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While many assume estate planning is only for wealthy individuals, it’s an essential process that everyone should consider. With this legal plan, you’ll have peace of mind knowing that your assets are handled the way you want after you pass away. If you’ve yet to create your estate plan, here are a few reasons you shouldn’t wait to hire a lawyer to start the process.

4 Reasons to Invest in Estate Planning

1. Decide How You Want to Distribute  

Without an estate plan, the state courts will determine how your assets are divided among surviving relatives. For example, if you’re married with children, Illinois laws state that half of your estate is given to the spouse while the rest is divided by your children. When a lawyer forms a trust or will, you decide who receives what.

2. Protect Children

If you have minor children, there is always a risk that they could end up in protective services—especially if the other spouse is unavailable or deceased. To avoid this outcome, you can use your estate plan to name a specific guardian that you trust to take care of your children.

3. Clarify Personal Care Wishes

estate planningAn estate plan can offer specifics on how you want decisions to be made if you are unable to do so yourself—such as if you become unresponsive and hospitalized. For example, you can name a person to make healthcare and financial decisions for you by giving them power of attorney.

4. Maintain Privacy

Even if you have a will, real estate and assets valued higher than $100,000 must be distributed through a probate court. During this process, the court will review the estate and ensure all assets are distributed without conflict. These decisions will go on the public record. To maintain privacy, list valuable assets in a trust. Assets distributed under a trust don’t go through probate and remain private.

 

While there are plenty of important decisions to make when it comes to estate planning, the experienced attorneys at Pepping, Balk, Kincaid & Olson, Ltd. will streamline the process. Assisting clients with their estate, property, and family law, this Silvis, IL, legal team will review your assets in-depth to ensure they are handled in a way that you approve of. In addition to trusts and wills, this team is qualified to prepare powers of attorney, guardianships, and other important documents commonly found in an estate plan. Visit them online to learn more about their practice areas or call (309) 755-5096 to schedule a consultation with a team member.  

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