Estate planning in Shelbyville, 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 several other elements which you may want to include, depending on your goals, and your financial situation.
A will is rarely the only aspect of a comprehensive estate plan. Most individuals have extremely strong preferences about their end-of-life care, especially when, and under what circumstances, they would want to be taken off life support, if that every happens. These wishes should be made in writing, and discussed with family. Additionally, preferences on organ donation and funeral arrangements should also be made clear.
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 Shelbyville, Illinois?
This normally depends on your individual goals and priorities, your age, health, and the nature and quantity of your assets.
For example, if you are in your 20's and unmarried, an estate plan probably does not need to be on your priorities, unless you are very ill, or independently wealthy.
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 Shelbyville, 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 substantial estate in Shelbyville, Illinois, you should definitely come up with an estate plan if you haven't already. Admittedly, this contains confronting some unpleasant and morbid subjects, but it is still very crucial. 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 Shelbyville, Illinois Estate Planning Attorney?
Estate planning in Shelbyville, Illinois is not always confusing, but it certainly can be. In moderately-sized to large estates, with a considerable number of potential beneficiaries, it is crucial to have the assistance of an estate planning professional.