Estate Planning Lawyer Arlington Heights, IL
Planning for the future, while important, may not always be at the forefront of people’s minds. Still, they are an imperative component to ensuring that your affairs are in order, which is why an estate planning lawyer in Arlington Heights, IL, will play a key role in assisting with developing these documents. An estate plan comprises several crucial documents that will outline a person’s wishes not only after they pass but also when they are still living. While a decisive, thought-out plan is essential, it also must be updated throughout a person’s lifetime. Having an estate plan can help quell discord amongst family still; there are several reasons to communicate these plans to family members. Bott & Associates, LTD can seamlessly and straightforwardly help with the estate planning process and keep the client’s best interests at the forefront.
A Comprehensive Estate Plan
When many consider planning for the future, most people are aware that they should have a will. However, often more documents should comprise a person’s estate. An estate plan is comprised of several key documents that include:
- Letter of Intent
- A Will
- Beneficiary Designations
- Durable Power of Attorney
- Healthcare Power of Attorney
- Guardianship Designations
- Designation of an Estate Executor
Having an estate plan offers peace of mind for you and your loved ones as they will have a clear picture of what comes next. However, it’s important to note that once an estate plan is created, you must update it over time because they are living, breathing documents. An estate planning lawyer in Arlington Heights, IL, can help ensure that an estate plan is updated every 3-5 years or when notable changes occur, such as relationship changes, the birth of children, a change of assets or liabilities.
Reasons to Communicate Your Plans
When putting together an estate plan, you will be faced with making many vital decisions over your affairs. These decisions will involve assets, liabilities, guardianship over children, financial and healthcare power of attorney, etc. Once the estate plan has been drafted, the natural next step will be to communicate some of the details with family members and those involved when the time comes. While they don’t need to know every minute detail in the estate plan, there should be communication regarding the basic information of the plan. By meeting with family and allowing them to hear your wishes and reasoning for the decisions that have been made, it’s possible to reduce family conflict significantly. When a person passes away or becomes incapacitated, loved ones may not see eye to eye as they may have differing views over what your wishes would have been. Talking with family about the estate plan and allowing them to ask questions can help for the smoothest process possible.
Proper Preparation for the First Meeting
While many people put off the estate planning process, it’s a necessary step towards planning for the future and should be prioritized. The process doesn’t have to be as complex as it may initially appear when you retain an experienced lawyer. However, for estate planning to be done succinctly and efficiently, it’s helpful to prepare for the first meeting properly. It may be beneficial to come equipped with the following:
- Prepare a list of questions for the lawyer
- Come prepared with information for family members, such as:
- Date of Birth
- Financial information such as:
- Retirement Accounts
- Bank Accounts
- Pension Plans
- Life Insurance Information
- Property (including mortgage balance and market value)
- A listing of all personal property
- An idea of who you would like to care for children, manage the estate, etc.
Schedule a meeting with our Arlington Heights, Illinois estate planning lawyer for further information about estate planning with Bott & Associates, LTD.