Estate Planning

Estate Planning Law in Woodstock, IL

plan ahead for your family


Estate planning can seem overwhelming, but I will walk you through the process step by step. Before you know it, you’ll have a customized plan that fits you and your family.

 Estate Planning

Many people think that “estate planning” is only for the rich, but if you are concerned about what will happen to your assets when you die, estate planning is for you.

I prepare wills, trusts, powers of attorney, and other estate planning documents for clients with estates of all sizes, from very small to millions of dollars. No matter the size of the estate, I follow the same process with each estate planning client.

I always have an initial consultation during which we discuss three things. First, I ask about the client’s family. This includes finding out if there are family members with special needs or talents which we may need to provide for in the estate planning documents. Second, I discuss the client’s estate, since a client with a $100,000 estate will require an estate plan which is different from a client with a $10,000,000 estate. Finally, we talk about the most important thing of all: the client’s goals. Sometimes this is as simple as “all to my spouse.” Other times it is more complex, with a variety of bequests and trusts. Many clients want to create trusts for their children, including children that may be disabled or have special needs. We also talk about who will take care of the client’s children if anything were to happen while the children are still young.

At the end of the initial consultation I make recommendations regarding the types of estate planning documents that I think are required (wills, trusts, etc.). In most cases I am able to quote the client a flat fee for the preparation of those documents. One of the biggest concerns that many clients have when working with an attorney is fees. By doing estate planning work on a flat fee basis most of my clients know what the project will cost at the outset. However, larger or more complex estates may be done on an hourly rate basis.

Estate Administration and Probate

Estate administration and probate may involve having the court appoint an executor or administrator who is responsible for distributing your property based on your will (called probate) or, if you do not have a will, in accordance with state law. But probate is not always necessary. Jointly owned assets and assets that have beneficiaries (such as insurance policies, assets owned by a trust, and payable on death accounts) do not need to be probated. Estates with non-real estate assets of less than $100,000 also do not need to be probated.

When someone dies, I have an initial consultation with the person who will be settling their estate. During that meeting I review any estate planning documents that the deceased person had, such as a will and a trust. I also review how the person’s assets are owned such as individually, jointly, in trust, etc. With that information I then discuss probate and non-probate options for distributing the estate, and how I can assist in that process.

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Our law firm is located in Woodstock, Illinois.

Contact David today!


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The Law Office of David J Wolf PC

244 N Throop St, Suite 100
Woodstock, IL
60098

815.338.5297

Hours

Monday - Friday 9:00 am - 5:00 pm
Closed Saturday and Sunday