3 key components every estate plan should have

On Behalf of | Aug 5, 2021 | Blog, Estate Planning | 0 comments

Many Illinois residents put off creating estate plans, and they often do so because they feel as if creating one would take time they may not have. If you count yourself among those who do not currently have an estate plan in place, you may want to reconsider. Not every estate plan must be complex. Instead, you may be able to accomplish some of the most important estate planning objectives by making three key estate planning efforts.

Per Bankrate, you may find it beneficial to include the following three components in your estate plan.

1. A will

The will is arguably the most critical part of an estate plan. Without a will, you die intestate, meaning you may leave your loved ones scrambling in probate court. You may use your will to outline where you want your assets to go after your death. You may also want to use the document to designate someone a guardian over your minor child or children.

2. An advance directive

Several different types of advance directives exist. These estate planning documents give you a chance to dictate what you want to happen to you in the medical sense if you suffer a serious injury or illness that leaves you incapacitated.

3. A power of attorney

A power of attorney gives someone you trust control over specific affairs. You may create a power of attorney for medical decisions, or you may create a separate one that gives someone the right to manage your finances.

There are numerous estate planning tools and documents you may be able to use to accomplish different estate planning goals. However, these three components are critical parts of just about any estate plan.