Planning for death is a necessity – especially if you are the breadwinner of your household. You want to ensure your assets end up in the right hands after you pass away. Estate planning can ensure your properties, vehicles, money and other assets are handled and distributed according to your wishes.
Questions Your Estate Plan Should Answer
According to the Illinois State Bar Association, your estate plan should address the following issues:
- Who will be responsible for taking care of your family and children?
- Who will handle property management on your behalf?
- Who should get your assets and money?
- Who will be responsible for estate management?
- How old should your children be to receive their inheritance?
- Can your family live on the money you will leave them?
- What will be the effect of the property settlement agreement you made with your spouse?
- Who will manage the property if your children/minors are disabled?
- Should your children be given a portion of their inheritance gradually or all at once?
- How will death taxes be paid if they are applicable on the estate and can they be reduced?
- Who will make healthcare decisions on your behalf if your unable to – in case you are incapacitated?
Essential Estate Planning Documents
To create an enforceable estate plan, you will need to arrange the following documents:
- A will which confirms the assets you have and the name and identity of the executor of said will.
- A power of attorney who will take care of your finances after you pass away or are incapable to or incapacitated. This includes management and distribution.
- A power of attorney for your healthcare i.e. the individual who will ensure your medical needs and wishes are taken care of.
- A declaration or living will that outlines your last wishes.
Estate planning is far from simple, especially for individuals who have a vast estate in Elgin, IL. For one thing, you must determine who you want to bequeath each asset to and ensure you meet state standards – such as taxes. A mishandled plan cannot be accurately enforced, and results can be devastating for your family and descendants.
The Jackson Abdalla Law Group is dedicated to helping its clients when it comes to ensuring you can ensure a stable and bright future for their loved ones. We address unique needs during the drafting process and can help you determine the best course of action.