Estate Planning Lawyer Near Me (Illinois)
There are a lot of individuals who don’t have a will because they simply don’t understand why they need one. If you die and you do not have a will, the state will determine how your property and assets are distributed. This is especially concerning when it comes to things or people that are very important to you, so it’s essential you consider a will no matter your age. The following are some reasons why. For more detailed information, contact an estate planning lawyer near me (Illinois) from Bott & Associates, Ltd.
Guardianship
Individuals with minor children should always have a will in place so if the parents pass away, their children will be taken care of by people they trust. When you are considering whom to ask to be your children’s guardian should you die prematurely, you should think about people who are already close to your children and who they would feel comfortable with. You should take into consideration their belief system and whether they will raise your children the way you would want them raised.
You may also want to consider the couple’s financial situation and whether they can hold down a job while caring for extra children. You should choose a guardian that will love your children as their own.
Beneficiaries
When you die intestate, or without a will, there is an order to distribute your assets and it varies by state. It typically begins with your spouse, children, siblings, parents and so on until there is a surviving relative that receives what you have left behind. If you have godchildren, stepchildren or friends you want something left to, they will not receive anything.
To ensure the proper beneficiaries receive what you would like them to receive, you should write up a will. You will need to give specific names of people you wish to inherit specific assets. You could also include instructions on distributing your assets to specific organizations such as a favorite charity. An estate planning lawyer near me (Illinois) can help.
Executor
In your will, you can designate an executor of will. This is the person you have trusted to carry out your wishes after you have died. The executor will handle all your financial affairs, ensuring debts are paid, accounts are closed and remaining assets are given to the individuals you have designated. An estate planning lawyer Arlington Heights, IL clients recommend can explain the factors that you should consider when choosing an executor.
Ensure Your Assets Are Distributed Properly
You might have an idea or thought about who will get what after you die. But, do you plan anything beyond these thoughts? Do you take the time to Google an estate planning lawyer near me (Illinois)? About 60 percent of Americans do not do anything more than think briefly about this situation. Unfortunately for those people who were not privy to a Will, Trust, or Estate Plan after their loved ones death, they will need to ask the court to make decisions for them. When this happens, the state can decide who will get what based on the laws of the state.
This is known as intestate succession. When no will or trust of any kind is left, the entire estate will pass through the probate process. A judge will oversee everything and distribute the assets according to intestate succession laws in the state. If this is not something that you want to happen, or you have specific assets that should go to certain people, it is important to consider searching for an estate planning lawyer near me (Illinois) on the internet.
The Probate Process Can Be Avoided
If you are sure that you want to avoid the probate process, we would recommend that you draft a legally-binding trust. When executed correctly, a trust can stop your heirs from having to go through probate – a process that can be timely and expensive. There are many different kinds of trusts, such as living trusts, revocable trusts, irrevocable trusts, special needs trusts, gun trusts, and more. Every trust has a purpose. Which is right for you will depend on your own needs.
Revocable Living Trust
This is a very common type of trust. It is ideal for married and unmarried people, as well as individuals. This trust offers flexibility in that it can be structured in a number of ways depending on the grantors wishes. When you, the grantor, creates a revocable living trust, and it is executed, you retitle all of your assets into the name of the trust. You will also include detailed instructions on how the assets should be managed, used, or distributed.
Like a will, you should name a successor trustee who will have a duty to manage the trust after your death. A trust won’t have to go through the probate process, and is kept out of the public eye. Furthermore, estate taxes are much less than what would need to be paid when a will is the only existing document.
Trusts are not only for wealthy people. If you have valuable assets, many assets, or want your heirs to avoid the probate process, a trust may be right for you. To learn more about looking for an estate planning lawyer, call Bott & Associates.
Getting Started with an Estate Planning Lawyer Near Me (Illinois)
An attorney is a great place to start when you want to plan your estate. Your life is important, and you should have the final say in what happens to everything you worked so hard for. Contact an estate planning lawyer near me (Illinois) from Bott & Associates, Ltd. today to get started with your will.