Estate planning in Sugar Grove, 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 many 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 Sugar Grove, Illinois?
The answer to this question depends on your individual needs, your priorities, your health, and the size and nature of your estate.
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 Sugar Grove, 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).
Other groups for whom estate planning is very crucial in Sugar Grove, Illinois are people who are elderly and/or have a lot of assets. This may be the point in one's life where estate planning is most crucial. While it's true that the process of making an estate plan requires a person to deal directly with the reality of their own mortality, it is extremely important if you value the security that comes with the knowledge that your family will be provided for.
Do I Need a Sugar Grove, Illinois Estate Planning Attorney?
In Sugar Grove, Illinois, estate planning is rarely simple, even if it's not the most convoluted 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.