If you live in or near Champaign, Illinois, and are looking to plan an estate and ensure the financial future of your family, you’re in luck. Estate planning isn’t tremendously difficult, but it does require some time to gather the appropriate materials and make plans with your family. At the end of the day, you’ll want to call an experienced Champaign estate planning attorney to finalize all documents and make sure you have all of your plans completed.
There are a few steps you should take in order to prepare for estate planning. This involves taking inventory and being able to answer some basic questions.
- What items or accounts do you have jointly? This includes both possessions and financial accounts.
- What would you want to happen to any kids in your care if you AND your partner passed away unexpectedly? Who would manage your finances and care for the money your kids would eventually receive?
- What are your instructions in the event you become unable to make your own medical or financial decisions?
- If you were no longer in the picture, what would your family need in order to survive financially?
These are some of the basic questions, but there are unquestionably additional legal considerations to keep in mind. These considerations may change, depending on your personal situation. If you are unsure of the answers, you can always talk with an estate planning expert who can walk you through some common factors you should consider.
There is no question: It is incredibly important to ensure that your estate is prepared as soon as possible. Sadly, it goes without saying: We never know what life has in store for any of us. As such, it is absolutely vital that we are all prepared to help our families get through life without us. This means that all necessary legal, financial, and medical documents are available and prepared for any potential eventuality.
Before you meet with an estate planner, you should have a few documents ready. These include:
- Any previous planning documents, including wills, trusts, or medical directives.
- Copies of any insurance policies you have.
- Certificates of birth, marriage, or divorce.
- Formal identification
- Family Tree Information
For more information on working with a Champaign estate planning attorney, contact the estate planning experts at Rincker Law. You can visit our website or call us at (217) 531-2179.