Chad Ritchie

Estate Planning Attorney in McLean County, IL.

Our mission is to provide first class legal services to families and businesses in the areas of estate planning, business law, and real estate law so that they can achieve success, peace, and a lasting legacy.


Phone:
309.662.7000

Address:
2203 E. Empire St. Suite G
Bloomington, IL 61704

Hours:
Monday-Friday
8:30am-12pm & 1pm-5pm
Closed for the lunch hour

Webiste:
www.ritchielawoffice.com


“Mr. Ritchie assisted my mother with signing Power of Attorney Documents. He did a fantastic job in explaining the different options to her and was extremely easy going. He definitely makes you feel relaxed while going through legal matters... I would rate my experience with Mr. Ritchie a 10 out of 10! ”

Zachary Z.

Client


"Chad prepared Wills and Powers of Attorney for me and my husband. He was approachable and very easy to talk to! I would definitely hire attorney Chad Ritchie again and also refer him to my friends and family."

Allison K.

Client

"Mr. Ritchie prepared Wills and Powers of Attorney documents for us. He was friendly, professional, and provided thorough explanations to our various questions. We can’t think of anything that could have been done differently because it was a great experience! We would not hesitate to refer our family and friends to Chad for estate planning."

Tricia and Jason G.

Client
No. The truth is that almost everyone needs an estate plan regardless of income or net worth in order to minimize stress, unnecessary confusion, and costs for loved ones after a death. A basic estate plan consists of a Will, Power of Attorney for Property, Power of Attorney for Healthcare, and sometimes a Revocable Living Trust.
Probate is a court process of transferring legal title of property from a person who has died to that person’s heirs. Probate usually takes 9 to 12 months to complete if there are no complications. Probate can be avoided if an estate has little or no “Probate Assets.”
Probate Assets are assets that you own in your name only that DO NOT automatically transfer at your death. If you don’t have any Probate Assets in your estate – then your estate does not have to go through Probate.
No. A Will is a document that is used in the Probate process – it doesn’t help avoid probate. A Will is a document that states what happens to your Probate Assets when you die.
If someone dies without a Will then we look to Illinois Law to see who inherits your Probate Assets. For example, Illinois provides that if someone is married with children when they die – then half of their Probate Assets will go to the surviving spouse and the other half of their Probate Assets are split among their children. Many people prefer to have a Will instead of letting the state decide who inherits their assets.
A Revocable Living Trust (“RLT”) is a trust a person funds with their own assets when they are alive. A person that funds a trust is called a “Grantor”. During the Grantor’s lifetime that person has complete control over the assets they transferred into their RLT. All assets in a RLT avoid probate when the Grantor dies. A RLT is a powerful estate planning tool that can be used to avoid probate, reduce estate taxes, and control assets long after the Grantor’s death.
A few ways to help any charity through your estate plan is by naming them in a specific bequest in your Will; giving a percentage of your retirement funds to a charity (saving on income tax); or naming a charity as a beneficiary of a life insurance policy. Many organizations have established foundations to help donors structure gifts through their estate.

Chad Ritchie

Estate Planning Attorney in McLean County, IL.

About Ritchie Law Office:

Our mission is to provide first class legal services to families and businesses in the areas of estate planning, business law, and real estate law so that they can achieve success, peace, and a lasting legacy.


Phone:
309.662.7000

Address:
2203 E. Empire St. Suite G
Bloomington, IL 61704

Hours:
Monday-Friday
8:30am-12pm & 1pm-5pm
Closed for the lunch hour

Webiste:
www.ritchielawoffice.com

Ritchie Wealth Planning Meeting

What people say about Ritchie Law Office:


“Mr. Ritchie assisted my mother with signing Power of Attorney Documents. He did a fantastic job in explaining the different options to her and was extremely easy going. He definitely makes you feel relaxed while going through legal matters... I would rate my experience with Mr. Ritchie a 10 out of 10! ”

Zachary Z.

Client


"Chad prepared Wills and Powers of Attorney for me and my husband. He was approachable and very easy to talk to! I would definitely hire attorney Chad Ritchie again and also refer him to my friends and family."

Allison K.

Client

"Mr. Ritchie prepared Wills and Powers of Attorney documents for us. He was friendly, professional, and provided thorough explanations to our various questions. We can’t think of anything that could have been done differently because it was a great experience! We would not hesitate to refer our family and friends to Chad for estate planning."

Tricia and Jason G.

Client

FAQ

No. The truth is that almost everyone needs an estate plan regardless of income or net worth in order to minimize stress, unnecessary confusion, and costs for loved ones after a death. A basic estate plan consists of a Will, Power of Attorney for Property, Power of Attorney for Healthcare, and sometimes a Revocable Living Trust.
Probate is a court process of transferring legal title of property from a person who has died to that person’s heirs. Probate usually takes 9 to 12 months to complete if there are no complications. Probate can be avoided if an estate has little or no “Probate Assets.”
Probate Assets are assets that you own in your name only that DO NOT automatically transfer at your death. If you don’t have any Probate Assets in your estate – then your estate does not have to go through Probate.
No. A Will is a document that is used in the Probate process – it doesn’t help avoid probate. A Will is a document that states what happens to your Probate Assets when you die.
If someone dies without a Will then we look to Illinois Law to see who inherits your Probate Assets. For example, Illinois provides that if someone is married with children when they die – then half of their Probate Assets will go to the surviving spouse and the other half of their Probate Assets are split among their children. Many people prefer to have a Will instead of letting the state decide who inherits their assets.
A Revocable Living Trust (“RLT”) is a trust a person funds with their own assets when they are alive. A person that funds a trust is called a “Grantor”. During the Grantor’s lifetime that person has complete control over the assets they transferred into their RLT. All assets in a RLT avoid probate when the Grantor dies. A RLT is a powerful estate planning tool that can be used to avoid probate, reduce estate taxes, and control assets long after the Grantor’s death.
A few ways to help any charity through your estate plan is by naming them in a specific bequest in your Will; giving a percentage of your retirement funds to a charity (saving on income tax); or naming a charity as a beneficiary of a life insurance policy. Many organizations have established foundations to help donors structure gifts through their estate.