What Are the Typical Documents in An Illinois Estate Plan?
April 24, 2020
Many Belleville area residents understand the importance of estate planning. Estate planning is a broad topic that doesn’t just include wills and trusts. It can also cover medical wishes, guardianships, and powers of attorney, among many other things. Although an estate plan is unique to everyone there are certain estate planning options that many people all have.
A full estate plan for a family usually involves the following documents. A revocable living trust is a way for a person to pass along their assets without having to go through probate. A will which can name a legal guardian for any children and allows the trust to control the estate in probate if it becomes necessary. Powers of attorney in both healthcare and financial matters. A healthcare power of attorney can make medical decisions if you become incapacitated and a financial power of attorney can make financial decisions if you become incapacitated. Finally, a living will is an important estate planning document because it states what life support medical procedures a person would want if they were in an irreversible coma.
An estate plan is necessary for everyone in Illinois, regardless of their circumstances. What may be thought of something older people do, estate planning has important components for every stage of life. An attorney who specializes in estate planning can help their client determine what aspects of an estate plan pertains to them and their unique situation. They can set up a will or trust, powers of attorney documents, health directives, etc. Having these documents in place can provide peace of mind for a person in case the unexpected happens.
There is nothing wrong with being prepared in case something unexpected happens. Every day someone dies or becomes incapacitated due to a car accident, cancer, heart attack, etc., forcing their families to try and figure out what their wishes may be. Having an estate plan in place can help ease what is already a stressful situation and offer the peace of mind that a person’s wishes will be followed.