Proper planning for your estate can make the difference in ensuring that your hard-gained assets are allocated towards your loved ones as efficiently as possible. An estate plan gives you direct control over the future of your assets, and helps to avoid conflict or ambiguity during times of distress.
An estate plan usually consists of several documents; most common is a will, but documents that concern the medical and financial powers of attorney, trusts, and the living will of a person are also typical.
A will dictates how a person’s property will be distributed upon their death, and also designates who exactly will be responsible for making that distribution happen. According to Chicago estate planning lawyers, if somebody dies without a will, their property will be disbursed according to the laws of whatever state they or their property are located in. These state laws don’t take into account the unique desires and needs of individuals. Designating someone to ensure that property is handled and distributed correctly is also important, lest this responsibility be left to the discretion of a judge, who may not understand the personal needs of an estate.
Besides planning for your property, deciding who will make medical and financial decisions for you in the event of your incapacitation is of utmost importance. Power of attorney documents do just this. These documents are important, because they guide how things like how your medical bill or other expenses like your mortgage will be paid when you are unable to do so personally. A medical power of attorney document is similar, but still distinct from a living will document. According to the website of Arenson Law Group, PC, a living will document provides instruction related to life-sustaining procedures when an incapacitated person has a terminal illness or is in a permanently vegetative state. A medical power of attorney pertains to other more general medical decisions.
Every person can benefit from an estate plan, no matter how mature or nascent their estate is. It’s never too soon to start planning for the future.Read More