Some individuals in Illinois and across the country may find the process of planning for the unknown to be stressful and intimidating. However, any uncertainty associated with the idea of estate planning could be easily outweighed by the advantages it may offer. By exploring the numerous available options involved with a similar process, one might be able to form a plan to cover a variety of possibilities and avoid a potential disaster down the road.
Although thinking of one's demise can be somewhat daunting, an individual may have preferences as to how his or her assets will be divided upon death. Assigning beneficiaries and keeping estate plans up to date could prove helpful in ensuring that the process goes according to his or her wishes. However, that isn't the only advantage of having a plan in place, as estate planning can also help one enact a strategy for what type of medical care is provided should he or she become incapable of making the necessary decisions.
An estate plan can also assist beneficiaries in avoiding devastating tax consequences. If the estate is below a certain monetary threshold, federal estate taxes may not apply, and since this threshold could be subject to change, keeping a plan up to date could prove imperative. A person may also wish to donate a portion of his or her estate to charities upon death, and an estate plan could assist with the process.
Having a plan in place for certain changes in life is important, but with numerous available options, the process can be somewhat intimidating. An individual who wishes to prepare for the future could speak with an experienced attorney for advice on every aspect of estate planning. An attorney can provide a client in Illinois with information on each available option and its potential advantages and assist in forming a plan that is in keeping with his or her wishes for life moving forward.
Source: marketwatch.com, "Giving your money away when you die: 10 questions to ask", Jonathan Clements, Oct. 5, 2017