Estate Planning Lawyer Glenview, IL

Estate Planning Lawyer Glenview, ILIf you or a loved one are in need of counsel regarding estate planning, contact an experienced estate planning lawyer in Glenview, IL clients trust to plan for their future. 

What is estate planning? Estate planning entails the preparation and dispersion of an individual’s estate, assets, and inheritance upon their death. When an individual creates an estate plan, they get to decide who their assets are passed to, how the estate is divided, and how their wishes for end-of-life care, burial, and funeral plans. Understanding how assets are distributed can be confusing for clients, as there are many aspects of their estate. However, experienced estate planning lawyers such as those from Bott & Associates, Ltd can help their clients through this difficult process, and any other confusing parts of their estate plan. 

Why is an estate plan important? Without an estate plan, the state may decide what happens to a person’s estate and all their assets. Needless to say, this could have serious implications for the deceased’s loved ones as they may have to fight for what they thought was rightfully theirs. There are certain state laws and tax implications that need to be considered when creating an estate plan. By working with an estate planning lawyer, they can ensure that their clients meet all these requirements, saving their loved ones from potential frustration, and monetary loss. 

What does an estate planning lawyer do? An estate planning lawyer helps their clients understand what an estate plan is, assists in the documenting of all the estate owns and helps counsel their clients in regards to proper distribution. Experienced in estate law, these attorneys understand what makes an estate plan legal, and helpful to all parties involved. Estate planning lawyers are helpful guides as their clients navigate planning for their future, financially, emotionally, and physically. An important part of an estate plan is the medical directives and the wishes and desires of the client for end-of-life care. 

When should you start planning your estate? Estates should be planned as soon as possible. If a client fails to create or finish their estate plan, their family and loved ones may suffer the consequences. For example, if a client has young children and has not created an estate plan which includes a plan for young children, or minors then the state may have the final say as to where those children are placed. 

How is an estate plan different than a living will? An estate plan includes a living will, as well as other important documents. These other important documents include medical directives, retirement and tax information, bank accounts, and a plan for young children. A living will is important on its own, but an estate plan encompasses so much more than a client and their loved ones will need. Gathering these documents may seem like a challenging task, but estate planning attorneys have the skill sets needed to create a proper and robust estate plan for their clients. If you have not started or completed your estate plan, contact a Glenview estate planning lawyer today!

Understanding The Key Factors Of Estate Planning

Working with a Glenview, IL estate planning lawyer is imperative for those who still need an estate plan. There are a significant number of people who forgo the process. However, it’s important to note that this is typically not intentional. Many people may not develop an estate plan because they put it off for another time. Unfortunately, failing to establish a will or a more comprehensive estate plan can be problematic should someone pass away without having one in place. It’s important to note that an estate plan is more extensive than a will and can help by encompassing several documents and clearly outlining a person’s wishes. As Bott & Associates, Ltd can attest, there are several reasons developing an estate plan is essential and without one, there can be several repercussions. 

Key Elements to Include Within an Estate Plan

Estate plans are a set of documents that outline a person’s wishes. These documents are essential because they encompass plans while a person is still living and after passing away. In addition to detailing a person’s wishes while they have passed away, an estate plan will also provide a detailed account of their wishes while they are still living but cannot make decisions on their own. While it may be evident that a person requires an estate plan after they pass away, it’s important to note that when a person is still living, they may need someone to make decisions for them should they become incapacitated are in a situation where they are unable to make decisions. Elements that a Glenview estate planning lawyer may recommend that their clients include within an estate plan can consist of:

  • The Letter of Intent
  • A Will
  • Financial Power of Attorney
  • Healthcare Power of Attorney
  • Guardianship Designations
  • Trusts

While a will can provide instructions for how assets will be divided when a person passes away, an estate plan can act as a comprehensive tool when planning for the future. 

Reasons to Develop an Estate Plan

As mentioned, estate plans are essential plans for the future. It’s only natural for a person to worry over what will happen to their dependents and their assets in a world when they are no longer in it. Developing an estate plan not only offers peace of mind, but there are also many other reasons to move forward with the process:

  • Ensure beneficiaries are clearly identified
  • Develop plans for the end of life
  • Identify how assets will be distributed
  • Put trusts in place that protect assets from creditors and allow the grantor to put clear terms in place
  • Determine guardianship for minors
  • Protect assets from probate
  • Minimize taxes

Estate planning can be complex, emotional, and overwhelming, which is a primary reason why many people may choose to put off the planning process. While it can be hard to take the next step towards planning, there are risks involved with not developing an estate plan. When a person passes away without a will or an estate plan, risks can include the following:

  • Asset division will be left to the probate courts
  • Assets may not be distributed according to the testator’s wishes
  • There will be no plan for minor children
  • Family may be left to make healthcare decisions should the testator become incapacitated
  • The estate could become heavily litigated by family who are in disagreement over how assets should be distributed

To learn more about the advantages of having a Glenview estate planning lawyer like the professionals from Bott & Associates, LTD, consider scheduling a consultation.