Estate Planning Myths Explained
I Can do my Estate Planning Later, Right?
Maybe, but in general there are only two time zones in estate planning: (1) before you need it; and (2) it’s already too late. The best time to make sure you have a proper estate plan is right now. It is much more effective to get your estate planning done now. It is much more complicated and difficult to do your estate planning during or after you experience a personal emergency or loss.
Estate Planning is Only Needed if You Have Millions in Assets.
Nothing could be further from the truth. If you want to control the distribution of your assets following your death, if you want to protect your family in the event of a disability or death, if you want to protect your assets, if you want to save money, or if you own any real estate, then you can benefit from a comprehensive estate plan. Our Schaumburg estate planning law firm drafts trusts, wills, special needs trusts, POA’s and many other estate planning tools.
Estate Planning is Too Expensive.
While proper estate planning is not cheap, the savings a proper estate plan can provide you over your life will far exceed the costs to do your estate planning. The savings from waiving probate bonds, the favorable tax treatment you may be able to avail yourself, and the savings experienced avoiding costly probate are just three examples of cost savings that will usually far exceed the cost of your estate plan.
I Only Need a Will to Avoid Probate.
No, not necessarily. Depending on how title to your property is held, the value of your property and the type of property you own, your estate may still be subject to probate proceedings even if you have a will. Our Schaumburg and Hoffman Estates estate planning attorneys can help you develop a plan to avoid probate.
If I am Married I don’t Need Estate Planning Because Everything Will Go to My Spouse.
Not quite. While it is true that many state intestacy (when you die without a will) statutes provide for your spouse to inherit half if not all of your estate upon your death, that is the most dangerous and expensive route to take. The Schaumburg estate planning attorneys at Kelley, Kelley & Kelley can explain and implement an estate plan that ensures your family, including the care of any children, is in place before when you need it most. A proper estate plan can help you avoid probate, can help you transfer your assets efficiently and properly, and avoid thousands in unnecessary costs and expenses.
I can Handwrite my Own Will from the Internet.
Technically no, as holographic wills are not permitted under Illinois. You can attempt to draft your own will and hope that it complies with Illinois law but we don’t recommend taking that risk when meeting with our Schaumburg estate planning attorneys will save you money in the long run.
The Government Is Just Going to Get My Money Anyway.
No. A proper estate plan can protect your assets, shield you and your family from liability, potentially assist in obtaining more favorable tax treatment, and transferring assets in such a manner so that they pass outside the reach of estate taxes.
Our attorneys in Schaumburg, Hoffman Estates, Bartlett, Streamwood, Arlington Heights and Barrington can assist you in creating cost effective and comprehensive estate plans including wills, trusts, powers of attorney, special needs trusts and many other estate planning tools. Call us at (847) 895-9151 to speak with a local estate planning attorney near you in Schaumburg, Hoffman Estate, Bartlett and the Chicagoland area.