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What does estate planning mean for you?

Estate planning may not be the first thing you think about when you wake up each morning. Especially if you are younger and do not currently have pressing obligations to care for dependents. However, your decision to begin planning your estate in Illinois before it is too late can make a world of difference in assuring that things are arranged exactly as you would want if something were to happen to you. It can also eliminate a lot of the stress, contention and financial strain of your family members who may be left to sort through your life.

The process of estate planning requires a lot of time and thought and can entail many different steps and components. According to U.S. News, there are several important tips to remember as you begin planning your estate. These include the following:

  • Find an executor: This person will play a critical role in seeing that your will is carried out the way you have specified. This person can be a trusted friend, family member or acquaintance.
  • State guardianship of minors: If you have dependents that you care for, it is imperative that you arrange guardianship in case something happens to you. This will guarantee that the people you are most comfortable with caring for your children, will be given immediate custody instead of someone chosen at random.
  • Power of attorney: This can apply in a couple of different cases including your finances and medical wishes. This gives someone you trust the right to make decisions regarding your medical treatment and use of finances in situations where you may be unable to do so on your own.

Other components of estate planning include living wills, beneficiaries, writing a trust and tax planning. The information in this article is intended for educational purposes only and should not be taken as legal advice. Please reach out to one of our attorneys to discuss your specific situation.