Estate Planning Attorneys Illinois

Our estate planning attorneys Illinois relies on knows that estate planning is not just for the wealthy. Even if you don’t own a home, you have things of value.  All of these things together make up your estate. Estate Planning is what you do to make sure those valuables are treated the way you want them to be treated when you’re not there to make decisions about them.  You need to have a plan and a great lawyer. Without a plan, your wealth will most likely go through a probate court in a drawn-out, expensive, and very public procedure, with a judge making the ultimate decisions about where your wealth goes. With no estate plan, any family disputes will be played out publicly, possibly damaging family relationships for many generations.

It’s often a mistake for people to think they have to have a large “estate” to prepare a will. If you own property, whether it’s a bank account or real estate, you should consider having an estate plan in the event of your disability and upon your death. What is an estate plan? An estate plan is a plan that passes your assets to whom you want and in the manner you want after your death. However, an estate plan is more than just documents. For example, some of your assets may not even be controlled by your will or trust.

How can our Illinois estate planning attorneys help you?

When you are looking for an estate planning attorney, you probably want to know what you should be looking for. Can any attorney help you when it comes to questions about wills, trusts, and assets? The answer is “no.” There is a reason that attorneys have specializations in areas like bankruptcy, divorce, and child custody. The same goes for your estate planning attorney. We know that this is not an easy process for everyone because it is usually a time of reflection on a person’s life and facing the inevitability that comes with death. However, we are here to help you through this process, create a plan that is best for you and your family, and answer any questions you may have. 

What can I expect of my estate planning lawyer?

You may just think that an estate planning attorney can help you with your will. This is not the case and you may want help with other legal documents as well. Our team can also be there for you if you are interested in creating a living trust, want to learn more about the probate process, and come up with a plan regarding asset protection so that your beneficiaries can get the maximum amount that you set aside for them. They can also help you create health care directives in the event that you become incapacitated and are unable to make decisions on your own. 

What should I be looking for when I want an estate planning attorney?

When you are looking for an attorney, you want to make sure you have the right one for the job. You want to find someone who specializes in estate planning and most importantly makes you feel comfortable and secure. You will be sharing information that you likely will share with very few people in your life, so your attorney should listen to you as much as you need them to and find out exactly what you want out of the process. 

Can I draft an estate plan with my spouse?

We encourage you to do what is best for your family and if you would like to see how a joint estate plan can work for you, please speak with us about what your family’s needs are. We can go over the pros and cons of different types of plans and how they will affect your family when they are put into place. 

Contact Us

Speak with estate planning attorneys in Illinois from Bott & Associates, Ltd. today.

Contact Us

Client Review

“I have nothing but praise for Bott & Associates. Maritess was of course professional and knowledgeable. But more than this, she and every member of the team were patient, kind, relatable and just all-around great to work with. I highly recommend them for all estate planning needs.”
Karen
Client Review

Estate Planning Questionnaires

Download the Questionnaire by clicking the button below.

Single QuestionnaireMarried Questionnaire

Let’s look at a case study.

Mike had a will which left everything to his wife, Sally. It also provided that if Sally did not survive him, it would have set up continuing trusts for his kids.

Mike owned the following assets:

  • Family farm worth $2 million, owned in joint tenancy with his sister, Mary
  • Retirement plan with $2 million, opened when he was still single
  • House, worth $500,000, owned jointly with his wife, Sally
  • $5,000 in a checking account

Is this a good plan? Unfortunately, no, it is not. Sally may not get anything!  How can this be? Well, first, the family farm, which was owned jointly with Mary, went to Mary, the surviving joint tenant, by operation of law at Mike’s death. The retirement plan went in accordance with the beneficiary designation Mike had put in place before he even met Sally. Since he never changed the beneficiary designation, the beneficiary is still Susan, who was his fiancée at the time he opened the retirement plan. Sally will get the house. However, Mike and Sally refinanced the house when real estate values were high, so the mortgage actually exceeds his equity in the house. Sally gets only the checking account.

What did Mike do wrong?  Mike failed to seek the advice of an experienced estate planning attorney. An experienced attorney who focuses on estate planning would have seen the problems with this plan and would have advised a better plan.  For example, a better plan would have included changing the beneficiary designation on the retirement plan and changing the ownership of the family farm from joint tenancy to tenants in common. Joint tenancy property passes to the surviving joint tenant, notwithstanding a will, while tenancy in common property does not. Property governed by a beneficiary designation passes to the beneficiary pursuant to the most recent beneficiary designation, notwithstanding a will.

Remember, your assets can pass by ways other than a will:

  • By contract or other arrangement, such as trusts, partnerships, and buy-sell  agreements
  • By operation of law, such as joint tenancy or tenancy by the entirety
  • By beneficiary designation, such as life insurance, 401(k)s, and IRAs

An experienced attorney who focuses in estate planning can help you devise a plan so that nothing falls through the cracks. That way, you will have the security of knowing that the assets you’ve built up will be there for your family when they need them most.

Illinois Estate Planning Attorneys

A living will, like the name implies, is a document that instructs people how to handle your medical care when you are incapacitated or unable to decide for yourself. These documents are also referred to as advanced health care directives. Essentially, these forms instruct doctors and your medical proxy on how to proceed with life-saving measures. However, before you dive into creating a living will or discarding the idea, it is necessary to consider at least five things. The following is a brief overview. For more detailed information, contact one of the Illinois estate planning attorneys at Bott & Associates, Ltd. 

1. Necessity

The key to determining whether a living will is needed or not is how you feel about certain situations. For example, how do you feel about being hooked up to machines, alive but not conscious? If you are indifferent, then maybe you don’t need one. However, if you feel strongly about it one way or the other, then a living will is a must.

2. Writing

Many people avoid writing a living will because they think it is a long, complicated process. However, these documents are usually forms with boxes to check and sign. Although, while there are downloadable forms available, it is better to see an estate planning lawyer in IL from our firm because online forms can be outdated and if any errors or omissions are made, the will could later be deemed invalid. 

3. Costs

Cost is another factor that may deter some people. While a living will, in combination with an estate plan can be costly, most Illinois estate planning attorneys will help you create a living will alone for a nominal feel.

4. Amending

Living will forms are often cut-and-dry, but you can make amendments to individual sections if you feel the need. However, if you want to supply more information in specific areas, it is best left to an attorney who has experience with these documents. While it might seem that you can just write in information, a living will is a legal document, and it must be completed in a certain way to be considered legally binding.

5. Storage

Lastly, if you choose to create a living will, then you must consider how and where the document will be stored. First, you should have more than one copy. Second, give a copy to your doctor, your lawyer, and your proxy. Finally, store the last copy someplace safe, and inform your family of where it is.

Call an Illinois Estate Planning Attorney for Help

While not everyone feels the need to have a living will, these documents are critical to receiving the medical care you desire when you are incapable of communicating your wishes. Don’t leave your medical decisions up for debate. Talk to one of the experienced Illinois estate planning attorneys from Bott & Associates, Ltd. and create your living will today.

Welcome to Bott & Associates, Ltd.

We are Estate Planning Attorneys helping parents, individuals, and families put together estate plans that fit their unique situation and give them Peace of Mind.

Contact Us

Talk to an Expert

+61 (3) 9642-2237