Naming beneficiaries on financial accounts and in one's estate plan is pretty easy to do. Submit their names and information and it is done. When the time comes, they will be contacted and money or other assets will be transferred to them accordingly. What some Illinois residents fail to do after they think their estate planning is done and all accounts taken care of is periodically check to make sure their beneficiary designations are up to date.
Numerous Illinois residents like to work on projects by themselves. Some do it for the satisfaction it can give from accomplishing something, while others get on the DIY wagon because it can save them a lot of money -- or at least they think it can. When it comes to certain projects, like getting estate planning done and out of the way, a DIY plan may sound like a good idea, but going this route could have some serious consequences in the end.
If a person becomes incapacitated, what happens to him or her? Who will make any medical decisions for that individual? Illinois residents who want a say in their medical care even if they are not in a state to express their wishes have a way to do it, and that way is by setting up advance directives. This they can do while going through the estate planning process.
A will is the most basic estate planning document available for Illinois residents. Unfortunately, it is not something that all adults have in place for when it is needed. When a loved one dies and does not have a will or other estate planning documents prepared, how will probate work?
Ask many Illinois residents about their estate planning efforts, and the answer is likely to be a laugh and a shrug. Many people are under the impression that unless they have a massive base of wealth, they have no need for estate planning and probate. That approach, however, is flawed, and fails to consider the many benefits of having a comprehensive estate plan.
Following the death of a loved one, family members may be pleasantly surprised to learn that the departed has left them a significant inheritance. For those in Illinois who are struggling financially, any asset gained has the potential to change the direction of their lives. However, one family in another state learned that without legal guidance, estate planning and probate may have unintended results.
Many Illinois residents may feel overwhelmed when they think about preparing estate plans. It is understandable, as there is a lot involved in doing so. For example, which estate planning documents does one actually need? There are so many to choose from, and depending on one's current situation and future goals only a select few may actually be required.
One of the main reasons to create an effective estate plan is to make sure that spouses and children are taken care of. However, it is still important to have an estate plan if you do not have a spouse or children. In fact, some would argue that is is even more important in this case.