Everybody has an estate, but the estates of some people are larger than the estates of other people. Estate planning isn’t only for wealthy people though. Ordinary people need an estate plan too. Here’s why.
Intestate Succession
As per the guidance of our estate planning lawyer in Rockford, IL, here at the Crosby Law Firm, if you don’t have an estate plan, Illinois already has one in place for you. It’s called the law of intestate succession. What comes to issue with the state’s estate plan for you is that relatives who you haven’t seen in many years might be awarded assets from your estate through an administrator (executor) of your estate who you never met before in your lifetime.
You Can Take Control
While you’re alive, why not take control over who can participate in your estate? With a valid will or revocable living trust, you and only you are able to select who takes what from your estate, even if a beneficiary isn’t a relative. You can also decide who administers over your estate. If you have minor children, an estate plan allows you to name a guardian for them in the event of your untimely death. You can also significantly reduce the likelihood of family estate litigation.
Don’t leave the disposition of your estate up to Illinois intestate succession laws. Consult with an estate planning lawyer in Rockford, IL, from our offices about a will, revocable living trust or other estate planning documents that you might feel that you’re in need of. Even if you have an existing estate plan, you might be thinking of changing it. Crosby Law Firm be pleased to work with you on that.
