Most Illinois residents know they need to prepare for the future. They understand that they could suffer an injury or illness that could incapacitate or even kill them, but few people actually want to sit down and contemplate these events long enough to prepare for incapacitation and estate administration. For those who come to the conclusion that it is a necessary evil, it may help to have some direction regarding how to structure a plan.
Before any documents are created, an Illinois resident needs to make some determinations regarding what will happen under particular circumstances. For instance, if any loved ones have special needs, any provisions made for that person in an estate plan would need to follow certain rules in order to avoid an inheritance preventing him or her from receiving much needed services and funding. Thereafter, others that the individual wants to provide for after death should be identified.
Depending on the current value of an individual’s assets, estate tax could be due. In order to reduce or eliminate that eventuality, the plan would need to be structured a certain way. Even if estate taxes are not an issue, protecting assets will still be a concern that requires addressing.
These are only some of the issues that require attention when preparing for incapacitation or estate administration. A comprehensive examination of an individual’s estate could reveal the need for other estate planning documents that should make the process easier after death. In addition, no one can predict what will happen or when, so making sure that plans are in place for the possibility of incapacitation will make the situation easier on family members as well.