Everybody has an estate, and just about everybody has a family. Estate planning is one of the most important things that you can do for your family. That’s ordinarily done with a will, a revocable living trust, and different powers of attorney.
What is an Estate Plan?
Estate planning involves specific instructions about how your debts are to be paid and your assets are to be distributed upon your death. If a will controls the distribution of your estate, your personal representative will be tasked with those responsibilities. If you have a revocable living trust, your successor trustee will be charged with such duties. With a will, your estate might end up in probate. With a revocable living trust, you might avoid probate.
Incapacitation
In the event that you become incapacitated, a thorough estate plan will specify who can make decisions about your health, personal property, and real estate if you are unable to make those decisions yourself. A knowledgeable and experienced estate planning lawyer in Moline, IL, can help you decide which estate documents are right for your present situation.
When there is No Estate Plan
If you don’t have an estate plan, the State of Illinois already has one set up for you, That’s known as the law of intestate succession, and the Illinois statutes will control how your estate is distributed. At least two concerns come to mind, though. First, under intestate succession, people might be distributed estate assets who you never intended to give anything to. Next, the probate court will name your personal administrator. That person might turn out to be somebody who you never met before in your life.
Even if you have a will or a will and revocable living trust and powers of attorney in place, they should be periodically updated, especially if the structure of your family changes. Consult with an estate planning lawyer in Moline, Il, about creating a will, revocable living trust, or power of attorney. Upon getting your affairs in line, those people who are the most important to you will be provided for.
