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.
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
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.