Planning with Wills and Trusts
Would you like to make sure your family knows what to do?
What is Estate Planning?
Estate Planning simply means giving what you have, to who you want, when you want, the way you want, and doing so in a manner which you control. Good planning, whether your situation is simple or more complex, preserves family harmony, protects assets, eases administrative hassles and can reduce taxes, fees and costs. Every family deserves a quality estate plan.
Who Benefits from Estate Planning?
Virtually all individuals and families need an estate plan, but some people have a heightened need for planning such as those:
- With a higher net worth
- In a high risk profession
- Who own a business
- Who live in a blended family
- Who own investment real estate
- Who have loved ones with special needs
- Who have minor children
- Who have significant charitable intent
A comprehensive and thoughtful estate plan can address the issues individuals and families have whose lives include these complications.
What Should You Expect During the Planning Process?
The first step in the planning process is to call our office at 630-871-8778 or request a call here. Our staff will ask you a few questions about your planning needs and let you know how our firm works and what to expect. If you would like to schedule an initial meeting with an attorney, our staff will send you a new client information packet.
The packet includes a Personal Information Worksheet, which will help you start the information gathering process. We request that you fill out the Worksheet and return it to our office prior to your initial meeting. Completing the Worksheet prior to the initial meeting allows you to get the most out of the meeting.
At your initial meeting, the attorney, either Bill Deitch or Kirsten Izatt, will gather information about your family, goals, and objectives. In addition, the attorney will explain the consequences of your current plan (whether or not you already have wills and trusts) and whether your current plan meets your objectives. Finally, the attorney will discuss fees and present planning options with you so you can make the best decision for your family. You will know exactly what your planning fee will be before you decide to retain our firm.
When you are ready to move forward, the attorney will work with you to design your plan. The design phase of your planning may involve one or more meetings. When your plan is designed and drafted, a call or a meeting will be scheduled to allow you to review your plan. Then a signing meeting will be scheduled. During the signing meeting, we will go over everything with you—including your funding plan. Unlike some planners, we have a comprehensive process for making sure all of your accounts are titled properly. You will receive straightforward instructions about what to do next, and we will be available to answer questions. In addition, we provide you with a thumb drive containing scanned copies of all your documents.