The financial security of your family isn’t something that should be left up to chance. If you are worried about supporting your loved ones after you pass away, contact Bott & Associates, Ltd. now. Our Oak Brook, IL estate planning lawyer will guide you through all of your options for dividing up assets and solidifying your wishes. Start preparing for the future and schedule a meeting with our knowledgeable attorney today and experience peace of mind knowing your family’s well-being has been taken care of.
What An Estate Planning Lawyer Does
Our estate planning lawyer helps you prepare legal documents to address any eventuality following your death. We get to know you and the unique needs of your family to guide you in crafting an estate plan that gives you peace of mind and financial stability for your loved ones. Examples of estate planning tools that you may consider using are:
- A legal will
- A trust
- Selecting a power of attorney and executor of your estate
- End-of-life instructions, including medical directives and funeral wishes
- Asset protection
We explain the pros and cons of each option and compare those characteristics to the anticipated needs of your family to ensure your estate plan not only encompasses your desires for your legacy but also safeguards it.
Benefits Of Hiring An Estate Planning Lawyer
The main benefit of hiring our estate planning lawyer is the assurance you will feel that your loved ones will be taken care of financially when you are no longer there to support them. We guide you through options that make sense for your situation. For example, if you would like to leave assets or money to minors, we will explain how a trust may be a better option over a will.
Other scenarios when forming a trust is an important choice include:
- Providing healthcare costs for special needs beneficiaries
- Dictating how the inheritance will be used, especially if you are concerned about the fiscal responsibility of beneficiaries
- Avoiding probate court and reducing taxes on inheritances
In addition, our estate planning lawyer can take a lot of the administrative hassles off of your family. We can establish a plan to administer your estate and review legal documents with loved ones and beneficiaries. Furthermore, we enforce the wishes and directives outlined in the estate plan. When you pass away, our Oak Brook estate planning lawyer handles tasks that can be overlooked by loved ones during grief, such as paying your final bills and filing life insurance claims.
Above all else, the estate plan you create with our firm is legally binding. Unlike online templates for wills that are self-service, the documents you draft with our firm won’t be successfully challenged in court. As a result, you know that your money and assets are divided up exactly how you want. This factor also eliminates disputes and disagreements between family members that can lead to contentious battles in probate and lifelong grudges.
At Bott & Associates, Ltd., our goal is to help families protect their wealth and preserve their relationships. If you are ready to begin preparing for the future or need help revising existing documents, don’t delay getting legal assistance from our Oak Brook estate planning lawyer. While it is impossible to predict the future, you can get peace of mind knowing that your affairs are in order and that you have a plan in place to protect and care for your loved ones.
How Having A Will Protects An Estate When A Person Dies
An estate plan is a comprehensive strategy for managing an individual’s assets and fulfilling their wishes after death. An Oak Brook, IL estate planning lawyer is your partner for developing the best estate plan for your situation. At the core of most estate plans is a will, a legal document that outlines how assets should be distributed, who will manage the process, and other critical details. Without a valid will, the estate plan’s objectives can be undermined, leading to unintended consequences, legal disputes, and financial complications. Here are some reasons why the legal team at Bott & Associates, Ltd. recommends to our clients why they should have a will.
Ensures Assets Are Distributed According To Your Wishes
One of the most significant protections a will offers is the ability to specify exactly how your assets should be distributed. State intestacy laws determine how assets are allocated without a will, which may not align with your intentions. For instance, without a will, an estate might be divided equally among a spouse and children, even if the decedent intended to leave specific items or amounts to certain individuals or charitable organizations.
A will allows you to:
- Designate beneficiaries for specific assets
- Exclude individuals who might otherwise inherit under state laws
- Address unique family dynamics, such as blended families or estranged relatives
A will eliminates uncertainty and ensures that the estate plan reflects your priorities and values by clearly outlining your wishes.
Appoint A Trusted Executor To Manage The Estate
A well-crafted will names an executor, the person responsible for administering the estate after your death. This role involves tasks such as:
- Collecting and valuing assets
- Paying outstanding debts and taxes
- Distributing assets to beneficiaries
Without a will, the court appoints an administrator, who may not be someone you trust or prefer. By naming an executor in your will, you ensure that a reliable individual with the necessary skills will oversee the estate, protecting your plan from mismanagement or delays. Your Oakbrook estate planning lawyer can help you choose the right person for the job.
Reduces The Risk Of Family Disputes
Family conflicts often arise when there is ambiguity about a deceased person’s intentions. A well-drafted will provide clarity and minimize the potential for disagreements among heirs. For example:
- It can explicitly state how sentimental items, like family heirlooms, should be distributed.
- It can address perceived inequities by explaining why certain decisions were made, reducing misunderstandings.
By proactively addressing potential sources of conflict, a will helps preserve family harmony and avoids lengthy legal battles that can deplete the estate.
Protects Minor Children And Dependents
If you have minor children or dependents, a will allows you to appoint a guardian to care for them if both parents are deceased. Without a will, the court will decide, potentially appointing someone you would not have chosen. Additionally, a will can establish a trust for minors, ensuring that their inheritance is managed responsibly until they reach adulthood. These provisions safeguard the well-being of your dependents and ensure that your estate plan aligns with their needs.
Facilitates Efficient Probate Proceedings
Probate is the legal process of validating a will and administering an estate. While probate can be time-consuming and costly, a valid will can streamline the process. By clearly outlining your wishes, a will reduces the likelihood of legal challenges and provides the court with a roadmap for distributing assets. This efficiency protects the estate from unnecessary delays and expenses, preserving more of its value for your beneficiaries.
Provides Flexibility For Complex Estate Plans
For individuals with complex financial situations, such as owning a business or having substantial investments, a will can integrate seamlessly with other estate planning tools, like trusts or advanced tax strategies. It can specify how assets should be transferred to a trust or used to fund specific financial goals, ensuring that all elements of the estate plan work together effectively.
Mitigates The Impact Of Intestacy Laws
When someone dies without a will, their estate is distributed according to the state’s intestacy laws. These laws follow a rigid formula that often overlooks personal relationships, such as close friends, unmarried partners, or stepchildren. By having a will, you take control of your estate and avoid the pitfalls of a one-size-fits-all legal framework.
Call Our Office For Legal Help
A will is a cornerstone of any estate plan, offering legal protection and clarity for how assets should be handled after death. To learn more about wills and other estate planning tools, contact Bott & Associates, Ltd. to meet with a dedicated Oak Brook estate planning lawyer and learn how to protect your loved ones when you are no longer here.