with an attorney about estate planning. Give us a call now at 309-444-8041 to schedule an appointment. In addition, you can also reach us online by sending a message through our appointment request form.
