Estate planning is for all socio economic backgrounds

| Oct 31, 2018 | Estate Planning

Many folks are under the misconception that they need to be wealthy to have estate plans. But that’s not the case. Estate planning in Illinois is important for all social classes, and it is especially important when children are involved. People who don’t want the government to have a say in how they’re assets are distributed really should look into getting an estate plan in place.

State intestacy laws will dictate how assets will be distributed should someone die without a will. They will more than likely pass to the nearest living relative, which would be a spouse if there is one surviving. If not, then children are next in line followed by parents and siblings. If that doesn’t bode well with someone, he or she needs to at least write a will.

A will also protects any minor children. It can stipulate who their guardians should be in the event their parents die of if biological parents can no longer provide care for them. A power of attorney and a medical directive will round out an estate plan. These documents help loved ones to make decisions should the testator be unable to do so. It takes a lot of pressure off family members when they know the wishes of a loved one.

An Illinois estate planning attorney can help a client to formulate a well-rounded starter estate plan. These plans can be changed as life changes. If more assets are amassed, an estate plan can always be revisited. Indeed, an estate plan should definitely be revisited every few years to keep it current.