Sitting down with a family law attorney to draft estate plan documents is a very difficult situation for some people. The thought of dying prevents a lot of people from doing this important task, leaving their loved ones in a tough spot upon their death. Putting these documents together now not only protects you should you become incapacitated, but it also protects your family and here's how.
First and foremost, you must create a will above all else. Get a will in place first and then move onto other documents and issues. The will names guardians for your minor children as well as other important issues you want to express upon your death.
Discuss a trust with your family law attorney. If you decide to establish a trust, your estate will be able to walk around probate. A trust can also be used to manage your assets and estate following your death.
Do not forget to assign a power of attorney when putting together your estate plan documents. Consider establishing a financial power of attorney and a medical power of attorney. This can be the same person or two different people. It all comes down to who you feel is best at each situation.
Check your current life insurance plan. Is it for enough? Maybe you are still protected by the policy you had prior to getting married or prior to having children. You will want to update the coverage based on your current situation.
Are you ready to draft your estate plan documents? Do you need to update your current documents due to a life change? Contact our firm in Crystal Lake to discuss your needs.