Many Illinois residents understand the value of planning for their futures. How each person interprets that may be somewhat unique, although the estate planning process is a common tool most people use to organize their assets and execute a plan to be carried out if they should become sick or incapacitated. When someone says that he or she wishes to get his or her affairs in order, it can mean different things.
Estate planning: What does it mean to get one's affairs in order?
Major life changes require updates to your estate plan
Maintaining your estate plan can seem inconvenient, but putting off important updates to your plan can cause major complications if you never get around to it. Many life changes may affect your estate plan, making it wise to review your estate documents from time to time.
Estate planning requires a sound mind, but how is that defined?
Can a person think he or she is of sound mind but not be so? It is logical to assume that certain mental illnesses or levels of decline in mental capacity might prompt conditions wherein a man or woman is not fully aware that he or she is not fully aware. Dementia, for instance, may be present without the person afflicted by it realizing there is a problem. When it comes to estate planning, it is critical that an Illinois resident executing an estate plan be of sound mind; otherwise, the documents therein may be invalid.
