Many individuals in Illinois have avoided estate planning simply because they do not view themselves as wealthy. However, in reality, estate planning is critical for anyone who has assets, even if only a few. Here is a look at two of the most critical estate planning documents for asset owners to generate.
Essential estate planning documents
The will is the first document that an asset owner should ideally create when completing the estate planning process. The will is important in that it disposes of individually owned assets that do not have beneficiary designations. In their wills, people can name individuals to administer their estates. These individuals, also known as personal representatives or executors, are responsible for dictating how assets will be distributed and naming guardians for surviving minor children.
In addition to creating wills, asset owners would be wise to draft guidance letters to their families as part of the estate planning process. These guidance letters can outline the writers’ wishes regarding the distribution of assets, funeral arrangements and other future guidance. Creating such a letter may help to prevent family conflict after one passes away.
Enlisting the help of an attorney
Navigating estate planning can understandably be a challenging and complicated feat, particularly for individuals with many assets. However, an attorney in Illinois can help an asset owner to create an estate plan that accurately reflects his or her wishes, as well as the best interests of his or her family members. With a well-thought-out estate plan, the asset owner can be confident that his or her property will end up in the intended hands in the event of his or her death down the road.