Important Decisions in Illinois Estate Planning
Estate planning is an extremely important process that individuals with significant assets need to take seriously in order to ensure their final wishes are carried out as desired, and to mitigate the possibilities of legal challenges to those intentions. While some may dread the process, believing it too complex and arduous, everyone seeking a timely and efficient dispersal of assets should take stock of their unique situation and make sure basic yet important aspects are taken care off.
To help make the process go even more smoothly, individuals planning their estates should strongly consider consulting with an experienced Northbrook estate planning attorney. Although it may be the client’s first time drafting a last will and testament, experienced Illinois estate planning can use their skills to help many clients in their time of need.
Who should I name as the executor of my estate?
Naming the executor of an estate is perhaps one of the most important aspects of estate planning. The duties of the executor include carrying out the deceased’s last will and testament, cataloguing all assets, settling debts with creditors, and ultimately dispersing assets.
An executor should be someone the individual can trust to faithfully fulfill the fiduciary duty imposed on them under Illinois probate laws. Because executors of estates have both great responsibilities and control of the estate, it is imperative to choose the right person. If no executor is named to estate, probate courts will take it upon themselves to name one.
How do I decide what the beneficiaries of my estate receive?
Apart from settling debts, wills ultimately decide who gets what and how much. These decisions are often times intimate to the individual creating a will and should be done so without undue influence from outside parties.
Of course, enlisting in the assistance of a qualified Evanston attorney can help ensure assets are divided up as they are intended and free from interference from other beneficiaries or interested parties. Deciding what heirs and beneficiaries receive needs to be a key focus of planning an estate and proper thought must be given.
Do I need a living will?
Living wills are an important aspect of estate planning which should not be overlooked. Living wills essentially put a plan into place in the event the individual becomes incapacitated or otherwise unable to run their affairs. Often times, living wills express an individual’s wishes as it pertains to their medical care in life altering situations.
End-of-life medical care can include orders not to resuscitate or the extent to which medical care will continue to be executed before ceased. These are often complex documents and should be drafted with the help of an experienced Skokie estate planning attorney.
Reach out to our Glenview estate planning attorneys
For help with drafting your estate, trust, or living will, contact our office and set up a consultation. The experienced Glenview estate planning attorneys of Orlowsky & Wilson, Ltd. serve clients throughout Northbrook, Evanston, Skokie, Glenview, Glencoe, and Highland Park.