While creating an estate plan in Collinsville, IL can be a difficult process, hiring a qualified and experienced lawyer to assist you can make the process all the easier. Here is what you need to know about estate planning and what goes into making one.
Living/Last Wills and Testaments
A living will allow you to plan out the care you desire in the event you are no longer in the position to make decisions for yourself. Testaments and last will let you decide on who will inherit your assets and who will take care of your children when you are gone. Along with this, they let you pick someone who will ensure your wishes go through.
The Financial and Healthcare Power of an Attorney
You can have an agent of your choice handle your finances on your behalf, giving them access to bank accounts to ensure that mortgages and bills are handled. You can also have an agent or someone you trust like a family member make decisions for you when you can’t.
Trusts
You can set up a trust by setting aside money and assists for organizations and people. Trusts will never have to go through probate. Heirs will receive what you are giving them without many issues. A trust will require four basic elements including a trustee, trust property, trust document, and beneficiaries which can be identified.
Once you and your attorney sit down and discuss the steps of an estate plan, you will understand why taking care of an estate plan is important. Taking care of your plan allows for you to choose who will take care of you and your estate. It also ensures a smoother transition compared to if you did not have an estate plan.
If you are looking on starting an estate plan? Call our team of experts over at Action Law Center and we will assist you in any way we can.
