Many Illinois readers who see this post are among hundreds, if not thousands of others, who have been hesitant to think about a topic that is applicable to everyone. Dying is an inevitable part of every life journey. Because many people do not like to think about their own mortality, they procrastinate when it comes to the estate planning process.
Some people think if they simply avoid thinking about their need for an estate plan, it will somehow take care of itself. This could not be further from the truth, however, and the longer someone waits to execute a plan, the greater the chances of dying without one in place. The good news is that, while it can definitely be too late to start an estate plan, it is never too early. Any adult man or woman of sound mind can customize a plan that helps him or her protect assets, provide instructions regarding medical care and help loved ones avoid legal complications when the time comes to administer the estate.
If an estate owner also happens to own a business, he or she can incorporate a succession plan into his or her estate portfolio. An estate plan can include much more than a last will and testament, although this is also a valuable document that no solid estate plan should be without. However, someone who wishes to transfer authority to make medical or financial decisions, for instance, can designate powers of attorney to do so, if the need arises.
Revocable or irrevocable trusts are also documents that many Illinois residents sign when they craft their estate plans. No two plans are exactly the same because every person can arrange a particular plan to meet his or her ultimate needs and goals. A logical place to start if one wishes to learn more about the process is to request a meeting with an attorney who is well-versed in estate planning laws. Lesser Lutrey Pasquesit & Howe, LLP, is committed to providing guidance and support to clients throughout the state in all aspects of estate planning, estate administration and probate litigation.