Estate Planning Basics

What is the importance of estate planning? Estate planning can assist with future

planning for your family, preserve your hard-earned assets for future generations, help you organize your affairs before you become incapacitated and settle your affairs. This article will discuss several benefits of estate planning.

Designate the individuals to receive property in advance, rather than your property descending to your heirs according the Illinois statutory scheme at your death. Especially in light of recent trends in nontraditional families, this becomes especially important. While no one has control over when and how they will depart this world, people can exert control over how their property is distributed upon their deaths. Once you specify those persons who are to obtain your assets post death, you can also potentially avoid family feuds over who gets what. So many of our clients believe that their family wouldn't dispute their estate after their death, but unfortunately, it happens often.

Once you engage in estate planning you have the opportunity to organize your affairs for the benefit of your heirs while you are able to do so. Many times we meet with family members who lament the fact that mom or dad didnt take care of things before they lost the ability to do so. Advanced age is sometimes accompanied by diseases like Alzheimers which slowly rob people of their abilities to manage their affairs, and mental deterioration may not be apparent in the early stages. By the time a person realizes or acknowledges that he or she is suffering from such a disease, it may already be too late for them to competently design an estate plan or appoint representatives to act on their behalf. You should implement your estate plan while you can make legal decisions. You can develop an estate plan and appoint agents with the assistance of your attorney. This process involves identifying your assets and deciding those who will receive your assets after death and under what conditions they will receive them. Through the course of this process, you have the opportunity to gather all important documents evidencing your assets and obligations and organize them for the benefit of your heirs and beneficiaries. Heirs are relieved of the burden of finding your financial documents when you are gone. Even if you think you dont have much in the way of assets, it is still a benefit to you and your loved ones to organize your affairs before advanced age, illness or an accident makes doing so impossible.

by: Ralph E. Elliott

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