Does Everyone Need Estate Planning?

 Posted on June 06, 2014 in Estate Planning

Whether or not you choose to believe it, estate planning is not only for the incredibly wealthy in the world. This is a very important aspect of life for people of all income levels. And with that said, you will want to know what will happen to your money and property once you are gone. You will want to make sure that your family is taken care of and that they know exactly what to do with your estate. This is where estate planning comes into play.

Durable Power of Attorney

A durable power of attorney is something every person should have when putting together an estate plan. A durable power of attorney will protect your property and money when you are mentally or physically unable to do so on your own. This permits another person to act on your behalf when it comes to paying bills, filing taxes, and managing property.

The Will

One of the most important aspects of planning an estate is the will. The will puts in writing what you want done with your property and finances once you pass away. If there is no will in effect, your estate might be divided based on state law, which means your heirs might not see any of it.

It is important to name an executor of your will, which is someone who will manage your will when the time comes. Should you not name an executor, the court will appoint someone, who may end up being one whom you did not want there in the first place. Also, be sure to name a legal guardian for your minor children.

Advanced Medical Directives

Advanced medical directives are vital because they let others know what type of medical treatment you want should you not be able to make those decisions on your own. These directives also put someone in charge of making medical decisions for you.

If you have questions regarding whether or not you need estate planning, contact an Illinois estate planning attorney today. Contact us in Wheaton at 630-665-2500.