Estate planning in Rock Island, Illinois is simply the act of deciding what you want to happen to your assets after your death. It typically 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 typically 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 truly take on such responsibility.
What Type of Estate Plan Do I Need in Rock Island, Illinois?
Obviously, the answer to this depends on many factors, as well as your goals and preferences. But, 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 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 varied possible reasons, unwilling or unable to get married, but are in committed, lifelong relationships, are perhaps most in need of a good Rock Island, 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 very old, and have a considerable estate in Rock Island, Illinois, you should definitely come up with an estate plan if you haven't already. Admittedly, this includes confronting some unpleasant and morbid subjects, but it is still very critical. 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 Rock Island, Illinois Estate Planning Attorney?
In Rock Island, Illinois, estate planning is rarely simple, even if it's not the most confusing thing in the world. Given the importance of what's at stake (the financial security of your loved ones), a good estate plan is essential, as is the help of an attorney who specializes in wills, trusts, and estates law.