Estate planning in Manteno, 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 numerous other elements which you may want to include, depending on your goals, and your financial situation.
Besides a will, a quality estate plan will contain a living will, which gives your doctors and relatives directions regarding your healthcare in the event that you become incapacitated, funeral arrangements, and instructions on organ donations.
For anyone who has children who are still minors, it is very essential to make arrangements for their custody and care, just in case the unthinkable occurs. You should think of a family member or extremely close friend who you know would be willing and able to take care of your children, and designate them as the person who would take custody. Of course, it's important to discuss this matter with that person before you actually do it.
What Type of Estate Plan Do I Need in Manteno, Illinois?
Obviously, this depends on your needs, which you will have to figure out for yourself. Some basic considerations in making this decision, however, are your health, age, and the amount of assets involved.
Unmarried young adults generally don't think much about estate planning. In most cases, this is fine. Unless you are very sick or have an unusually large amount of assets, estate planning is not something to really worry about at this point in your life.
If you have a life partner in Manteno, Illinois, but aren't married to him or her, estate planning is crucial. If you want your partner to have most of the same rights and responsibilities as a spouse, it's usually possible with good estate planning. You should grant your partner power of attorney, so they can make decisions for you in case you become incapacitated. Furthermore, you should name your partner as a beneficiary in your will, because, unlike a spouse, a life partner will not automatically inherit your property if you die without a will.
If you are elderly, and have a large amount of assets in Manteno, Illinois, estate planning may be more important at this stage of your life than any other. While estate planning deals with some morbid and unpleasant subjects (requiring us to confront the reality of our own mortality), it is crucial if you wish to live your life secure in the knowledge that your loved ones will be provided for to the extent that your assets allow.
Do I Need a Manteno, Illinois Estate Planning Attorney?
Because estate planning in Manteno, Illinois is not always simple, the assistance of a reputable attorney will almost certainly be useful, and worth the cost. This is doubly true because of how essential the issues involved can be, and the fact that a relatively minor mistake can sometimes derail an entire estate plan.