Why Is Illinois Estate Planning Important?

 Posted on April 17, 2024 in Estate Planning

A common misconception about estate planning is that this process should only be completed by people who have literal estates, but this is not the case. Your estate consists of your possessions, including your home, car, investments, life insurance, and other possessions, and estate planning is an important step in ensuring that your choices are followed upon passing away or being otherwise unable to make decisions about your estate.

An experienced Illinois estate planning lawyer can help you navigate the complexities of this process and help you settle vital decisions about your estate.

What Documents Are Included in Estate Planning?

While the planning of every estate is different, there are a few types of documents that are commonly created for most estates. You may need to include one or all of these documents as part of your estate plan.

• Last will and testament – outlines how your wishes for taking care of your pets, children, or other dependents and how you want your possessions to be distributed.
• Living will –outlines your wishes for end-of-life care.
• Trust – trusts can be complex and typically outline the trustor giving the trustee property rights or beneficial assets.
• Medical Power of Attorney – gives a designated person the right to make decisions about your medical care for you.
• Financial Power of Attorney –gives a designated person the ability to make and carry out financial decisions for you.
• Life insurance – life insurance plans vary, and you can include one in your estate plan to help cover expenses and end-of-life costs.
• Beneficiary forms – these forms may be from investment plans and life insurance plans, and they help ensure your assets are paid directly to your designated loved ones, avoiding probate.

How Can an Illinois Estate Planning Attorney Help Me?

Estate planning is a complex process, and the skills of a knowledgeable estate planning attorney can help solidify your wishes and choices for your estate. Your attorney will help to create a specialized plan for your specific needs and ensure that all documents created follow the estate planning laws in Illinois. You can also speak with your attorney for legal guidance in certain situations and to figure out how to plan your estate for the best outcomes for your loved ones.

Contact a Barrington, IL Estate Planning Lawyer

Though you may not think about it often, estate planning is vital to ensuring your possessions and assets are taken care of and distributed how you wish. An experienced Barrington, IL estate planning attorney can expertly guide you through the estate planning process.

At Lucas Law, Attorney Joseph Lucas has more than 35 years of experience practicing law in Illinois and is uniquely qualified to help you handle your estate planning case. Call 847-381-8700 for a consultation.