When a new year unfolds, it is not uncommon for people in Illinois and elsewhere to want to become more organized, get their affairs in order, and set numerous financial or personal goals for themselves and their families. Many people include estate planning as a top priority when they want to devise a system that helps protect their assets and plan for the future. No matter what your current age happens to be, if you’re an adult, it is never too soon to develop a strong estate plan.
It is definitely a legal process that many people shy away from or procrastinate about. Some people do not like to think about their own mortality. Others have been given misguided information and, perhaps, believe that estate planning is just something elderly or wealthy people do.
The fact is that any adult who owns assets can benefit from executing a last will and testament, as well as other documents that stipulate how he or she wishes such assets to be distributed after his or her death. An estate owner can also designate someone to have authority to make financial or medical decisions on his or her behalf if he or she is no longer able to do so due to incapacitation. This person does not necessarily have to be a relative but can also be a trusted friend or colleague as well.
Once you devise a strong estate plan, it is important to periodically review it and update or change it, as needed. Various issues may arise that prompt the need to do so, such as a marriage or divorce, a birth in the family, a change in financial status and more. The most logical step to take if you want to know about the estate planning process is to request a meeting with an experienced attorney who is well-versed in such issues. Lesser Lutrey Pasquesi & Howe, LLP, is committed to providing estate support to those with estate questions or legal issues in Illinois.