Estate planning in Worth, Illinois is simply the act of deciding what you want to happen to your assets after your death. It usually 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 usually 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.
A will is rarely the only aspect of a comprehensive estate plan. Most people have very 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 Worth, Illinois?
Obviously, this depends on your needs, which you will have to figure out for yourself. Some usual considerations in making this decision, however, are your health, age, and the amount of assets involved.
Unmarried young adults generally don't think much about estate planning. In most cases, this is fine. Unless you are very sick or have an unusually large amount of assets, estate planning is not something to really worry about at this point in your life.
If you have a life partner in Worth, Illinois, but aren't married to him or her, estate planning is crucial. If you want your partner to have most of the same rights and responsibilities as a spouse, it's usually possible with good estate planning. You should grant your partner power of attorney, so they can make decisions for you in case you become incapacitated. Furthermore, you should name your partner as a beneficiary in your will, because, unlike a spouse, a life partner will not automatically inherit your property if you die without a will.
Other groups for whom estate planning is very essential in Worth, Illinois are people who are elderly and/or have a lot of assets. This may be the time in one's life where estate planning is most essential. 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 very important if you value the security that comes with the knowledge that your family will be provided for.
Do I Need a Worth, Illinois Estate Planning Attorney?
Because estate planning can be a perplexing process, the expertise of a good lawyer in Worth, Illinois who specializes in wills, trusts, and estates can make the process a great deal easier.