New Year’s Resolutions can come in all shapes and sizes. In 2021, we have heard New Year’s resolutions that include, wearing “real pants”, less “doomscrolling” on twitter, and of course, seeing friends and family in person. However, a recent study conducted by fitness app Strava found that most people are likely to give up on their New Year’s resolutions by January 19. Many of us start the year off setting big goals only to give up when those goals seem unattainable, or even a little bit out of reach. If you have been thinking about creating or updating your Estate Plan as part of your New Year’s resolutions, now is the time to act! The attorneys at The Law Office of Kate Curler are happy to help you create or update your Estate Plan and make the process as smooth as possible.
4 Most Important Estate Planning Documents
Creating an Estate Plan does not have to be complicated and does not merely entail planning for your death. By putting together these four estate planning documents, you are responsibly planning for your future, ensuring that your loved ones can properly care for you in the event of your incapacity and that they can distribute your assets at the time of your death, per your wishes.
Powers of Attorney for Property and Powers of Attorney for Health Care both name an Agent and Successor Agent to manage your finances and medical decisions, respectively, in the event you become disabled or otherwise incapacitated. If you take nothing else from this blog post, remember that valid and properly executed Powers of Attorney can help avoid Guardianship. As we previously discussed, Guardianship can be a long and expensive court process where a judge must approve all decisions made on behalf of the person under Guardianship. Power of Attorney documents are a simple and cost-effective way to avoid this hassle.
Wills and Revocable Trusts are two Estate Planning documents that give instructions as to how you want your assets distributed at the time of your death. Wills, unlike properly executed and funded Trusts, pass through probate so your assets will be distributed through court procedures. A Trust becomes effective at the time you sign it and is a living document which you administer throughout your life. At the time of death, if your Trust is properly funded, your assets will be immediately available to your named beneficiaries. There are different reasons to choose to draft a Will rather than a Trust and vice versa. The important thing to remember is that without proper estate planning documents, your assets will be distributed according to Illinois law which might not be according to your wishes. For example, if you prefer a charity over your cousin, who never called to see how you were during Covid, now is to formalize that in your Estate Plan!
New Year’s Resolutions oftentimes are hard to follow-through. The attorneys at The Law Office of Kate Curler can help check off an item from your to-do list and work with you to create an Estate Plan that fits your unique needs.
If you have questions about estate planning, please contact attorney Lauren Kaplan at lkaplan@curlerlaw.com or (312) 952-1077.