Most of us don’t like to contemplate our own deaths, but while it may be unpleasant, it is often necessary, especially for those who are planning their estates. In fact, this is actually one of the best ways that a person can ensure that their loved ones are taken care of after they pass away. Those who fail to take this step often leave relatives scrambling to handle their estates, which can be time-consuming, stressful, and extremely emotional. To learn more about what estate planning entails, please contact a Glenview estate planning attorney today.
Leaving Assets to Your Loved Ones
One of the biggest benefits to planning an estate is the peace of mind that comes with knowing that your assets will be distributed to your loved ones after your death. While it is true that even those who die intestate will have their assets passed down to some of their relatives, creating a will or establishing a trust ensures that those assets go to the individuals they will help the most. Additionally, testators who proactively engage in estate planning can help reduce the costs of fees and taxes associated with their estate that would otherwise be passed on to their loved ones. Ultimately, estate planning gives testators the freedom to dispose of their assets as they wish, while also helping them avoid hefty fines and taxes.
Distributing Your Estate Quickly
Estates that are not officially planned usually undergo a lengthy clearance period before assets and property can be distributed to the correct beneficiaries. This can make it extremely difficult for a person’s relatives to make funeral and burial arrangements and to settle any outstanding debts. Estate planning helps ensure that assets are passed down in a timely manner, so that a decedent’s beneficiaries don’t have to borrow money to pay estate-related costs.
Leaving Money for a Charity
Aside from leaving assets to loved ones, testators who plan their estates ahead of time can ensure that a favorite charity receives a portion of their estate. This could include a gift of a one-time payment or funds that are distributed over a number of years. Outside of making a family member promise to leave certain assets to a charity, this is the only way that testators can ensure that their property will be distributed to the charity of their choice.
Detailing Your End-of-Life Wishes
Estate planning has a number of benefits that aren’t related to leaving assets to beneficiaries or charities. For instance, many testators choose to place instructions for end-of-life care in their wills. This could include an instruction not to place him or her on life support or a provision giving a relative power of attorney in the event of incapacitation. Essentially, this gives testators the option of consenting to or refusing something before it happens. Those who fail to take this step could force their relatives to petition the court for conservatorship or guardianship, which can be a difficult and time-consuming process.
Call Today for Help Planning Your Estate
If you have not started planning your estate or want to make changes to an already existing will or revocable trust, please contact one of the dedicated Glenview estate planning attorneys at Orlowsky & Wilson, Ltd. Attorneys at Law by calling 847-325-5559 or by sending us an online message.