Elder Law Lawyer Palatine, IL
Planning your future takes a lot of work, but an elder law lawyer in Palatine, IL can help you through the whole process. Read on to learn more about how you can make life a little easier for your loved ones when you’re no longer around, and get in touch with Bott & Associates, Ltd. today to see how we can help.
Wills And Probate
You’ve probably heard of a will before: They’re important documents that outline all of your belongings (AKA assets) and everyone who’s getting a slice of your stuff after your death (AKA your beneficiaries). A will is absolutely essential if you’re trying to plan out your future. Without one, your friends and family may end up infighting over who gets what – at a time they should be grieving, no less.
A Palatine elder law lawyer can help you establish a will. They can also walk you through your beneficiaries’ next steps after your death, so you know what they’ll be in for after your passing. It’s important to understand what happens to your belongings so you can do all you can to ensure everything goes smoothly when you’re not able to do so yourself.
What You Need To Know About Probate
Unfortunately, your assets don’t just magically teleport to your beneficiaries after you die. Instead, there’s a lengthy (and oftentimes frustrating) process called probate that everyone will have to deal with.
Probate is the process through which your assets are located, valued, and distributed between all of your beneficiaries. It takes a long time, usually because there are several different steps involved. Your beneficiaries need to be notified of your passing, a special court needs to sign off on your will to determine that it’s a legitimate document, and all your stuff has to get tracked down.
Once everything is located, it needs to be valued by an outside party. And once everything has been valued, your final taxes and debts need to be paid off. Of course, at every step there’s fees and paperwork, and if anyone’s unhappy with the proceedings, they can throw a wrench into the whole process by contesting the contents of your will.
Probate is a pain, but it’s unavoidable. Unless you decide to establish a living trust, instead…
Lawyering Up For A Living Trust
Wills and living trusts are very similar: They both outline your possessions and your beneficiaries. However, the assets in a living trust are actually in the possession of a third party. Trusts aren’t contestable like wills are, and there’s also no probate process to deal with upon your death.
The greater convenience for your loved ones is a huge selling factor. However, a living trust also requires a bit more management on your end before your death. You’ll have to keep it constantly updated with your major assets, but compared to probate, it can really simplify your estate planning.
Get In Touch With Bott & Associates, Ltd. Today
At Bott & Associates, Ltd., we understand the importance of estate planning. That’s why we’re ready to help you navigate the ins and outs of wills, trusts, and elder law so you know how you can protect what matters most.
When it comes to planning your future, it’s never too late. Get in touch with us today, and see how a Palatine elder law lawyer from our office can help.