Estate Planning Lawyer in Schaumburg, IL
When you are ready to plan and draft your estate, it may be in your best interest to ask for help from an estate planning lawyer from Schaumburg, IL’s trusted firm, Bott & Associates, Ltd.
Estate planning is an important part in a person’s life. No matter how simple or complex your estate might be, the assets you have worked hard to accumulate should be given to the people you wish. If you fail to draft an estate plan, there is a chance that the state will get involved and distribute your assets as they see fit.
With the guidance of an experienced estate planning lawyer from our Schaumburg, IL office, you can develop a comprehensive estate plan that meets your wishes, protects your interests, and those of your beneficiaries.
Estate plans can be relatively simple, with a few documents such as a will, or complex with multiple trusts, powers of attorney, and so forth. Whatever may be included in your estate plan, your beneficiaries will not be burdened with uncertainty and financial strain.
Although planning your estate might be a difficult subject matter, it should not be ignored. The experienced estate planning lawyer that is trusted by Schaumburg, IL residents, can provide you with a comforting environment to begin the process.
At Bott & Associates, Ltd., we provide skillful legal support that is backed by years of experience. Our firm also assists those who have been named an executor and are ready to carry out the wishes of a testator, as well as anyone who may be disputing an estate. For a consultation with a knowledgeable estate planning lawyer that residents of Schaumburg, Illinois call first, call Bott & Associates, Ltd.
How We Can Help
At some point in a person’s life, you sit down and plan out what will happen to your “estate” after you have passed away. And while some people don’t think they have accumulated enough wealth over their lifetime to need an official estate plan, but the reality is that everyone – no matter how much or how little they have – has an “estate”. Your estate is simply what you are leaving behind and how you want it to be distributed. While it sounds like a simple process, it could have some lofty legal consequences if not written correctly. It’s always a good idea to seek the help of an estate planning lawyer in Schaumburg, Illinois when dealing with the creation or editing of your estate plan. Here are three reasons why you need an estate planning lawyer.
Peace of mind
Having a solid, legally binding estate plan allows you to be confident knowing that your family will be taken care of after your death. You will have full confidence knowing that your children will go to the right guardians and your property will be distributed correctly. But your estate plan contains more than just your will. It also includes assigning a power of attorney for both your finances and your healthcare decisions when you are unable to make sound decisions regarding both. A lawyer will make sure that all of your documents are legally binding and will stand up in court if ever contested. You can have peace of mind knowing that even after your passing your wishes will be carried out as you requested.
Save money and time
It may seem like a contradictory statement to say you will save money by using a lawyer, but the reality is a lawyer can save you money in the long run. Estate planning lawyers generally charge a standard flat fee for their services and once your estate plan is set up, you can move on with your life. However, if you did not use a lawyer and someone contests your will or another part of your estate plan, then your family could wind up spending thousands of dollars in court and legal fees.
Using a lawyer also saves you time. Writing up an estate plan can have its complications. You need to make sure it is written correctly so it is a legally binding document. This can be a stressful process and require a lot of research. A lawyer will do all of that research and writing up the actual document for you so you can spend that time with your family.
Finally, a lawyer will provide objectivity when you are creating your estate plan. This process can be stressful and different members of the family could be putting pressure on you to leave them certain things, but a lawyer will help you determine what is the best options for your estate. They will also ask questions if they feel like you are making a questionable decision (like should you really leave your house to your cat?)
If you are thinking about creating an estate plan, reach out to a Schaumburg, IL estate planning lawyer today to help you get this process started.
Our Estate Planning Legal Services
For over 20 years, our firm has been guiding clients through the Illinois estate planning and administrative process. Our comprehensive services are vast and include, but are certainly not limited to:
- Estate administration
- Power of attorney
- Social security planning
- Medicaid planning
- Asset preservation
- Debt planning
- Dispute litigation
Which Estate Planning Tools Should All Adults Consider?
A common misperception exists in popular culture that adults only need to draft a will or otherwise engage in estate planning if they have significant personal wealth. In reality, there are numerous estate planning tools that become relevant the moment an individual reaches the age of 18. Certainly, certain estate planning tools become more relevant when one has children and/or acquires significant assets. But even unmarried young adults with little personal property and no children should strongly consider scheduling a consultation with Bott & Associates, Ltd.
As soon as young people reach the age of majority, they become legally responsible for their own decisions. As a result, they sign contracts under their own names, determine their own medical care choices and are held accountable for their debts and assets. Until a young adult makes his or her preferences known, a court will ultimately decide who will make medical and financial decisions on that individual’s behalf in the event that injury or illness leads to severe trauma and/or incapacitation. In addition, a court will determine who inherits any sentimental and/or personal property that young adult leaves behind in the event of an early death unless that individual has specified how their valued property should be distributed. For all these reasons and more, it is important to speak with an experienced estate planning lawyer in Schaumburg, IL as soon as you become an adult.
Estate Planning Documents Relevant for All Adults
Numerous estate planning tools exist. Not all resources are relevant to every adult. However, some resources are relevant to all adults. The two major categories of estate planning tools all adults should consider with care concern medical decision making and property-related interests. All individuals who wish to pass along any property of sentimental and/or monetary value should work with an estate planning lawyer in Schaumburg, IL to draw up a simple will. Otherwise, the state will distribute these assets after death according to the rules of probate.
In addition, all adults should work with an estate planning lawyer in Schaumburg, IL to designate a power of attorney for medical decisions. This individual will be legally empowered to make medical decisions on behalf of the adult who made the designation, in the event that the adult has been too severely injured or made too severely ill to be able to make decisions for himself or herself. Similarly, adults should work with an estate planning lawyer in Schaumburg, IL to draft an advance medical directive, which will detail what medical treatment that individual consents to (and doesn’t consent to) in the event that he or she becomes severely ill or injured. The terms of an advance care directive are considered first and a power of attorney makes any decisions that fall outside the scope of the advance directive.
Estate Planning Guidance Is Available
If you have not yet made an estate plan or you have not yet taken advantage of all estate planning tools that may be beneficial for you, please consider scheduling a consultation with an experienced estate planning attorney at your earliest convenience. None of us knows when our estate plan may become sincerely urgent business. As a result, it is important to be as prepared as possible, regardless of your age and how healthy you are. Accidents occur, individuals fall ill and life remains unpredictable. Working with an experienced estate planning lawyer in Schaumburg, IL will help to ensure that your wishes are both thoughtfully documented and legally enforceable, so that they will be respected if and when anything ever happens to trigger the terms of your estate plan. Although the process of estate planning may be initially stressful, it will almost certainly grant you significant peace of mind once your wishes have been formally recorded.
An Overview of the Estate Planning Process with a Lawyer
Step 1 – Initial Consultation – Your estate planning process will start with a complimentary consultation with an estate planning lawyer from our Schaumburg, IL office. This may be done on the phone or in person, and is a good opportunity to get to know one another and determine what type of planning may be more practical for you and your beneficiaries.
Step 2 – Planning – Over the coming days we will begin to gather important information and discuss various options for managing your affairs. We’ll draft an estate plan that is a reflection of your needs, wishes, and objectives. This step may involve one or more meetings depending on how complex your estate may be.
Step 3 – Drafting Your Estate Plan – Your estate planning lawyer will draft all the applicable legal documents.
Step 4 – Review – Once the documents have been drafted, you and your lawyer will review them together to ensure all points have been covered. We’ll also advise you of any extra steps that should be taken, such as modifying retirement benefits or insurance policies.
Step 5 – Executing the Estate Plan – We will meet you to sign, or execute, all documents and provide you with a copy of your new estate plan. You’ll also have the opportunity to ask any questions or get further advice.
If you are looking for premium legal advocacy for your estate planning process, look no further than Bott & Associates, Ltd. Call the estate planning lawyer that Schaumburg, IL locals trust with their futures today.