When the inevitable happens, will you leave a comprehensive estate plan for your heirs? Will they have the certainty they need during a difficult time, or will they be left with a stressful mess on top of their grief?
We know that estate planning
brings many questions. Continue reading for answers to some of the most common questions we receive from current and prospective clients.
If you don’t have an estate plan in place – consisting of at least a last will and testament – what happens to your property and assets will be left up to Illinois’ intestate laws. In other words, government employees you have never met will be making very impersonal decisions about your personal belongings and what happens to them. We think taking the time to plan your estate now is a better option.
The more decisions you make now, the better. You can make decisions now while you are of sound mind, and regularly update your estate plan as needed as your life circumstances and goals change. It is never too early to start estate planning.
A power of attorney is an important part of any estate plan. It will designate a trusted individual to manage your affairs should you become incapacitated. Without a power of attorney, these crucial decisions will be left up to the courts or become the subject of squabbles between your loved ones.
Milestones such as marriage, the birth of a child, the purchase of a home, and divorce are all events that should result in at least a review of your estate plan. As your needs, circumstances, and wishes change, your estate plan should change along with them.