Many individuals in Illinois assume that they do not need to create estate plans because they are not wealthy. But most people have more assets than they realize, and estate planning can help them to ensure that these assets end up in the right hands after they die. Here are several assets that should be covered in an estate plan.
Tangible and intangible assets
When creating estate plans, individuals should account for all the tangible assets they wish to include in their plans. These items include real estate of all types, including homes and vacant land. They also include boats, motorcycles and cars. Tangible assets also include collectibles, such as trading cards, antiques, art and coins.
Intangible assets can also be listed in an estate plan. These include health savings accounts and life insurance policies. They also include retirement plans, like 401(k)s, as well as checking accounts and savings accounts. Additional intangible assets to include in an estate plan include bonds, stocks and mutual funds.
How an attorney can help
An asset owner who wishes to develop an estate plan may want to hire an estate planning lawyer in Illinois to help with this process. An attorney can help individuals to decide how best to distribute their assets after they die or lose their ability to make monetary decisions for themselves due to becoming incapacitated. The attorney can also help them to minimize their estate tax burden by arranging their estates in a manner that reduces their tax liability.
