Understanding The Estate Planning Process
Planning for your own death or the death of a loved one is never easy. These are tough conversations to have, but having a plan in place can save you and your family from turmoil down the road.
Mockaitis Law in Oswego, Illinois, provides skilled estate planning guidance to put your mind at ease.
Why should I create an estate plan?
An estate plan ensures that, if you die or become unable to make decisions for yourself, your wishes for your property and other matters are carried out. The plan usually includes a will, health care directives, powers of attorney and life insurance. Your estate plan will determine how your property will be distributed, who will care for your minor children and other important considerations that will arise after your death.
What happens if someone dies without a will?
If someone dies without a valid will, their property will be distributed to their heirs according to state law. This process is known as “intestate succession.” State laws usually distribute this property the way the “average” person would, with property passing to their surviving spouse and descendants.
What is a health care power of attorney?
A power of attorney for health care is a document where you can designate someone to make decisions about your health care, should you become unable to make those decisions yourself. This goes along with a living will, a document that outlines what health care you do or do not want in the event you cannot communicate your wishes.
What is “probate,” and does having a will avoid it?
Probate is the court-supervised process of transferring property after someone dies. Many people think having a will keeps their estate out of probate – however, even property described in a will may have to go through the probate process. Probate is not necessarily bad; in fact, it protects the rights of the parties involved. But, if you wish to avoid the expense of probate, a skilled estate planning lawyer can help you create an alternative plan.
Call Today For Estate Planning Advice Backed By Experience
This estate planning FAQ provides general information about the benefits of estate planning. For advice on how to plan your estate, call at 331-642-1515. You can also reach the firm online to request a free consultation.