The process of protecting your family and setting up your estate in the event of your death can be a daunting and expensive process. It can involve some very deep thinking about painful issues. Nonetheless, it is an important process – one that every family should engage in.
First, it is important to understand why estate planning is so important. The reason is simple: You never know when a tragedy will strike you or your loved ones. The unfortunate truth is that illness or accidents can happen to any of us at any time. In order to protect our loved ones, we must ensure that our financial assets are protected. This means creating a will, trust document, and ensuring that all of your life insurance policies are set to be distributed according to your wishes. If you have children, depending on your assets and your insurance policies, you may want to establish trusts. This can ensure that your children’s money will be protected and invested appropriately and that they can get access to this money when they are mature enough to properly manage it.
Furthermore, estate planning is about more than just ensuring that our financial assets are distributed in accordance with our wishes in the event of our death. While death is obviously the worst-case scenario, there are a variety of other potential instances that may result in your incapacitation. If that is the case, who do you want to make your health care decisions? Who should have your power of attorney and manage your finances? If you have a business, who will run the business in your absence? A professional and experienced attorney will be able to ask all of these questions and ensure that you are best prepared to deal with these issues.
If you live in the Champaign area and are looking for an experienced Champaign estate planning attorney, schedule a confidential consultation with Rincker Law. Rincker Law offers a variety of estate planning services, including power of attorney, health care proxy, living will, wills, and more. Speak to an experienced Champaign estate planning attorney, call (217) 531-2179 today for more information, or to schedule a consultation.
Great advice and for many readers, I hope it encourages them to act now, not later, regardless of age. Having written instructions means your wishes are carried out and not guessed at, or in too many situations fought over. And don’t forget the pets!