Here at Valente Law, Chicagoland’s go-to legal service, we take pride in the way that we fight for our clients. Through our work in estate planning, business litigation, and wealth management, we’ve been able to help countless residents in and around Chicago with some of their biggest legal needs. We’ve been there for business owners who have found themselves facing messy disputes between other businesses, between customers, between former employees, between current employees, and so many more. Our goal is to help you navigate these disputes in a way that best supports yourself and your company so that your business and its reputation remain intact.
However, though it’s never our goal to take a case to court, sometimes business disputes turn into litigation cases that must be dealt with in court. When that happens, Valente Law is here for you. We’re not afraid of courtroom proceedings and we are experienced and prepared to deal with that litigation if need be. Whether you’re in need of a business litigation attorney, an estate lawyer, or a wealth management legal team, reach out to the experts at Valente Law. We’ll do everything we can to fight for you!
One of the services that we specialize in at Valente Law is estate planning. Over the years, we’ve seen our share of different stories, backgrounds, and motivations for the people wishing to plan out their estates and write their wills. We’ve seen people come to us in their 80s and 90s to make additions to their estates or completely start a new one. We’ve also seen young professionals in their 20s and 30s decide to be proactive and make sure that everything is in order to be always prepared for the unknown.
Planning out your estate can be such a complicated thing. You’re literally looking at, putting a value on, and assessing everything of value that you own. Your estate is comprised of all of your belongings — your home, your car, your life insurance, your savings accounts, your investments, furniture, personal possessions, and anything else. Almost every adult, no matter their age or occupation, has an estate of some kind. Planning everything out simply means that you’re deciding how wealth is going to be distributed upon your death. However, estate planning involves so much more than just naming assets and beneficiaries. Let’s take a look at what else goes into it. Your estate plan should include:
- Instructions for passing on your values as well as your valuables.
- Instructions for your care wishes if you should become disabled before passing away
- The name of a guardian and an inheritance manager for minor children who are left behind
- The provision of any family members with special needs who will need some form of care
- The provision of any family members or beneficiaries who aren’t responsible with money
- Life insurance to provide for your existing family members upon the event of your death
- Provision for the transfer of your business upon your retirement or death
- The ability for it to be an ongoing process as your estate could change drastically over the course of your life.
The Danger of the “DIY Will”
With the popularity of youtube and the availability and accessibility of so much knowledge on the internet, more people are trying to “do it yourself” than ever before. If we’re talking about attempting to reupholster furniture or paint your kitchen cabinets, DIY is the best thing in the world. But when it comes to your estate and the bequeathing of your valuables after your death, it’s best to leave it to a pro.
A professional estate planning lawyer will have a greater understanding of the laws, policies, and rules for your estate and will be able to walk you through your estate plan with ease. They will also be able to see and address details that you might have missed had you attempted to draft your own will. Let’s look at a few of the biggest reasons to hire an estate lawyer for your estate.
1. An Estate Plan is More Than Just a Will
Many people don’t realize that a will and an estate plan are two vastly different things. Your estate is comprised of several legal documents that center around the plans for your wealth management and distribution, and other wishes to be carried out after your death or newly disabled state. Your will is simply one of those important documents dealing with beneficiaries. Make sure that you don’t trust anyone but the best legal team in Chicago with the planning of your estate.
2. You’ll Want to Save Time and Energy
The idea of drafting up your own estate plan can be a complicated one, especially if you don’t really know what you’re doing. Having a friend or “amateur estate planner” might be one step above what you can do for yourself, but it’s still not the same thing as having an estate lawyer work on your estate. Imagine getting to the end of your lengthy estate plan only to realize that you or whoever drafted it made major mistakes in it.
When you leave estate planning to a professional, you’ll save time and energy because instead of spending hours trying to either learn how to estate plan properly or help a friend figure it out, you’re simply putting your information in the hands of a trusted professional and allowing them to do what they do. Don’t trust your estate planning to anyone else but the expert estate planners at Valente Law in Chicago.
Thanks for joining us for part one of our blog series on the value of getting an estate lawyer. Join us next time for part two of our blog series. In the meantime, check out our site to learn about our services, read about our experience, and to contact us with questions.
Let Valente Law be your go-to experts in estate planning. We’d love to talk with you more and see if we’re the right fit for you. Contact us today!