What is an Estate Plan?
Simply put, estate planning is the process of making decisions about what happens to you, your money, and your property when you pass away or while you are still living but can no longer make decisions for yourself. Here’s three reasons why estate planning is important:
An estate plan is comprehensive: Many people think an estate plan deals only with what happens with your assets after you die. That’s only part of it. The basic estate planning documents should include a Last Will and Testament or a Trust, a power of attorney for property or finances, a power of attorney for healthcare, and a living will.
An estate plan identifies your key players: An estate plan names people you trust for critical roles. Those roles include the guardian of your minor children, agents for healthcare and financial decisions if you are incapacitated or disabled, executor of your will, and successor trustee of your revocable living trust.
An estate plan puts you in control: Actually, everyone has an estate plan. The question is: Have you designed your estate plan or are you leaving it to the Illinois General Assembly to dictate? Without an estate plan, the Illinois Probate Act of 1975 will direct how, when, and to whom your assets will be distributed. In short, you have the freedom to give what you want, to whom you want, the way you want, when you want. But you first need to take the time to plan. It’s a small—and critical— investment for your loved ones’ security and your peace of mind.
The Law Office of Greggory R. Walters, LLC, can help you to meet your goals through a well-designed estate plan. We have a history of creating plans that bring peace of mind and help our clients avoid some of the challenges associated with transferring property and money at the time of their death. Contact us today to learn about your options.