Estate Planning Lawyer Normal IL – Koth Gregory & Nieminski – Call 309-828-5090
Estate Planning Lawyer Normal IL
The process of estate planning entails identifying who shall receive your property, assets and manage your responsibilities after you pass away. In addition, one of the main goals is to ensure your beneficiaries actually receive your property and assets in a cost-effective, timely manner.
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Estate planning establishes a platform that you can adjust according to changes in your financial situation. It all begins by determining how you wish to distribute your assets when you die or become incapacitated.
A good way to begin your estate plan is to take a detailed inventory of your belongings. It’s not uncommon for people to think they do not possess enough assets to merit estate planning. However, once you start taking an inventory you may well find it surprising the assets you do have. For example, tangible assets of an estate can include:
-Homes and real estate.
-Cars, trucks, motorcycles, boats, agricultural machinery, snowmobiles etc.
-Coin, art, trading cards, antiques and other collectibles.
-Other miscellaneous personal items.
Other estate assets can include intangibles such as:
-Savings and checking accounts, certificates of deposit
-Bonds, stocks and mutual funds.
-Retirement plans or individual retirement accounts.
-Health savings accounts.
-Ownership in a corporation.
Once you take inventory of your assets, it’s time for an estimation of their value. This can be done through valuations such as:
-Recent appraisals of your residence.
– Account statements.
In the absence of outside valuations, estimate value based on how you anticipate your heirs would value them. This helps assure equal distribution of your items among your loved ones.
It’s beneficial to speak with an Estate Planning Lawyer Normal IL to get started. Call 309-828-5090 to schedule an appointment with one of our lawyers.