Many individuals in Illinois and elsewhere may place a great deal of importance into the process of planning for the future. However, with numerous crucial aspects to consider when planning an estate, many may feel somewhat intimidated by the process. Those who wish to plan for the future may be able to overcome any previous hesitation by exploring the available options in estate planning, as well as the potential benefits of each.
Regardless of the level of wealth in one’s estate, a person may have wishes concerning what will happen to assets in the estate after he or she passes on. One option available in estate planning is the formation of a will, which can depict how a person’s assets are distributed upon death. An individual could also choose to place assets within a revocable trust, which can be modified at any time.
An individual could also consider making a living will, which can dictate what type of medical treatment one receives in the event of an emergency. With estate planning, individuals can also choose someone to act on their behalf should they become incapable of making the necessary decisions on their own. A durable or health care power of attorney can give another party the authority to make financial or medical decisions respectively for a person should the need arise.
When seeking to form a plan for the future, one may find it beneficial to seek guidance in the initial stages of the process. By speaking with an attorney, a person could obtain advice on every aspect of estate planning, as well as assistance in navigating the process. An attorney in Illinois can address all a client’s concerns and needs and assist in pursuing a plan that is in keeping with his or her wishes for the future.
Source: wbtw.com, “Wallet Wednesday: Basics of Estate Planning“, Accessed on Dec. 27, 2017