For many Illinois residents, thinking about an estate plan is an unwanted acknowledgement that life is finite. It is not something they want to consider, let along act upon. However, failure to have even a basic estate plan is a mistake that will have far-reaching ramifications for a person’s family. This is avoidable by making sure the strategies for an estate plan are adhered to. Discussing the benefits of drafting estate planning documents with a law firm that specializes in these matters can put a person’s mind at ease and prepare for the future.
Everyone’s needs are different and an estate plan should reflect that. Whether it is someone who has significant assets and great diversity in their portfolio, a person who does not have a great deal of liquidity and property or anywhere in between, an estate plan is crucial to the family. Often, people are stunned by the value of their estate when it is calculated. This is another reason to discuss estate planning options with a qualified attorney.
Those with a family and children will want to make certain their loved ones are cared for after they have died. This can be accomplished with a will or trust. People who have elderly parents might want to account for their care and upkeep. This too is possible with an estate plan. Not only is it smart to have an estate plan for the person’s assets, but it can save time and money after the person has died as the family tries to navigate the probate process and the assets are distributed. With a trust, there might be certain requirements that the testator wants the heirs to achieve. Or there could be people under the age of 18 who need to be supervised before they are free to do as the choose with their inheritance.
No matter the goals or circumstances, estate planning is a critical decision that should not be put off one day longer. Calling a law firm that is experienced in helping people who are considering their estate planning options, whether it is simple or complicated estate planning, should be done as soon as possible to get ready for the future and make sure loved ones are protected.