Blog

Estate Planning Is Important and Not As Expensive As You Think

Having an estate plan, which can consist of a Will, is important. A simple Will is an inexpensive way to begin your estate plan.

Most people know what a Will, or “Last Will and Testament” is, but most people do not know that a Will can provide more instructions than just where one’s property goes after they pass away. Wills can also name an Executor, direct how debts are paid, and most importantly can name people that would act as Guardians to your children under the age of 18 years old, should you pass away. It is common to see young people without any estate plan because they think that nothing will happen to them or that they have no assets to leave. People often have more assets than they realize, especially if they own a home.

A parent’s biggest asset is their children and some people do not have a plan in place directing who would take care of their children should both parents pass away. A guardianship provision in a Will provides clarity to the family and to the State of Illinois, as to who should have the responsibility of raising your children should something happen to you and your spouse.

A simple estate plan consisting of a Will and Power of Attorney forms can cost as little as $250. What people do not realize is that without an estate plan, expenses can be thousands of dollars and cause much confusion and stress for their families.

A Will provides peace of mind almost immediately after the Will is signed. Knowing that your assets will be going to the right place and that your children will be taken care of by someone that you trust to raise your children is a wonderful feeling. Wills are also more inexpensive than most realize and are well worth the cost.

Our next posts will inform you specifically on Power of Attorney forms and Trusts, which can be a part of everyone’s estate plan.

About Me

My goal as a local attorney is to assist and inform the residents of Whiteside and Carroll County of the importance of planning. Estate Planning, Medicaid Planning, Tax Planning and more. I intend to update this blog once a month.

Subscribe to My Blog

Get new content delivered directly to your inbox.