Estate planning in Hanover Park, Illinois is simply the act of deciding what you want to happen to your assets after your death. It usually entails making plans about funeral arrangements, as well as plans for end of life care.
While the drafting of a will (the document that dictates what is to be done with the decedent's property after death) is usually the central component of any estate plan, there are many other elements which you may want to include, depending on your goals, and your financial situation.
Besides a will, a quality estate plan will include a living will, which gives your doctors and relatives instructions concerning your healthcare in the event that you become incapacitated, funeral arrangements, and instructions on organ donations.
If you have young children, it is absolutely crucial that you make arrangements for their care, as well as their custody. Obviously, if you want someone specific to take custody of them in the event something happens, you need to discuss the matter with them, to ensure that they are actually able and willing to care for them.
What Type of Estate Plan Do I Need in Hanover Park, Illinois?
Obviously, the answer to this depends on many factors, as well as your goals and preferences. However, most people, when deciding what type of estate plan they need, consider their health, age, and wealth.
If you are young and unmarried, estate planning probably doesn't need to be on your radar, unless you are very ill, independently wealthy, or perhaps if you work in a very dangerous job, such as the military.
If you are unmarried, but have a life partner in Hanover Park, Illinois, estate planning is crucial, if you wish for your life partner to be treated as if he or she were your spouse (to the extent possible). In such a situation, the estate plan should make arrangements to give your life partner power of attorney in case you become incapacitated. Your will should also clearly include your partner (if you wish for them to inherit any of your assets).
If you are very old, and have a substantial estate in Hanover Park, Illinois, you should definitely come up with an estate plan if you haven't already. Admittedly, this involves confronting some unpleasant and morbid subjects, but it is still very important. Estate planning is essential if you care at all what happens to your property, and, more importantly, your loved ones, after you die.
Do I Need a Hanover Park, Illinois Estate Planning Attorney?
Because estate planning can be a complicated process, the expertise of a good lawyer in Hanover Park, Illinois who specializes in wills, trusts, and estates can make the process a great deal easier.