Regardless of your age, family, or marital status, estate and estate planning is an essential part of adulthood. If you haven’t started making plans yet, you might have questions about the process, such as the need for wills and trusts. The answers below will help you begin your efforts.

FAQ About Estate & Estate Planning

Why do I need an estate plan?

When you pass away without an estate plan, Illinois or Iowa inheritance laws govern who receives your property. Smart planning will reduce or eliminate taxes, probate delays, and other associated costs, giving you and the people you love peace of mind.

Do I need a will?

If you have minor children, writing a will is the only way the law allows you to designate a guardian for them. Otherwise, the state decides. Making a will allows you to name someone you trust to carry out your wishes, including distributing assets to beneficiaries.  

What is a trust?

A trust is a legal device into which a property owner, a settlor, transfers property for a trustee to hold for the benefit of other people — the beneficiaries. Trusts are like safes. They protect assets from others, such as creditors and claimants, while making them available to the people the settlor chooses.

Does all property go through probate?

No. Insurance policy proceeds, trust assets, jointly owned real estate with right of survivorship, and financial accounts with due on death provisions are among the assets excluded from probate. Using these and other legal options, some estates qualify for settlement by a small estate affidavit, avoiding a long probate process.    

An experienced estate and estate planning attorney can guide you through the complex decision-making process for your specific stage of life. Pepping, Balk, Kincaid & Olson, Ltd. of Silvis, IL, have more than 75 years of combined experience in assisting clients of all ages with their estate planning activities. Their welcoming atmosphere and compassionate approach set individuals at ease from the first meeting. Get answers to all your questions and start down the road to peace of mind. Find out more about their services online now. For an appointment, call (309) 755-5096.