Estate planning in Wilmington, 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 numerous 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, particularly 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. Furthermore, preferences on organ donation and funeral arrangements should also be made clear.
Crucially, your plan should make arrangements for the care and custody of your children, if they are minors. Nonetheless you should initially discuss this matter with the person who you intend to take custody of your children in case something happens to you, to make sure they are willing and able to do so.
What Type of Estate Plan Do I Need in Wilmington, 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.
For example, if you're unmarried, and in your early 20's, estate planning is probably not the most necessary thing in your life. However, if you're seriously ill, and/or unusually wealthy, estate planning might be a priority for you.
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 Wilmington, 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 Wilmington, Illinois, estate planning may be more necessary 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 Wilmington, Illinois Estate Planning Attorney?
Estate planning in Wilmington, Illinois is not always perplexing, 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.