Why even think about estate planning? Getting your affairs in order for your estate can create future financial security for your family, preserve your hard-earned assets for future generations, help you organize your affairs before you become incapacitated and decrease anxiety for future of your loved ones, knowing they will be well taken care of. This article will discuss several benefits of estate planning.
Be empowered to be the one to decide the ones to receive your property upon your death and the conditions under which they receive it, rather than your property descending to your heirs according the Illinois statutory scheme at your death. Given the rise in divorced, remarried, single parent and other nontraditional family lifestyles in our society, this becomes especially important. While no one has control over when and how they will depart this world, people can exert control over how their property is distributed upon their deaths. A major consideration is that by naming persons to receive your assets upon your death, you can also potentially avoid family feuds over who gets what. So many of our clients believe that their descendants would never become involved in contested legal proceedings over their estate, but unfortunately, it happens often.
Estate planning allows you the opportunity to organize your estate in advance of disability that comes with accident, illness or advanced age. Many times we meet with family members who lament the fact that mom or dad didn't "take care of things" before they lost the ability to do so. Conditions which occur over time including forms of Alzheimers and dementia, slowly rob people of their abilities to manage their affairs, and mental deterioration may not be apparent in the early stages. By the time a person realizes or acknowledges that he or she is suffering from such a disease, it may already be too late for them to competently design an estate plan or appoint representatives to act on their behalf. Be sure to effectuate your estate plan while you are healthy enough to make decisions which are effective under the law so you can develop an estate plan and appoint agents with the assistance of your attorney. This process involves identifying your assets and deciding the natural objects of the disposition of your property after death. Through the course of this process, you have the opportunity to gather all important documents evidencing your assets and obligations and organize them for the benefit of your heirs and beneficiaries. Prior organization benefits your heirs when you are gone. Even if you think you don't have much in the way of assets, it is still a benefit to you and your loved ones to organize your affairs before advanced age, illness or an accident makes doing so not practical to accomplish.
This article is intended to present general information for educational purposes, is not legal advice and should not be relied upon in connection with any particular matter. The reader is advised to immediately retain their own separate legal counsel with respect to any specific legal issue. Rights to bring a claim will expire through the passage of time by the applicable statute of limitations.
Ralph E. Elliott practices law at Law Offices of Ralph E. Elliott, A Professional Corporation which is comprised of Freeport Illinois Lawyers who have over 34 years of experience including an Estate Planning and also an Estate and Trust Administration practice. The firm is situated at 1005 W. Loras Drive, Freeport, IL 61032 which serves business, individuals and the agriculture community in Northwest Illinois.
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