Explaining Estate Plannings
Jerseyville, IL Estate Plannings Explained
Death is something that many people hate to think about, but it is a reality that will happen one day. Therefore, whether your estate is comprised of a handful of options they will have to be passed. Estate plannings have to do with deciding how you would like this to be done. Below are some important aspects of estate planning in Jerseyville, IL, that you should know.
Probate is the terms that law professionals use to describe the process the courts rely on to settle a deceased’s estate. As you plan your estate, it is imperative for you to understand the role that the courts play in this process. The court process can take many years, depending on your state, and it can cost about 10 percent of the entire estate value. Therefore, you have to take note of the costs and challenges associated with probate in your state and do what you can to navigate the process or even avoid it altogether.
Writing a valid will does not mean that the probate process will be avoided. However, it can make things much easier. A will provides details of the wishes of the deceased for the executors and the courts. A will can come with a living trust. They can help to speed up the process of distributing physical assets. When it comes to court processes, anything that speeds them up can help in minimizing the fees.
Beneficiaries of Financial Assets
Dealing with financial assets such as life insurance and retirement plans is quite easy. You have to name the beneficiaries so that the institutions that are holding them can know who they can turn the funds to when you die.
Power of Attorney
There are two main types of Power of Attorney (POA): Financial POA and Medical POA. A financial POA allows you to decide who will be responsible for handling your financial decisions if you become mentally or physically unable to. On the other hand, POA allows you to ensure that your medical preferences are factored in when you come physically incapacitated. For instance, you can express your desires with regards to how you would like your medical needs to be handled.
The Bottom Line
Overall, it is apparent that if you are a number of things that you should know when it comes to deciding how you want your belongings to be handled. Planning is the best thing to do to make things easy for all concerned parties.