07 Mar. 23
Reasons To Have An Estate Plan Jerseyville, IL
Whenever residents in Jerseyville, IL think about estate planning, they usually think about the elderly with their valuable possessions like cars, jewelry, antiques, and more. Despite the common idea about estate planning, it is not just for the wealthy or elderly. Anyone can benefit from having an estate plan created, as long as you have assets that you want to leave for people you know upon your death. Here we want to talk about some reasons why you should have an estate plan set up for you.
Estate Plan Over A Will
Another misconception that people have about estate plans is thinking that they are the same things as wills. This is far from the truth. While both are used for similar purposes, that being how your assets and goods need to be divided upon your death, estate planning can provide you with more options than a will. Estate planning gives you the ability to appoint individuals who will make medical decisions on your behalf when you are no longer able to. You can outline what medical treatments you want or ones you do not want. You can have one or more trusts to help pass down your property to your heirs and possibly provide some tax benefits for you and your beneficiaries upon your death. There is more that an estate plan can provide than just that, make sure you ask your local legal professionals in Jerseyville, IL for more information.
Assistance While Alive
As mentioned previously, an estate plan does not only help when you are dead but even while you are still alive. We explained how you can appoint a durable power of attorney who will help make medical decisions for you when you are no longer capable of deciding for yourself. A durable power of attorney can also appoint a relative or a friend who can be trusted to handle your financial and legal affairs when you cannot. An estate plan helps you even before you have died.
Protection of Children
In the scenario that you die and you have no spouse who would be able to take care of your children or other dependents, an estate plan can help you pick a guardian for them. If you do not have an estate plan, the probate court will decide on a legal guardian for them. They will aim to make it a family member or family friend. If there is no one who can take care of the child, they will enter the foster system. Having an estate plan gives you control over who will take care of your dependents rather than having the court decide.
There is more to estate planning than just what we mentioned here. If you live in Jerseyville, IL, and have any more questions about estate planning, give our team over at Diaz Law Offices a call today!