Your estate plan is the key to taking care of your loved ones after you pass away. Having a comprehensive plan in place takes the guesswork out of the future for your family and can allow them to focus on their grief, instead of worrying about other things.
There are several things that you need to think about when you’re trying to determine what to include in your estate plan. Your circumstances play a role in what your estate plan needs. Here are the things you need to consider:
Do you have minor children?
If you have minor children, your will can address who will raise them for you. This individual is named as the guardian for them. You can also plan for the financial aspects of their care through your will and by establishing trusts.
What medical care instructions do you have?
You leave health care instructions that your medical team will follow if you’re unable to provide them with directions. This can include things like refusing to be placed on a ventilator or asking for intravenous hydration and nutrition. Some instructions, such as a wish to not be resuscitated, will need specific forms on file.
Who will make decisions for you if you can’t make them?
You need to determine who will make decisions related to your health care and your finances if you become incapacitated. You need to give these individuals power of attorney so they have the legal power to do so.
Working with an attorney who’s familiar with the estate planning laws in Illinois can help you to get everything situated. The sooner you do this, the sooner you can the peace of mind in knowing that it’s all set if something happens to you.