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What are the elements of estate planning?

On Behalf of | Sep 4, 2017 | Estate Planning |

Estate planning in Illinois requires you to consider a range of issues. It is not just about what you will leave to heirs when you die. Estate planning encompasses much more than that if you want to do it correctly. This is why you should begin planning long before you ever begin to anticipate your own demise.

According to Forbes, there are several elements involved in proper estate planning. To begin with, you will be defining who takes care of your affairs after you die. This person is important because he or she has to be someone you trust to follow your wishes. Your plan will also cover your desires for your children, especially those who are under the age of 18. You will, of course, also decide who gets what and detail what happens with your finances.

Your estate plan can also be used to set up trusts and address the needs of a blended family. It protects your assets and helps to stop probate issues. It allows you to plan for situations where your spouse may remarry, so you can ensure your children are protected and provided for or when your children are not able to manage their own finances and you feel they need a little oversight for access to their inheritance.

Good planning also offers you control if you should suffer an ailment or other unforeseen situation where you are still alive but cannot make your own decisions. You can include care plans and appoint someone to manage your health care needs. This information is only intended to educate and should not be interpreted as legal advice.