Estate Planning Legal Process

What You can Expect in Your Estate Planning Case with O’Flaherty Law - Your Path, Our Process

STEP 1

Initial Consultation

The Illinois Probate Act controls the statutory process for administering an estate, whether you have a will or not. In most cases, it is advantageous to try to avoid probate. A proper estate plan can help you do just that.

After speaking with one of our Client Intake Specialists, you will be scheduled for a consultation with our experienced probate legal team. Our consultations typically occur over the phone but can be in-person or online upon request.  

It is important to consider the following when determining an estate plan:  

  1. Age
  1. Marital status
  1. Family  
  1. Financial affairs  
  1. Assets  
  1. How are assets held  
  1. Where the assets are located
  1. Beneficiaries  
  1. Charitable wishes  
  1. Healthcare wishes  

We will be seeking information on the above in order to analyze this information to develop an estate plan specifically for you.  

STEP 2

Document Collection

After our initial consultation, we will be asking you to gather any documentation that is necessary for your estate plan so that we can have a more in-depth conversation about your goals and wishes. Most people want to try and avoid probate or limit what will be part of probate. Some assets, like life insurance or trust assets, pass outside of probate.  

Once we have analyzed your case, we will advise you of our recommendation for your specific estate plan. Things we will consider:  

  1. Living trust
  1. Amount of estate
  1. Credit shelter trust  
  1. Irrevocable trust  
  1. Non-probate assets
  1. Taxable assets
  1. Probate assets  
  1. Form of ownership of property
  1. Pay on death accounts
  1. Transfer on death deeds
  1. Life insurance
  1. Retirement benefits  
  1. Specific bequests
  1. Provisions for children  
  1. Children’s trust  
  1. Guardianship of minors  
  1. Executor designation  
  1. Trustee designation  
  1. Power of attorney designation  
  1. Estate tax  
  1. Charitable bequests  
STEP 3

Document Preparation

Once we have determined the best estate plan for you, we will draft the appropriate documents for your review and approval.

STEP 4

Changes to Estate Plan

We understand that there may be life events that could potentially alter your estate plan. We are here to help address any changes or updates to your existing estate plan.

STEP 5

Execution of Documents

After your estate planning documents have been finalized, we will set up a meeting to execute the documents. Some documents will require witness signatures and a notary, which we will provide. We will provide you with the original and a copy of all documents, in addition to sending you a pdf of all documents.

STEP 6

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STEP 10

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