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Posts tagged "Estate Planning"

Covering every aspect of estate planning with guidance

Many individuals in Illinois and across the country have given a fair amount of thought into what they wish to happen to their assets when they are gone. However, while this is one part of estate planning, there are numerous additional benefits that may at times go overlooked. When considering one's wishes for the future, a person might find it advisable to speak with someone with experience in the area for advice on all available options.

Estate planning options concerning the family home

Planning for certain life events can seem somewhat stressful and intimidating. However, individuals in Illinois may have an idea of how they want their assets to be divided upon death, and having a plan in place could help ensure their wishes are carried out. For those whose home consists of a considerable portion of their wealth, considering the available estate planning options could prove beneficial in ensuring that loved ones are provided for after they are gone.

Estate planning can go beyond the realm of finances

A person doesn't have to possess a great deal of wealth to plan for the future. Individuals in Illinois and elsewhere could be able to overcome any potential financial barriers by researching the numerous advantages of estate planning. Some of the benefits of a similar process may actually have little to nothing to do with finances, instead focusing more on protecting the interests of loved ones in the event of an untimely accident.

Addressing some potential misconceptions re estate planning

Individuals in Illinois and across the country may have thought about what will happen after they are gone, but hesitate to plan for it. While some may believe they have plenty of time left to handle such affairs, there may be additional factors that are holding them back, potentially involving certain myths about the process of estate planning. A person may find it beneficial to speak with someone with experience in this area for information before making a decision bases on potential misconceptions.

Allocating property in a will during estate planning

Even though thoughts of death, planning a funeral and determining how to allocate sentimental possessions to surviving loved ones is not everyone’s top priority, estate planning is actually quite important. Proactive, timely and thorough planning can help to alleviate tension and confusion when one dies. People who are considering estate planning in Illinois can also clearly dictate where their possessions go for peace of mind knowing their valuables made it into the right hands.

Avoiding familial conflict in estate deliberations

While no one enjoys thinking about death or anticipating its inevitability, proper preparation can make the world of difference when it comes to estate planning. Individuals in Illinois who take a proactive role in determining how to allocate their estate can make deliberations much less stressful and contentious for their loved ones following death.

How do I know when to update my estate plans?

You may think that the only time you need to review your estate plans is when you are creating them. This misconception can result in your loved ones settling your estate and affairs differently than you planned. You may have a busy lifestyle in Illinois that leaves you little time to deal with certain important affairs. Regardless of what life throws your way, you should make time to review and update your estate plans periodically. 

Things to consider when choosing an executor

Many people in Illinois assume that the easiest part of estate planning is choosing a person to manage their estates. An executor is a person who is responsible for settling an estate after a person dies. It is a big responsibility that should not be given lightly, states Investopedia.com. It is not uncommon for some people to choose someone close to them like their spouses and children. But there are circumstances where it may be necessary for them to consider other individuals. 

Reasons to draw up a will

Most legal experts in Illinois agree that every person should have a will. Without one, according to the New York Times, a person’s estate is handled by the state. This means that surviving family has no say in how the person’s assets and belongings are distributed. It is important for even young people to have a will because they may have important assets or arrangements that they wish to dictate.

Important elements of a legal will in Illinois

As a resident of Illinois, you have the right to create a will that is going to serve as your last request for how your estate will be handled upon your death. However, we at Donald R. Johannes want you to understand that wills are regulated by the law of the state, so you need to be familiar with the law to ensure the will you create is legal. If it is not legal, it will not be honored.