Estate planning in New Lenox, Illinois is simply the act of deciding what you want to happen to your assets after your death. It normally 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 normally the central component of any estate plan, there are various 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.

Most especially, an estate plan should give instructions on the care of your minor children. It should lay out who is to take custody of them, and, if possible, leave them a large sum of money to assist with this care. Of course, you should discuss this matter with the people who you want to take custody of your children, to make sure they can really take on such responsibility.

What Type of Estate Plan Do I Need in New Lenox, Illinois?

The answer to this question varies largely on your goals and priorities, as well as your age, health, and the amount of assets you have.

If you are young and unmarried, estate planning likely doesn't need to be on your radar, unless you are very ill, independently wealthy, or perhaps if you work in a very hazardous job, such as the military.

Individuals who are, for different possible reasons, unwilling or unable to get married, but are in committed, lifelong relationships, are perhaps most in need of a good New Lenox, Illinois estate plan. Because couples who aren't married don't automatically get any of the legal rights (such as hospital visitation, inheritance rights, and power of attorney) that come with marriage, they have to secure these rights through other means, such as wills and power of attorney agreements.

If you are elderly, and have a massive amount of assets in New Lenox, Illinois, estate planning may be more essential 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 essential 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 New Lenox, Illinois Estate Planning Attorney?

Because estate planning in New Lenox, Illinois is not always simple, the assistance of a seasoned attorney will almost certainly be useful, and worth the cost. This is doubly true because of how critical the issues involved can be, and the fact that a relatively minor mistake can sometimes derail an entire estate plan.