In Illinois and throughout the nation, more people than not fail to execute solid estate plans. In fact, where the whole estate planning and administration process is concerned, only about 42 percent of people have final wills in place. A last will and testament is the most common form of estate planning document with which most people are at least somewhat familiar.
There’s no one reason people do not have living wills, powers of attorney or other key documents drafted and executed. Some people simply shy away from the topic of their own mortality. Others keep meaning to get around to executing a plan but always seem to procrastinate. There are also those who simply do not know how to begin the process or how state laws may affect a particular issue.
Those considering filing estate plans may also want to think about documents regarding life insurance, do not resuscitate orders and organ donation, which may all be included but are not required. In fact, no one document in particular is required when it comes to an estate plan. Every person may customize a plan, depending on personal needs and long-term goals.
An estate planning and administration attorney in Wisconsin can assist any estate owner who has questions about probate laws or other issues regarding the preparation of an estate plan. Advanced technology, digital assets and other matters concerning heirs and beneficiaries can make the estate planning process a bit complicated at times. An experienced attorney can help simplify things and remain on hand should any changes or updates to an existing plan be necessary down the line.
Source: CNBC, “Got a will? Here are 11 more end-of-life documents you may need“, Kelli B. Grant, Nov. 15, 2017