Everyone likes to save money. There’s nothing wrong with that in a lot of cases. However, there are some areas where you have to be extremely careful about cutting corners. Estate planning is one of those areas. Let’s look at some of the potential problems that can happen with DIY estate planning.
DIY Estate Planning Problems
Could you try to create your own will and estate plan? Although it might be technically possible, it is rarely a good idea to attempt this. You aren’t a legal expert, and you don’t know all of the ins and outs of the law in Illinois. Trying to write legal documents can end up creating a lot of problems for those you leave behind after you pass away.
Your loved ones will have to try to prove to the court that the will was executed properly and legally. This can be very difficult to do, especially in cases where the regulations were not followed.
Since you aren’t an expert in estate planning, you probably don’t know what to expect when it comes to tax planning either. You might save a bit of money on the cost of an attorney and then your family could lose a substantial amount because you didn’t properly consider how taxes will work with your estate. Ultimately, the DIY estate planning could end up costing you more than working with experienced attorneys.
Benefits of Choosing Estate Planning Attorneys
When you choose to hire an actual estate planning attorney, you can rest easy. They know and understand the law and how it will apply to your estate and what you want to do. They can help you to set up your will, trusts, and more, so that you are in control over what happens with your estate in the event of your death.
The attorney also ensures that everything is legal and binding, which helps to reduce potential issues from cropping up after you have passed away. Your loved ones will already be dealing with grief from your death. You don’t always want them to have to try to untangle a DIY estate plan that is just going to cause them more headaches in the midst of their healing.
Your best option is to speak to the attornies at Bell & Shah as soon as possible. We can help you with a set up your plan, sooner rather than later.
With the New Year upon us, many people are making and trying to stick to their New Year’s resolutions. Something that should be on your resolution list—and everyone’s for that matter—is to make a will. However, many people continue to put off drafting a will, not wanting to believe they’ll ever need one. However, death comes for us all eventually. It’s far better for our loved ones if we prepare now.
The first thing you should do in the coming year is sit down with an attorney to set up a will. Let’s look at some of the most important reasons to get create a will.
It’s Better for Your Loved Ones
Your family and friends will be grieving when you pass away. They need time to grieve and to understand their loss rather than worrying about what will happen with your estate. You want to take as many variables and questions off the table as possible. Having a proper will drawn up will reduce the amount of stress on your family, and it can reduce the risk of family squabbles and altercations.
You Get to Determine Who Gets Assets and Property
Even if you haven’t put it in writing, there is a good chance that you already know where you want your assets and property to go. You know where you want it to go when you die. If you die without a will, though, you don’t get to make these choices. It ends up being in the hands of the court, which could make decisions you don’t agree with. The wrong people could end up with your property.
Ensure Your Children Will Be Cared For
If you have minor children, you want them to have the proper care in the event that you pass away. Typically, the surviving parent will have custody of the kids, but if both parents die, what happens? With a will, you can assign a guardian, who will be responsible for taking care of the children’s needs. If you don’t choose a guardian, the court will choose one, which means you might have someone raising your kids that you wouldn’t have picked.
These are just some of the top reasons that creating a will needs to be done sooner rather than later. The New Year is the perfect time to take care of planning your estate, so be sure to get in touch with an attorney who is well-versed in wills and trusts. The sooner you act, the sooner you will have peace of mind.
A family trust is any legal trust that you set up for the benefit of your family members, and is commonly used nowadays in estate planning. You know your family best, and a family trust allows you to personalize the way you provide for them, both during your lifetime and thereafter.
Benefits of a Family Trust
A trust may be used to manage estate taxes, protect assets from creditors, and transfer wealth to succeeding generations. A family trust is a particular kind of trust that families can use to construct a financial legacy for the future. Among the numerous benefits of creating a trust for your family are the following: It allows you to (1) place conditions on how and when your assets are disseminated after your death; (2) reduce the amount of taxes associated with your estate; (3) efficiently allocate assets to your heirs without incurring the cost, delay, andpublicity related to probate court; and (4) better protect your assets from creditors and legal action.
Creating a Family Trust Requires Legal Know-how
If you’ve been considering creating a family trust, it’s important to understand that the process can be complicated to execute, so the assistance of an experienced lawyer who specializes in estate planning is essential. The attorneys of Bell & Shah, LLC, provide clients with personalized support in all areas of their practice. And this approach is also essential to the process of creating a family trust. We ascertain our clients’ special needs and gauge the impact of estate taxes on families and beneficiaries. Then we convey the timeline for crafting the trust and guide them through the occasionally complex process.
Most clients contact us to draft a simple will. We secure the information necessary to generate the documents you need. And if estate taxes, probate or transfer of assets are a concern, we can formulate a family trust to safeguard your finances and property.
Call 773-635-0355 or visit Bellshah.com today to get the skilled, knowledgeable, and thoughtful counsel you need to set up your family trust. We look forward to hearing from you.
There aren’t very many topics as unpleasant as discussing one’s own demise. However, that doesn’t make it any less necessary. It is the responsibility of anyone who has even modest assets and portfolios that will need distributing to see to it that a qualified expert handles it once they are gone. It is also the caring thing to do for your family and friends who will be grieving.
What Happens if You Are Incapacitated?
It isn’t always death that brings about the need for estate management. Even if it isn’t your final will and testament but rather just power of attorney following an accident or major health event, planning foe these legal situations before they can even arise will give you and your family peace of mind.
What Happens if You Pass Away?
Although not all estate matters come about as the result of death, most of them do. Regardless of how healthy our lifestyles are or how often we see the doctor, everyone will pass away. It is during these times that our family and loved ones suffer the most. Therefore, it only makes sense that you would want to take care of all of the loose ends that you could before that day comes.
Leaving Your Personal and Business Interests Cared For
One of the most unfortunate but not all that uncommon results following someone’s death is family conflict. This sad truth happens time and time again, especially when there are still financial details to complete. Sometimes during periods of trauma and stress, people who love each other can lash out as a coping mechanism.
However, this can lead to much more damaging and long-term issues. With one simple estate plan you can make sure that your family never has to take on the added burden of tending to your wishes in addition to having to mourn your loss.
The experienced and caring attorneys at Bell & Shah know exactly how to handle the issues that come after someone’s passing. Your family and business associates certainly deserve no less. Give us a call today to discuss the details.