Estate Planning Lawyer Arlington Heights, IL
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. Actually, as an estate planning lawyer Arlington Heights, IL has to offer might explain to you, in some cases, planning for a smaller estate is more important than a large estate.
The Role of An Arlington, IL Estate Planning Lawyer
Estate planning in Illinois includes a process of planning and creating a number of documents to create a whole, coherent plan that includes various details of what should happen to you, your assets, and your family in the event of your incapacitation or death. At Bott & Associates, Ltd., we consider estate planning to akin to 360 degree planning for your future. Consider these questions:
- What will happen to you or your loved ones if you become disabled?
- What will happen to your investments or business after you die?
- Is there someone who will take care of your minor children?
As your estate planning lawyer Arlington Heights, IL respects, we are able to help you make sense of questions like these, as well as those that may be more complicated. We know it’s a lot to think about and want you to understand this does not have to be overwhelming. Let us help you make sense of estate planning. Call Bott & Associates, Ltd. now.
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.
Bare in mind that it is not recommended to draft your own estate plan. You should ask an estate planning lawyer Arlington Heights, IL provides to help you with the process. In doing so, you can ensure that:
- The right wording and punctuation has been used
- There is no confusing language
- Small details have been covered
- All important facets and elements have been considered
- Your estate plan is legitimate and will uphold in court
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, stock brokers, or any other party associated with your finances, at your direction, to create a team-like approach to your planning.
To learn more about our estate planning services, please call an estate planning lawyer Arlington Heights, IL community members recommend from Bott & Associates, Ltd. today.