Will Lawyer Palatine, IL
Estate planning is something that everyone should consider. No matter how large or small your estate might be, any assets that you own, and worked so hard to have, should be given to the people of your choosing. With the assistance of an estate planning or will lawyer from the dedicated office in Palatine, IL, you can develop a durable estate plan that withholds the test of time and remains legally binding in a court of law.
When you have equipped yourself with testamentary documents, you can feel peace of mind in knowing your estate is in good hands, and your beneficiaries will be cared for according to your wishes. Your Palatine, Illinois will lawyer understands that talking about what will happen to your belongings after you die is not an easy subject. Although it’s a difficult conversation, it is also very significant and should not be ignored.
The right estate planning lawyer can provide you with an environment that is both comforting and stimulating. At Bott & Associates, Ltd., we offer supportive conversation that can help you to effectively plan your estate while remaining mindful of a potentially sensitive topic. If you are ready to take this step, or are the executor of an estate who is preparing to carry out the testator’s wishes, please call the estate planning and will lawyer that residents of Palatine, IL trust
What Is the Purpose of Writing a Will?
The team at Bott & Associates, Ltd provides a wide array of legal services, including the creation of wills. We welcome you to contact us and learn how our team might be of assistance to you. An experienced Palatine, IL will lawyer can help you preserve your legacy for your loved ones. Not leaving a will behind can be catastrophic for those who would otherwise have been your heirs. Not only may they miss out on inheriting your precious assets, the lack of a will can add to their grief and confusion as they will not know for sure what you desired for your final wishes. A will can provide a clear understanding of who should inherit which of your possessions and for what reasons. Having a will in place can also provide you with peace of mind for the remainder of your lifetime knowing that your final wishes will be honored. Additionally, when life’s changes occur, a Palatine, IL will lawyer can update your will to ensure it is always up to date and reflects your current wishes.
What Is a Will?
With a will in place, you can specify how your property and other assets should be distributed after your death, and to whom. A licensed Palatine, IL will lawyer has the experience necessary to create wills that are complex as well as those which are simple and straightforward. After a review of your circumstances and wishes, our estate planning team will use the estate planning tools that best offer what you need. This may entail creating a will in conjunction with a trust, or whatever options are most appropriate. Tax obligations will also be taken into consideration and explained to you:
- A will can provide for how you wish to have your assets distributed after your passing. It is sometimes referred to as a simple will.
- A will can be used in conjunction with one or more trusts: the will itself may be referred to as a testamentary trust will.
- A will can supplement a pre-existing inter vivos trust that you create with the help of our estate planning lawyer. This type of trust is often called a revocable living trust. When a will is used in this way it is often called a pour over will. Such a will can be used to specify which assets not already included in a specific trust should be transferred to it.
- A will can designate your choice for a guardian of your minor-aged child or children if there other legally recognized parent does not survive you. Not even a trust can accomplish this. In the absence of a will, the Court will determine who should be your child’s guardian and the person they name may not be your first choice or any choice of yours.
We Can Protect Your Legacy
To learn more about the estate planning legal services that we offer, please consider scheduling a consultation with an experienced Palatine, Illinois will lawyer today. As none of us truly knows when our estate plans will become urgent business for our loved ones, it is important not to wait to dig into this important legal process.
Our Comprehensive Services
For 20 years, we have been walking clients through the estate planning process. We have handled a broad range of matters related to estate law, including:
- Administration of an estate
- Power of Attorney
- Estate litigation
- Medicaid planning
- Long term care
- Retirement planning
- Social security
- Tax considerations
- Special needs care
- Protection and management of assets
- Division of assets
If you are looking for comprehensive legal advocacy from a knowledgeable estate planning and will lawyer in Palatine, IL, contact Bott & Associates, Ltd.
Dedicated to Clients & Devoted to Estate Planning
Five Important Estate Planning Documents
Regardless of your earning capacity and total value of your assets, there are certain estate planning documents you should not be without.
This is a legal document that expresses your last wishes and also explains how your estate, including assets, should be distributed after your death.
Durable Power of Attorney
A power of attorney names a person who will have the right to make decisions on behalf of you in the case you become incapacitated.
Healthcare Power of Attorney
A document that allows you to name a trustee who can make decisions related to your healthcare should you be unable to do so on your own.
A living will is not the same as the above, but rather states your wishes for medical care if something were to happen to you and you were in certain medical conditions.
Revocable Living Trust
Different from a will, a trust is a type of estate planning tool that also determines who will receive your assets after you die. There are a number of advantages to having a trust over a will, including having to not go through the probate process.
If you are ready to plan out your estate, you are encouraged to consult a dedicated Palatine, IL will and estate planning lawyer from Bott & Associates, Ltd. Call us today for a free and confidential consultation.
Can A Will Be Canceled?
If you have drafted a will, but are thinking about cancelling it, you might wonder whether this is possible. In short, yes a will can be cancelled. However, there is a right and a wrong way to do this. If you want to cancel your will, it is important to talk with a Palatine, IL will lawyer before doing as you please with the document. In general, a will can be canceled or revoked through the following methods:
Cancelling the Will in Writing – A will can be cancelled by drafting a document that expresses this wish. Typically, as a will lawyer in Palatine, IL explains, this method is only an option when a new will replaces the canceled will. Included in the new will should be a separate, clearly written and signed document that indicates the cancellation. To avoid a will challenge or dispute, a lawyer should be consulted.
Physically Destroying the Will – You can technically cancel a will by physically destroying it. This refers to an action like burning it, tearing it, or otherwise destroying the document. To be valid, you must have a true intent of cancelling it. Keep in mind, if you have more than one copy, all copies should be destroyed.
Lawful Operation – Under certain laws, and depending on certain factors, a will could become canceled. For example, if events like a marriage, divorce, or birth have occured, there could be laws that automatically have the ability to cancel a will.
One of the most important considerations for a will cancellation is the actual intention or desire to cancel it. For example, if the creator of the will never discussed cancelling the document, or never seemed to intend its revocation, and after their death, it’s discovered that a will has been destroyed, a dispute could occur. In a situation like this, there could be a long drawn out legal battle. You would almost certainly require a probate and will lawyer in Palatine, Illinois.
Should I Cancel My Will?
There are situations that might warrant the need to cancel a will. Some examples include:
- The birth or death of an immediate family member or any other named beneficiary
- You’ve acquired property or assets
- You’ve acquired a large sum of money.
- You acquired a large sum of debt.
- You have married or divorced.
- You’ve moved abroad.
In general, you can revoke your will as you see fit. Even a lawyer might recommend drafting a completely new will rather than amending a current one. That said, whether an amendment is right for you will depend on many factors. You should talk with our Palatine estate law firm to explore what your best options might be.
Call Bott & Associates, Ltd. for a Consultation
Bott & Associates, Ltd. provides consultations to individuals, couples, and families who are considering planning their estate. If you would like to cancel your will, draft a new will, or create a comprehensive estate plan, call a leading will lawyer in Palatine, IL. Call Bott & Associates, Ltd.