Arlington Heights, IL Estate Planning Lawyer

Your Dedicated Estate Planning Attorneys

As our Arlington Heights, IL estate planning lawyer can tell you, drafting your own will can increase the likelihood of making costly mistakes. Although the do-it-yourself, at-home alternatives may be enticing, the American Bar Association recommends hiring an estate planning lawyer, or a legal professional that specializes in wills and estate planning. A qualified estate planning lawyer will be able to explain to you their interpretation of the intricacies of laws regarding property, taxes, wills, trusts, and probates. Additionally,  at-home will-writing kits cannot provide the personalized legal advice, the experience, and experiential knowledge base that will help those writing a will, or estate plan to feel confident about the terms and conditions in the documents. When you need help, call Bott & Associates, LTD. Attorney Maritess Bott has been practicing law for over 20 years and is prepared to help you. One of the first mistakes many Americans make is to believe that estate planning is just for families who have a significant amount of wealth. At the same time, there are some who believe a simple Illinois will is the only tool they need in their estate plan. Both of these things are not necessarily true. As our lawyer might explain to you, in some cases, planning for a smaller estate is more important than a large estate.

A Personalized Approach to Estate Planning

Our team strives to provide personalized assistance with all of your estate planning-related affairs. Our estate planning lawyer has been practicing law for over 20 years, and is one of only a handful of members of the American Academy of Estate Planning lawyers, in the Chicagoland area. The American Academy of Estate Planning Attorneys is a national exclusive organization dedicated to promoting excellence in estate planning.

Preparing for the Future

Our estate planning services are not limited to writing your will. Our team can also help with the creation of other estate-related legal documents as well, documents such as living trusts, or coming up with a plan for asset protection plans for your beneficiaries. Our team can also help with health care directives, to be implemented in the event you become incapacitated and are unable to make decisions on your own. If you are like most people, you have spent most of your lifetime achieving your goals. The advice and direction of our estate planning lawyer will be essential to implementing an estate plan that handles your assets according to your wishes and meets all other estate-related objectives. To learn more about how our lawyer can assist you, Illinois-based residents often choose to contact Bott & Associates LTD, who are experienced in helping clients with their estate planning needs.

If You Fail to Plan Your Estate, The Court May Step In

If you die without a will or trust, the court will settle your estate on your behalf. In general, this can take several years to settle and may cost 3-10% of your estate. Furthermore, it is certainly possible for your assets to be distributed in a way that does not meet your wishes. Opting for a revocable living trust will result in the successor trustee, named by you, to handle all estate-related matters. The court will not intervene unless there is a legitimate reason to do so; such as an estate litigation issue. With the assistance of our estate planning lawyer, you can ensure that the right wording and punctuation have been used, there is no confusing language, small details have been covered, all important facets and elements have been considered, and that your estate plan is legitimate and will hold up in court.

Dying Without a Will

No one likes to think about their death. It isn’t an exciting or welcoming topic of discussion, especially if you are young, fit, and healthy. However, at any time, you could suffer a catastrophic injury that may lead to your untimely death. Having an estate plan in place is something every adult should strive for, and it becomes even more critical when you own something. When you get married or have children, you want to ensure that the things you own pass smoothly to your heirs. Dying without a will means leaving your family in a lurch, and the status of your property in limbo. Consider how the basic process works when you leave your family with nothing to follow. 

Intestacy Laws

In many states, when you die without a will, your estate is considered to be in intestate. This means you died with no will or estate plan in place that designates how you want your property divided. The probate process, which is typically required even with a will, becomes lengthier if you die intestate. There are laws in many states that give an order to heirs when someone dies intestate. Our Arlington Heights estate planning lawyer can confirm who would have the rights to your estate if you were to die without a will.

The Order of Heirs – Surviving Spouse

While each state has its laws, there is a general order that the court will typically abide by. First, if the deceased is married, the spouse petitions to assume the estate. This happens naturally for the property that is co-owned with the spouse, but for things that were only in the deceased’s name, there may be circumstances under which they do not pass to the spouse. If the deceased had children with someone else, a share of the individually owned property might wind up passing to those children and the rest to the surviving spouse. When children are shared between spouses, and one dies without a will, the other assumes control of the estate with the thought that upon their death, the entire estate will usually be divided up between the children. 

When There Is No Spouse

If the deceased had no spouse, then the order of heirs gets a bit trickier. Say there are direct descendants, such as children. The estate would likely go to them if they are old enough or to their guardian if they are not. This might mean an ex gets control of the estate for a time. If there is no direct descendant, then the deceased’s parents will be next in line to inherit. From there, the chain moves to siblings, aunts or uncles, nieces,  nephews, cousins, and so forth.

What to Look for in an Executor

If you are thinking about planning your estate and making a will, you will need to name someone as the executor. An executor plays an important role in the process of winding up your estate and distributing assets to beneficiaries. Hence, you must think about who you should name.

• Ability to Carry Out Their Duties

Every will must have an executor named. It is also a good idea to have a backup executor if for some reason your first choice is unable to fulfill their duties. An executor plays a crucial role in the administration of an estate. The executor of a will is responsible for collecting and protecting the assets of the estate, paying the bills of the estate, including creditors and taxes, inventorying the estate, and distributing assets to beneficiaries. If necessary, the executor will also need to offer the will for probate. These duties are important but also may sound daunting, so you should name someone for the role who will be good at it.

• Close Friend or Professional

As an Arlington Heights, IL estate planning lawyer can explain, executors are usually either family members, close friends, or business acquaintances. However, there is an option of choosing a professional as an executor, but the fees may be prohibitive for many estates.

• Impartiality

Depending on how your will is written, and your family dynamics, you may want to try to avoid conflicts of interests. For example, if you have several children who do not get along and that is who your estate is going to, it may make sense to name a different family member to minimize conflict. However, if your entire estate is going to your spouse, you can name them as an executor since there is no one else to accuse them of being unfair.

• Basic Understanding of Finances

While you do not need to be a professional to be the executor of a will, having a basic understanding of accounting and how to gather assets, pay creditors and taxes, and a basic understanding of the probate process.

• Knowledge of When To Receive Assistance

This is one of the most important qualities of an executor since knowing when to hire a specialist or professional is a main part of the job. A qualified estate planning lawyer can help walk them through the process.

Arlington Heights Estate Planning Infographic

Arlington Heights Estate Planning Statistics

According to a major survey by the National Endowment for Financial Education, almost 70 percent of Americans do not have an estate plan. This means that more than 160 million adults in this country do not have a will, trust, or other estate planning documents in place to address what should happen to their finances when they pass away. Don’t let that happen to you. Contact an estate planning lawyer to ensure your family’s future is protected when you are no longer here.

Arlington Heights Estate Planning FAQs

Estate planning is a critical part of ensuring your assets are distributed according to your wishes, avoiding potential legal disputes, and protecting your family’s financial future after your passing. The process, however, can be intricate and overwhelming, involving wills, trusts, power of attorney, tax planning, and more. Hiring an experienced lawyer can help alleviate stress and ensure that your plan is legally sound, tailored to your unique situation, and optimal in minimizing taxes and other expenses. However, many clients still find themselves with lingering questions about the process and its necessities.

Why should I hire a lawyer instead of doing it myself?

Drafting estate plans involves many legal complexities and tax intricacies that could be easily overlooked by the untrained eye. Additionally, state laws differ and may significantly influence how your estate is handled. An experienced lawyer can help ensure your documents comply with Illinois law, optimize your tax position, and truly reflect your wishes.

When is the best time to start estate planning?

Many people think that estate planning is only for the elderly or those with significant wealth. However, life is unpredictable and not having a plan can lead to complications for your loved ones. It’s recommended to start estate planning as early as possible, but it’s never too late to get started. 

What should I include in my estate plan?

An estate plan typically includes a will, but there are other important documents as well, like a power of attorney, healthcare directive, and possibly trusts. The exact documents you need depend on your specific situation, such as the size and complexity of your estate, your goals for your assets, your health status, and family dynamics. An estate planning lawyer can help you identify the right tools for your needs.

How often should I update my estate plan?

Changes in your life such as marriage, divorce, the birth of children or grandchildren, changes in your financial situation, or changes in estate tax laws may necessitate a review and update of your estate plan. It’s a good idea to consult with your lawyer every few years, or whenever significant life changes occur, to ensure your plan still aligns with your wishes.

Can an estate planning lawyer help with the probate process?

Yes. The probate process can be complex and time-consuming. A lawyer can help navigate the legal process, ensuring all debts are paid and assets distributed according to the decedent’s will or state law if there is no will. If you’ve been named an executor, a lawyer can provide valuable guidance and help minimize the potential for disputes among heirs. Remember, estate planning is not only about distributing your assets—it’s about peace of mind, protecting your loved ones, and ensuring your legacy lives on according to your wishes. An experienced lawyer can be an indispensable partner in this process.

Contact Our Arlington Heights Estate Planning Lawyer Today

In general, before you can complete your estate plan, your Arlington estate planning lawyer will need to ask you questions about your finances. This may involve direction from your accountants and financial professionals. Not all lawyers will understand how to go about this process, for this reason, it is recommended to utilize an estate planning lawyer Arlington Heights, IL has to offer from Bott & Associates, Ltd. As your estate planning lawyer, we are ready to partner with your tax advisors, accountants, stockbrokers, or any other party associated with your finances, at your direction, to create a team-like approach to your planning. When you are ready, call our office for a free consultation.