4 Reasons Why Having an Estate Plan in Place is a Must

Having an estate plan in place is a must during these uncertain times. Considering creating an estate plan is enough to make anyone feel uneasy, especially during a pandemic. No one wants to think about the future in a seemingly negative way. But to avoid the task or to think that you won’t have to worry about drafting a will until you’re older is only setting up your family for years of frustration and potential additional court costs. In times such as these, there is no room for hesitation or naivety. There is not a more imperative time than now to create a plan with a lawyer so that you can have peace of mind when it comes to your assets. 

To Avoid Probate

Avoiding probate is the most common reason people decide to create an estate plan. Probate is the judicial process of handling a person’s estate when they die. A person’s estate can be open in Probate with a valid will or with no will at all. Values are placed on the person’s assets and then based on law, various bills and taxes are paid. Other bills are paid in order of priority before final distribution to the beneficiaries. It’s an expensive and time-consuming process that the family is left to go through when a loved one passes away and something that is best avoided.

To Have Your Wishes Honored 

A will is not only a legal document that you create a point when you believe you will pass away soon. It’s also a document that you need to create when you have assets and personal property that you wish to direct the distribution of.  Creating these documents are necessary to have in case you are involved in an accident or are struck with an illness that could leave you incapacitated in any way so that you can no longer speak for yourself. If you do not have an estate plan in place, the law dictates who will receive your estate and this may not be your wishes. Working with an Estate Planning attorney to set up your estate plan, allows you to rest assured that your wishes are followed and that your assets are taken care of in the manner that you requested.

To Keep Your Estate Private 

Once your estate is filed with the probate court, it will become public knowledge. You can keep your financial and personal assets private if you execute a Revocable Living Trust (RLT) as part of your complete estate plan. Your attorney will help you transfer all your assets to an RLT to secure that they remain private and out of the public’s eye.

To Control Your Estate 

Even as we face uncertainty while dealing with the Covid-19 pandemic, you can have certainty in the health of your estate if you have a complete plan in place. Today you can control how your property will be divided and handled.

Thousands of people in the United States and around the world have passed away alone in a hospital bed over the last few months. They suddenly had no time left to determine what would happen to their assets. Although it’s incredibly somber to think about, we can learn from it. It’s imperative that you take the proper steps now to get your complete estate plan in place. If something unexpected happens to you, your mind can be at ease knowing that your assets will be handled properly.

As Covid-19 has us all practicing proper social distancing, residents of Illinois are now able to execute estate planning documents via electronic audio/video conferencing. This was made possible on March 26, 2020 when our governor issue Executive Order 2020-14, permitting such executions. Be safe and seriously consider creating an estate plan while you are healthy and of sound mind.

To speak with an attorney, call one of our offices or submit a question here.