Editor’s note: Brian Witt, Legal Associate at Russell Holesinger Law Offices, will contribute articles on general legal topics, at the end of each month. He will address Probate in September and Wills in October 2017.
First, what is estate planning?
Many people think estate planning is simply making a plan, typically a Will, naming the person you want to be in charge (Executor) and who you want to receive the things you own, after you pass away (Beneficiaries). There is much more to estate planning than simply making a Will.
Estate planning can provide instructions, should you become unable to manage your affairs.
An estate plan can assist in pre-planning for the possible need of Government benefits, along with possible asset protection.
Different planning tools are available to help in most situations.
Everyone should consider estate planning. Individuals may dismiss the idea for many reasons. They
- do not think they have “enough” assets.
- think they are too young.
- worry estate planning will be expensive.
- are confused about the process.
- do not want to think about it.
So, when something unforeseen happens, there is no plan for the family to follow.
If you have no estate plan, there are laws in place that will make these decisions for you. For example, the court can appoint a person to care for you, if you become “disabled.” This person is called a Guardian. However, you can avoid this costly process, if you sign a Power of Attorney, naming someone to be in charge, if you become disabled in the future. That person is your Agent.
An estate plan often saves money, as opposed to relying on Illinois laws.
We recommend that you consult with your attorney on these important matters.