While most Illinois residents understand that ultimate outcomes can never be predicted with certainty, many people still want to take advantage of all available resources to plan their futures as much as possible. This is especially true where estate planning and administration is concerned. The more thorough an estate plan, the likelier the administration process will unfold without serious complications.
The estate planning process is highly customizable in that there are no rules regarding what types of documents are included or left out of a particular plan. Of course, certain end goals may require specific documents; however, each person may determine his or her own goals and plan accordingly. There are several key documents that most people with solid estate plans include in their portfolios.
The document with which most people are familiar is a last will and testament. This is where a designated executor’s name would be found, as well as legal guardians for minor children, if warranted. Financial or medical powers of attorney documents are integral components of most thorough estate plans. There are also numerous kinds of trusts that may serve valuable purposes when a main goal is to protect certain assets and arrange for specific people or groups to take ownership of those assets in the future.
Obstacles can arise at any time in the estate planning and administration process. Various issues can prompt disputes, such as multiple marriages, stepchildren, military situations or matters of divorce. To avoid problems, it is helpful to ask an experienced Illinois attorney to review a plan before signing any official documents.