Planning for the last few years of your life may be uncomfortable. After all, you prefer to focus on life rather than death. Still, if you are no longer able to make important decisions, you likely want to retain some control over your medical care. Creating a durable power of attorney may help to put your mind at ease.
In Illinois, there is a bit of a misunderstanding of estate plans. Many young or middle-aged people look at them in the same way one might look at retirement - something distant that you don't yet have to worry about. Today, we at Zapolis & Associates, P.C., will help expand your knowledge on estate plans and understand how they can fit into your life at any age.
Drafting a last will and testament is not a simple process. In fact, making the decisions involved in your will and planning your estate can be extremely overwhelming. Once you have determined all of the property and assets that are included in your estate, there are several other factors that must be considered when creating a comprehensive will and organizing your estate.
Depending on your assets, estate planning can take on many forms. When it comes to things like life insurance policies and retirement accounts, beneficiary designations are an important consideration. The Balance explains what you need to know to prevent your estate from going into probate.
When an Illinois resident requires the care or decision-making ability of another, it may be necessary to set up a guardianship. According to FindLaw, a guardianship allows one entity or person to make decisions for another, who is referred to as the ward.
You understand that estate planning is important to protect your assets and your loved ones’ inheritance. Like many Illinois residents, your pets are like your family members. However, because pets cannot inherit property, you would not be able to leave money to Fluffy or Rufus in your will. How, then, do you ensure your furry family members are provided for if you die before they do?