At Bott & Associates, Ltd., we know that many people use estate planning as a way to protect their legacy and future. Through these tools, you can safeguard your assets so they are distributed to your chosen loved ones after your departure. We know that estate planning can be confusing, with all the documents involved and legal requirements. But you can depend on our Oak Brook, IL estate law lawyer to provide a clear understanding of the process while guiding you through each step. Please reach out to us today if you would like help with your estate planning needs!
What Estate Planning Does For You
An estate plan is important because without one, the state may choose what happens to your assets after you pass on. This could result in serious implications for your estate, in which loved ones may have to fight for what they imagined to be rightfully theirs. There are tax considerations and state laws that must be assessed when developing your estate plan. By working with our estate law attorney, we can ensure that your documentation meets these requirements, saving your relatives from the frustration of your assets being handled in a way you would not have wanted. Contact our estate law attorney today if you would like more information.
Estate planning is an essential aspect of securing your family’s future and ensures that your wishes are followed accordingly. Our estate law attorney has a deep understanding of state laws and can answer any questions or concerns you may have. Estate planning may involve writing a will and trust, preventing or preparing for the probate process, appointing a durable power of attorney, and creating a healthcare directive, in addition to other tools and tasks. If you would like help with estate planning, we are glad to assist you!
Why Experience Is Needed For Estate Planning
All in all, estate planning is the best way to protect what you have built over the course of your lifetime. It ensures that those you love the most will receive the inheritance you want them to have after your departure. Our Oak Brook estate law lawyer is more than qualified in the following ways:
- Provides free initial consultations so you can learn more about our services.
- Known among clients for being patient, kind, and relatable.
- Has more than 20 years of experience protecting the wealth of our clients.
- Offers support to families during a period of grief and hard times while navigating complex estate planning issues.
It helps to have our Oak Brook estate law lawyer working for you as you create an estate plan that protects your assets now and into the future. You and your chosen family members can rest assured knowing your wishes will be carried out how you want after your departure. For more information about our services, reach out to us at Bott & Associates, Ltd. today!
When You Should Plan Your Estate
Many people put off contacting an Oak Brook, IL estate law lawyer because thinking about our own deaths makes us uncomfortable. Surprisingly, most people say that once they have done this, rather than feeling like they have sealed their fates to die sooner rather than later, a huge weight is lifted from their shoulders knowing that they no longer have to worry about doing this and perhaps more importantly, their loved ones will not have to worry about it either. The compassionate team at Bott & Associates, Ltd. has been helping to ease people’s estate planning burdens and protecting client wealth for over 20 years. We understand that this process can feel daunting on many levels and we are here to get to know you and your needs and guide you. We have 24/7 live call answering. Now is a good time to start planning your estate. Contact us today to find out how we can start helping you and getting you on the way to peace of mind knowing that your estate is in order and you no longer need to worry about doing this.
Your Estate Planning Lawyer
An estate lawyer helps people plan for the management and distribution of their wealth after death. Planning your estate with a good Oak Brook estate law lawyer will help to ensure that your wishes are carried out while also minimizing potential tax and legal issues for your heirs. A goal of estate planning is to eliminate or minimize the need for your heirs to go through probate which is typically time-consuming and costly. Your estate lawyer should get to know about you and your financial situation in order to give you guidance and sound legal advice on what they think is best for you and your particular circumstances.
Your Estate
When lots of people hear the word “estate” they think of royalty and very wealthy people who quite literally live on an extensive area of land in the country in a mansion but in reality, anyone who owns anything, even if it is simply a car or vinyl collection, has an estate. In the context of estate planning, your estate is all of the money and property you own and what will be left of it after you die. Estate planning is for the living to ensure that their wishes for their money and property are carried out when they are no longer here. Whether you have money or valuables that you want to pass on or things precious only to you, planning your estate now will give you peace of mind that you no longer have to do this as well as the knowledge that your things will go where you want them to.
Estate Law Help
If you are looking for a highly experienced, knowledgeable, and compassionate Oak Brook estate law lawyer, Bott & Associates, Ltd. is here to help.
The Four Most Common Tools An Estate Lawyer Can Use For Clients
Estate planning is a crucial process that ensures a person’s assets are distributed according to their wishes upon death, while also considering the best interests of beneficiaries and minimizing taxes. Estate lawyers play a pivotal role in helping individuals navigate this process, utilizing various legal tools to safeguard assets, ensure the proper management of estates, and protect their clients’ wishes. Below, we explore four of the most common tools an Oak Brook, IL estate lawyer can use to create a comprehensive estate plan that meets their clients’ needs.
Wills
A will is the most fundamental and well-known tool in estate planning. It is a legal document that outlines how a person’s assets will be distributed after death. Through a will, individuals can designate beneficiaries for their property, name guardians for minor children, and specify the terms for the distribution of their estate. A will also allows for the appointment of an executor who will be responsible for overseeing the administration of the estate.
An estate lawyer assists in drafting a will that complies with state laws and accurately reflects the client’s intentions. They can ensure that the will is valid by meeting all necessary formalities, such as being signed in front of witnesses, and updating it as circumstances change (e.g., birth of children, changes in assets, or marital status). In addition, a lawyer can advise clients on the most effective ways to minimize probate costs and taxes through will provisions.
Trusts
A trust is a legal arrangement in which a person (the grantor) transfers ownership of assets to a trustee, who manages the assets to benefit beneficiaries. Trusts are often used to avoid probate, provide for minors or dependents, and reduce estate taxes. There are many types of trusts, including revocable living trusts, irrevocable trusts, charitable trusts, and special needs trusts.
Estate lawyers often recommend trusts as a more flexible and private way to distribute assets, especially for individuals with complex estates or those who wish to avoid the public probate process. A revocable living trust, for example, allows the grantor to retain control over the assets during their lifetime and make changes as needed. Upon the grantor’s death, the trust assets are distributed directly to the beneficiaries without probate. Estate lawyers can help clients determine the right type of trust for their situation and ensure it is structured and funded properly.
Powers Of Attorney
A power of attorney (POA) is a legal document that grants someone (the agent) the authority to make decisions on behalf of another person (the principal). This tool is essential for ensuring that someone trusted can manage the principal’s financial and legal affairs if the principal becomes incapacitated or unable to make decisions for themselves.
Estate lawyers typically help clients establish both a durable power of attorney for financial matters and a healthcare power of attorney for medical decisions. A durable power of attorney remains in effect even if the principal becomes incapacitated. In contrast, a healthcare power of attorney allows the agent to make medical decisions based on the principal’s wishes. These tools provide peace of mind, knowing that a trusted individual can step in if needed, ensuring the proper care and management of assets.
Beneficiary Designations
While wills and trusts are essential tools for estate planning, beneficiary designations on financial accounts and life insurance policies are also crucial. These designations specify who will receive assets such as retirement accounts, life insurance benefits, and bank accounts upon the account holder’s death.
An Oak Brook estate lawyer ensures that beneficiary designations align with the overall estate plan, preventing conflicts and confusion. For instance, if a person names an ex-spouse as the beneficiary of a life insurance policy but has remarried, the lawyer will advise updating the designation to reflect the current wishes. Properly managing beneficiary designations can prevent assets from being tied up in probate and ensure they pass directly to the intended recipients.
Are You Ready To Draw Up Your Estate Plan?
If you’re ready to create a comprehensive estate plan, it’s essential to work with an experienced Oak Brook estate lawyer who can guide you through the process and help you use the right tools to protect your assets, provide for your loved ones, and ensure your wishes are respected. Whether you need assistance drafting a will, setting up a trust, establishing powers of attorney, or managing beneficiary designations, we are here to help. Contact Bott & Associates, Ltd. today to schedule a consultation and begin the journey toward securing your estate for the future.
