There are a lot of people out there who think they can handle estate planning by themselves. They read a few articles on “how to write your own will,” download a few templates, and think they are set up for success. It’s time to sit back and relax now, right?
Unfortunately, handling estate planning by yourself can result in serious mistakes. There are so many reasons to hire an estate lawyer rather than attempting to do it all yourself. In today’s blog, we are going to cover five of those reasons. If you are interested in estate planning in Chicago and think a lawyer could help — after reading this post you will know a lawyer could help — then contact our law office. Bleakley Law LLC offers a range of services, including estate planning, wills and trusts, probate lawyers, and more. Contact our law firm today to get started.
You Can Avoid Mistakes
It is not worth doing it yourself if it is all misinterpreted one day.
Wills and trusts and other estate planning documents are not simply papers you can print out, fill out, and turn in! One incorrect or misplaced word or one missing signature or comma could completely change what you actually meant for your last will and testament. Estate planning is a serious, comprehensive task. You should, of course, be involved and be clear about what you want — but that does not mean doing it all yourself. The cost of your estate plan not being executed properly or bringing on additional estate taxes because of an error is too high. On top of this, depending on the error, your loved ones will be left working with an estate planning attorney themselves to sort out the documents.
You Can Save Time
Don’t waste time researching estate planning — turn to experienced estate lawyers for help.
Doing your own estate planning is not something you can knock out in an afternoon. You don’t want to end up spending a lot of time researching just how to word your estate planning documents, where to sign, and mistakes to look out for — and still wonder if you got it right. By working with an experienced estate lawyer to outline your goals and wishes and to put them into legal terms the state will understand, you will actually save a lot of time and gain peace of mind.
You Can Meet State Laws
Estate lawyers are trained in your specific state’s laws.
Speaking of legal terms that your state will understand, your state’s laws govern estate plans. So, for estate planning in Illinois, you will most certainly want an estate lawyer who has a deep understanding of Illinois’ laws for medical and financial power of attorneys, wills, trusts, estate tax, and more. Without an intimate understanding of these laws — and with a cursory search when doing it yourself — you could put at risk how your last will and testament and other estate planning documents will be interpreted one day. Depending on the mistakes, this could again leave your loved ones with the costly, time-intensive task of working with an estate lawyer to attempt to right the wrongs.
You Can Handle Complex Issues
All families are complex in some way — an estate lawyer knows how to help your family.
Even if you think your assets and family are fairly typical, there are a lot of complex issues that could crop up and require more attentive care when it comes to estate planning. Do any of the following situations apply to you?
- You recently divorced
- You recently married
- You are in a second marriage
- You married later in life
- You recently lost a spouse or family member
- You have minor children
- You don’t have any children
- You have a disabled family member
- You want to provide for a non-family member
- You own a business
- You own real estate in more than one state
- You have a taxable estate
- You want to leave your estate to charity
- You have significant assets in your 401(k) or IRA
- You want to provide for a pet
- You have concerns your will or trust will be challenged
- You want to disinherit someone
This list may seem extensive to some, but any of these situations could certainly warrant working with an experienced estate lawyer in Chicago rather than trying to complete your estate planning alone.
You Can Handle All Aspects Of Estate Planning
Estate planning is more than your last will and testament — an estate lawyer can explain how.
So many people think estate planning simply consists of a cut-and-dried will or a revocable living trust and that that’s all there is to it! “Will,” “trust,” and “estate plan” are so often used in the same sentence or interchangeably that people begin to think they are one and the same. However, an estate plan gathers an entire set of legal documents that will prepare you for your death or possible disability one day. Of course, your last will and testament is one of those documents — but it is not the only one. A will only becomes effective at death, while a trust may become effective if you are disabled and are unable to manage your affairs. An estate planning attorney can help you manage your estate to meet your individual needs.
Work With Bleakley Law LLC Today For Estate Planning In Chicago
When it comes to something as serious as estate planning, you want to be sure you do everything as best as you can. Rather than researching state laws for estate planning and how to plan for your specific estate, it is better to work with an estate lawyer who knows the ins and outs of estate planning.
Here in Chicago, this means working with Bleakley Law LLC. Elizabeth Bleakley is a trained, qualified, and experienced estate lawyer and business lawyer who has an intimate knowledge of Illinois laws and will work hard to help you succeed. Ultimately, estate planning involves making your last wishes known and honored. By working with an estate lawyer, this is more likely to be the case. Contact Bleakley Law LLC today to get started with your estate planning.