We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. We remain open during the shutdown period, so please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Skip to Content
Klenk Law

Important Reasons to Create an Estate Plan

Posted on Sun Jan 12, 2020, on Uncategorized

Every time a celebrity passes, my very first instinct is to hope that he or she had a good estate plan in place with the help of an estate planning lawyer in Palatine, IL. The world is honoring a legend – Kobe Bryant. He was a family man with a wonderful wife, and four daughters. The thought of that family and the magnitude of the suffering they must be enduring is quite heavy. Our hearts and prayers go out to them and all of the families who lost their loved ones. Important Reasons to Create an Estate Plan.

Important Reasons to Create an Estate Plan

The news will eventually break concerning the estate plan of Kobe Bryant. Although most Americans do not have his level of wealth, it is always good to be reminded of the many issues to tackle when preparing an estate plan for your family.

  1. Privacy – Do you want your family’s personal information such as the amount of money they will inherit, their names and their addresses in public record? If the estate has to go through a probate court that is exactly what will happen. With celebrities, TMZ will certainly uncover the information the minute the documents are filed. With regular folks, your nosy neighbors or family members will likely sift through that information. One of the main goals in estate planning is to maintain your family’s privacy. The celebrities who planned properly do not have anything out there that TMZ can flash on their show.

  2. Cost – Do you want your family to spend a lot of money on courts and lawyer fees? Although the family of Kobe Bryant has the resources. It’s very important to try to avoid excessive fees when going through a probate court. In California, the lawyers receive a flat fee based on a table. So if you die with $500K in your name, then 3% of that or $15,000, must go to the attorney for the probate process. This is a small estate for CA standards, and yet the lawyer receives $15,000. So getting your estate plan done to avoid probate is very important to get more of your assets to your family.
  3. Time – Did you know that probate can last many years? A simple probate process may take 12-18 months, but if there are many beneficiaries who want to fight over everything, or many assets in the estate, or many claims against the estate, then the process could take years. You should not let your family have to endure more heart ache than they have to. 
  4. Discord – Money brings out the worst in people. Parents often say that their children get along, and they are “perfect”. Once the parents are gone, the gloves come off, and many families air out their history of grievances and discord, during the estate administration process. Estate planning attorneys cannot prevent the fighting, but hopefully a properly created estate plan will reduce the fighting. The hope is that everyone can still sit next to one another during a Thanksgiving dinner, and enjoy each other’s company.

What a horrific tragedy for all of the families and loved ones of the helicopter crash. We are all reminded to enjoy every moment with our own families. Let’s not sweat the small stuff.

Thanks to Bott & Associates, Ltd. for their insight into estate planning and reasons to create an estate plan.

 

What Our clients are saying

Klenk Law Logo
Stars

Peter provided outstanding advice and preparation of a will and trusts.

Klenk Law Logo
Stars

Peter was excellent. He explained everything very clearly and is super friendly. My wife and I originally tried using a lawyer through group legal coverage, but unfortunately the old adage - "you get what you pay for" - applied to the other lawyer, and we decided to go with a real professional.

Klenk Law Logo
Stars

When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...

Klenk Law Logo
Stars

AWESOME LAWYER! Peter Klenk is an exceptional attorney and a very nice person! Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning!

Klenk Law Logo
Stars

Great friendly staff

Klenk Law Logo
Stars

Tremendous firm with bright, kind and tenacious people. Great representation for our family.

Klenk Law Logo
Stars

I'm totally satisfied with Klenk Law. Peter has a great legal mind with the personality of the guy next door.

Klenk Law Logo
Stars

Everything about my experience was a 10+! Peter and his staff made what I thought would be a difficult process easy and understandable. Every detail was handled correctly. No other firm could possibly do better than Klenk Law!

Klenk Law Logo
Stars

Peter and his staff are very responsive and always willing to help my clients and in a cost efficient manner.

Klenk Law Logo
Stars

Like another reviewer, I contacted Peter through his website using the free consultation link, for a question regarding PA inheritance taxes. The question was quite technical and difficult to explain, and the answer was nowhere to be found on the web. Peter grasped precisely what I was asking, and provided a clear, helpful response (with a touch of humor) the very next day.

Klenk Law Logo
Stars

Answered my question quickly and referred me to a colleague that could handle my problem

Klenk Law Logo
Stars

Mr. Klenk, quickly understood the circumstances presented and provided clear and concise advice. This advice provided me with the information I required to progress the case to my advantage.

Klenk Law Logo
Stars

Peter is excellent. I had a very complicated situation with my parents' estate planning and potential Medicaid needs. Peter was very knowledgeable in estate planning matters, able to define the best solution for the situation. Additionally, he was congenial and able to communicate effectively to my senior citizen parents the benefits of estate planning. He earned my trust, and more importantly, my parents' trust in a 45 mins consultation period. Highly recommend Peter. He is very easy to work with.

Klenk Law Logo
Stars

Peter recently gave a presentation about Wills & Trusts at my employer, and it was fantastic! He was extremely knowledgeable and provided valuable information to the group. People were very engaged and asked several questions, all of which Peter thoroughly answered. Personally, my husband and I have selected Peter to help us with our estate planning, and he has been very helpful in providing us with all of the information we need to provide a secure future for our family. Thank you, Peter!

Klenk Law Logo
Stars

Peter provided outstanding advice and preparation of a will and trusts.

Klenk Law Logo
Stars

Peter explained things in a way that was easy to understand. Everything was done in the time frame he said it. Could not have been better!

Klenk Law Logo
Stars

You & your staff are the best thank you for everything.

Klenk Law Logo
Stars

Peter and his staff handled all of our needs in a very professional and timely matter.

Klenk Law Logo
Stars

Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. He was patient with our questions and creative in the solutions he proposed.

Klenk Law Logo
Stars

Peter explained a complex subject very clearly, helped us to decide the best approach to managing our estate and then made it very easy for us to execute the required documents. He will be a valuable resource for years to come and clearly has a great understanding of estate law that will lead to innovative solutions for us. I would unhesitatingly recommend him for estate planning.

Klenk Law Logo
Stars

Fantastic customer service. Very personable and most importantly they provide great explanations of what is required based on your individual needs. Highly recommend Klenk Law for anyone that needs to create a will and estate documents.

Klenk Law Logo
Stars

Always professional and very responsive. Everyone on the staff that I have worked with. I look forward to continuing our relationship.

Klenk Law Logo
Stars

Surprisingly easy

Klenk Law Logo
Stars

Affable...yet surprisingly cerebral estate planning atty. High marks all the way around.

Klenk Law Logo
Stars

Peter and his associates made things easy for us.

Let us put our expertise to work for you.

Free consultation within 24 hours.