Estate Law Lawyer Schaumburg IL
You may already know that there are options beyond writing a will when creating an estate plan; but our estate law lawyer Schaumburg IL residents depend on want you to know the options that may be available to you. This is understandable and is the primary reason why many individuals in the Schaumburg, Illinois community turn to an estate planning lawyer from Bott & Associates, LTD.. The importance of creating an estate plan is universal among any adult who has assets, whether it is in dollars or is of sentimental value. We can help you create an estate plan that reflects your last wishes and the legacy you wish to pass on to future generations and other loved ones. Call our estate law lawyer Schaumburg IL clients can trust today for a free consultation with our legal team to learn more about our legal services. Bott & Associates, LTC. is committed to assisting our community by providing clients with the peace of mind that comes with having an estate plan in place for after their passing.
What are some of the most common types of estate plans?
As our estate law lawyer Schaumburg IL depends on might tell you, an estate plan is as individual as the person who created it. There are common aspects to estate plans, such as a will and in many cases a companion trust. Others may also benefit from having a living will in place in case they later develop a life-threatening illness, injury, or become mentally debilitated in the latter part of their life. When you meet with Bott & Associates, LTD. to review your current and expected financial portfolio, your last wishes, and other important considerations you will have a clearer understanding of what options may work best for you.
Our estate law lawyer Schaumburg, Illinois relies on provides a general overview of the three main estate planning options that are commonly used:
1. A last will and testament. Even when additional estate planning tools are utilized (such as a trust or a living will), it is often beneficial to have a will in place.
a. In the will you will name the individual who will manage or execute the will.
b. You will specify who should inherit which of your assets.
c. If you have a minor child, you will name a guardian to take care of them should you pass before they become of legal age.
2. A living trust. An estate law lawyer Schaumburg IL residents trust shares that a living trust can provide some of the information that might be included in a will, but it cannot designate heirs for minor children. However, it offers other options that a will does not.
a. When an individual’s ownership of their assets are transferred to a living trust that they created, those assets will not be subject to the probate process upon their passing. This speeds up the distribution of those assets and avoids a pre-distribution tax assessment.
b. Assets held by a trust cannot be accessed by debt collecting agencies.
3. A living will. A living will enables the creator to specify what medical procedures should be undertaken or not undertaken should the individual become incapacitated. However, having an estate planning lawyer in Schaumburg, IL that you can turn to may be beneficial. For instance, if a person does not want to be put on a respirator machine or be resuscitated should their heart stop, they can specify this in their living will.
To discuss your estate plan options with a knowledgeable estate law lawyer Schaumburg IL residents can have peace of mind with, call Bott & Associates, LTD. today.