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What Makes Up An Estate Plan?

Published on September 24th, 2019

Estate planning is not as stressful as you think when you hire a professional and experienced lawyer to help you. As your estate planning lawyers serving Rockford, IL, we want to make sure you know the basics about your estate plan and what goes into creating one. 

A Last Will And Testament

Known as the most important part of an estate plan, these two let you choose who inherits your assets, select your child’s guardian, and name an executor to make sure that all your wishes are carried out.

A Living Will

The Living Will allows you to decide the sort of care you want if you end up being hospitalized and cannot make decisions for yourself. This can be important for those with strong religious beliefs when it comes to DNRs.

Healthcare Power Of Attorney

This also concerns treatment issues, but names someone to make decisions for you—your spouse, family member, a close friend—instead of laying out your choices in a previous document. 

Financial Power Of Attorney

You can choose a trusted agent to act on your behalf when it comes to handling your finances. For example, you’d give this person access to accounts to help make sure bills and mortgages stay current.

A Trust

This allows you to set money and other assets aside for people or organizations that will not go through probate. Your heirs will be able to inherit what you want them too without much hassle.

If you’re ready to start your estate plan, make sure you contact your estate planning lawyers serving Rockford, IL today, and we will help you go step by step to complete this process.

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