Individuals in Illinois may understandably be concerned about what the future may hold for them both health wise and financially. Fortunately, creating estate plans can help them to feel more prepared for unexpected events. Here are a couple of important components of any comprehensive estate plan.
Wills
A will is the main document in an estate plan. This document defines how a person would like his or her assets distributed in the event of his or her death. The will additionally assigns a guardian for any minor child and even a pet. In the will, an individual can furthermore name an executor — the party responsible for managing his or her estate’s dissolution. Wills can include directions concerning funeral arrangements, such as cremation or burial instructions, as well.
Powers of attorney
Powers of attorney, or POAs, are also important estate plan components, as they identify agents, or people, who can act on others’ behalf. For instance, an individual may choose a POA to handle his or her personal property or finances. Meanwhile, another individual could choose an agent to make critical decisions regarding his or her medical care.
How an attorney can help
Estate planning can understandably feel like an overwhelming task. However, an experienced attorney in Illinois can provide the guidance needed to create detailed plans that reflect one’s wishes as well as the best interests of one’s family members. With well-thought-out estate plans, individuals can feel confident that their assets will end up in the proper hands when they pass away, and their finances will be handled properly in the event of their incapacitation.
