Make That New Year's Resolution - You Need an Estate Plan!
Well, it’s here! The new year is upon us. Yes, it is now 2019 and if you are like most Americans you are thinking about your resolutions for the new year. I’d like to take this moment to make a timely suggestion. You need an estate plan! Why not plan to get that done now as part of your new year plans?
Why do you need a plan in Illinois? And won’t it all take care of itself if I die unexpectedly?
Sure, an estate plan involves taking care of things when you die. The state of Illinois has a process (the Probate Code) for what will happen if you do not have a Will in place upon your death. For some people that is enough. For others, perhaps not. An estate plan will carry your family through the difficult process that occurs when you pass on. Your estate plan is a legacy for your family. It provides your personal instructions for how you wish to parcel out your land, home, business, vehicles, and other assets. It can also protect your assets during your life. Having an estate plan is important for everyone, at any income level. But let’s step back a moment. I’m more concerned with what happens to you when you are alive than what happens after death. Should you be too?
An Estate Plan is More Than a Last Will
A comprehensive estate plan includes Powers or Attorney for Health Care and for Property, a HIPAA Authorization, and perhaps more. The Will is important, but these other documents assist when you are incapacitated, even temporarily, and ensure that the person you choose is the one to make decisions for you when you cannot do so yourself! For example, if you end up in a coma or have temporary issues that may cause a lack of mental acuity, your estate plan can give directions for your personal representative on how to proceed. Make an estate plan today and choose someone you trust to assist you in case of emergency!
Try to Avoid Probate Court
Probate can be a very long process and though it may be necessary if someone passes away without leaving behind an estate plan, it can be avoided. Save your family members from having to attend probate court or wait for a lengthy court process. Your estate plan may eliminate the need for probate, which can save your family from this time-consuming legal process.
Save on Costs and Taxes
We can use the Estate Planning process and the tools that we help you develop to transfer large assets upon your death without having to pay high taxes. We may also be able to utilize trusts and other legal documents to protect disabled or underage family members or those with special needs as well. Each person’s life situation is different, and we can customize a plan for your specific needs. We can also assist in planning for potential events in the future as well. A well thought out and executed Estate Plan will make sure that you are the one in charge of your situation and that the distribution of your precious valuables, family heirlooms and more is not left to chance.
Contact us Today
We love working with families and we look forward to assisting you with this important plan! Don’t put off this important issue to another day. Make sure that this New Year’s resolution is completed!