Even if you’re a person who loves to plan, thinking about the very far off future can be difficult, especially if the future doesn’t have you in it. But knowing how your estate will be managed and how your assets will be distributed when you die is incredibly important. At the Law Offices of Glenn & West, LLC, our experienced estate planning attorneys can help you to develop a plan that protects your interests and wishes.
Contact our offices in Nokomis or Litchfield, IL today for the legal counsel you need.
Elements of an Estate Plan
A good estate plan is comprehensive. Our estate planning lawyer can help you to create an estate plan that addresses the various elements of thinking about your future, your property, and your loved ones. Parts of an estate plan that we can assist you in developing include:
Will
A will, also known as a last will and testament, is a legal document that outlines who will manage your estate when you die, how you want your assets to be distributed and debts paid, what will become of a business or other property that you own, who will care for minor children, and more. All estate plans should have a will.
Trusts
A trust is a legal tool for holding assets on the behalf of another person. The assets in the trust are managed by the trustee. One benefit of a trust is that assets held in a trust can avoid probate.
Living Will
Not to be confused with a last will and testament, a living will—also known as an advanced directive—is a legal document that outlines your wishes for medical care should a situation arise where you are not able to communicate those wishes. For example, if you are in a coma, your living will can be used to determine your wishes as to treatment decisions.
Powers of Attorney
Powers of attorney are legal documents that give another person the authority to make decisions on your behalf. There are two types: a healthcare power of attorney and a financial power of attorney a/k/a power of attorney for property.
Why Do I Need an Estate Plan?
Nearly everyone should have an estate plan. With an estate plan, you get to decide what you want to happen to your assets when you die. If you don’t have an estate plan, your assets will not be divided per your wishes; instead, they’ll be subject to intestacy laws. If you have any minor children, having an estate plan is a critical part of ensuring that they are provided for if something is to happen to you and and the other’s child’s parent unexpectedly. This occurs by you picking who will be the guardian of your minor children and who will handle the assets that the children receive you’re your estate.
Creating an estate plan can also help to ease tension and mitigate disputes between your family, which may arise if you don’t make your wishes clear. The right estate plan will help your loved ones that are tasked with administering your estate in many ways, especially making it less stressful for them.
Get Legal Help Today
If you have questions about creating an estate plan, the role of an attorney in creating an estate plan, or why creating an estate plan is something you should pursue, contact the Law Offices of Glenn & West today.
