In Illinois, estate owners must take precautions to protect their assets and properties. These precautions are provided through probate law. A probate attorney can guide the estate owner through these processes to ensure maximum protection. The following is what estate owners can acquire through a probate lawyer in Chicago.
An Estate Plan for the Owner
The owner needs an estate plan to manage their assets. This presents them with options to distribute their wealth without major impositions on their family. This can include early transfers of the property to family members to avoid inheritance taxes. They can also separate the assets from the estate through an irrevocable trust. The estate owner can use the trust to assign a new owner as well.
Mitigating of the Probate Process
The probate process enables creditors to seize property and assets to settle debts. Through the probate process, the attorney determines what debts are valid and which have been settled through different means. They can also provide the estate owner with a plan to settle these debts and reduce the time in which the estate remains in probate.
Act As an Administrator
The probate attorney can act as the administrator of the estate. This gives them the authority to distribute the estate owner’s wealth according to the will created by the owner. The probate attorney helps with the transfer of ownership to a family member. They also provide access to the monetary wealth based on these assignments.
Asset Protection Opportunities
Asset protection opportunities can also be provided through the attorney. This additional options could equate to the establishment of trust funds that are assigned to children. They can also create non-profit organizations to separate the assets as well. The attorney provides protection against disputes based on the provisions of the will.
In Illinois, estate owners follow all precautions to prevent the seizure of their assets. The probate process is designed to settle all debts left behind by the estate owner. This includes creating additional accounts to pay off the debts as quickly as possible. Estate owners who need help from a probate lawyer in Chicago can contact Starr, Bejgiert, Zink & Rowells today.