What Is Estate Planning?
Estate planning is the process of arranging for the management and distribution of your assets during your lifetime and after your death. It ensures your wishes are honored and your loved ones are protected.
Key Components
- Will: Directs how your assets are distributed after death
- Trust: Manages assets during life and after death, avoiding probate
- Powers of Attorney: Appoints someone to handle financial matters if you become incapacitated
- Healthcare Directives: Specifies your medical care preferences
Why Estate Planning Matters
Without an estate plan, Illinois law determines who inherits your assets and who makes decisions if you're incapacitated. This may not align with your wishes and can create costly legal battles.