Practice Areas
Wills
40% of Americans over 45 have not set up a will. Make time to protect your loved ones — and ensure your assets are distributed exactly as you intend.
GET A FREE 30-MINUTE CONSULTATIONCreating a Will
Setting up a will is so important, especially because you cannot anticipate when one will die or become incapacitated. Taking the appropriate measures to ensure your affairs are in order is often overlooked — yet a last will and testament makes certain your assets are distributed in the way you envisioned.
Our estate planning attorneys at Schottler & Associates can help you set up a will to safeguard your assets. If you live in Chicagoland or the western suburbs of Chicago, set up a free consultation to get started.
Two Types
What a Will Can Do
Living Will
A living will outlines what should be done when you become physically or psychologically incapacitated — whether by injury or illness. It identifies who holds power of attorney for medical and financial situations. Without one, these decisions may be left to estranged family members, medical personnel, or the courts.
Last Will and Testament
A final will and testament handles how you want your assets distributed upon your death — including physical property, valuables, digital possessions, and money. You define who will execute your will, name guardians for minor children, designate a caretaker for pets, and specify how debts and taxes should be paid.
At Schottler & Associates, We Will Help You:
- Outline all of your entitlements and assets, including digital assets
- Identify an executor and durable financial or medical power of attorney
- Identify beneficiaries and outline who receives what
- Ensure that all documents and waivers are in order so beneficiaries receive what they should
- Determine guardianship for minors or other dependents with special needs
- Keep your wills up to date throughout critical life changes, such as divorce
What a Will Cannot Do
Every legal document has its limitations. Most importantly, a will does not protect assets from probate court — which is part of the process of determining how debts and taxes are paid. That is why a will is only the first piece of a complete estate plan.
You cannot use a will to:
- Leave property held in joint tenancy, community tenancy, or under rights of survivorship
- Leave property that is identified as transfer-on-death or payable-on-death
- Reduce or eliminate estate tax liability
- Leave money earmarked for illegal purposes
- Arrange long-term funding for care for special needs beneficiaries
- Name pets as beneficiaries
- Override assets already handled by a trust or with a named beneficiary (e.g., a 401K or life insurance policy)
- Outline funerary plans — wills are typically not addressed until well after a funeral has occurred
- Place detailed restrictions on gifts contingent on marriage, divorce, or religious events
A Will Is Only the First Step
For the things a will cannot handle — probate avoidance, special needs care, certain asset transfers — a trust may be the right complement. Schottler & Associates can help you understand which tools are right for your situation.
LEARN ABOUT TRUSTS →FREE GUIDE: Will vs. a Trust — What Is Best for You?
Estate planning is full of choices. This guide will help you decide whether a will or trust is right for you.
CLICK HERE TO DOWNLOAD FREEDo Not Leave Your Loved Ones at the Mercy of Intestacy Laws
Hiring legal professionals ensures your living will or last will and testament includes everything you need — and informs you of your other options. An estate attorney can also help you navigate a very emotional process with a clear head when you need to make hard decisions.
CALL (708) 442-5599Free 30 Minute Consultation — Talk To An Attorney
Contact Information
Phone
(708) 442-5599
[email protected]
Office
7222 W. Cermak Rd. #701
Riverside, IL 60546