Frequently Asked Questions (FAQs) About Estate Planning
Many misconceptions surround the topic of estate planning. If you are considering establishing a plan for your future, you likely have many questions. At Farrell, Hamilton & Julian, P.C., we will help you identify your estate planning needs, answer any questions you might have and create a plan that achieves your goals.
Contact our firm at 618-208-0263 to schedule a consultation, where we can discuss your needs and answer all your questions. In the meantime, keep reading for answers to some of the most commonly asked questions about estate planning.
Why Do I Need An Estate Plan?
Many individuals assume that estate plans are not necessary because state law will distribute property appropriately to family members. To a certain extent, that may be true. However, when you fail to establish a valid estate plan, you give up important rights regarding:
- How your assets are allocated and who gets what
- Maintaining control over your health care decisions in the event of incapacity
- Appointing a guardian or conservator for minor or special-needs children
Having an estate plan in place protects your family from future conflict, minimizes estate taxes and ensures that your wishes are known.
What Is Included In An Estate Plan?
What you need to include in your estate plan will vary based on your specific circumstances. Depending on your situation, you may need to incorporate the following into your plan:
- A will and/or trust
- Beneficiary forms for retirement accounts, bank accounts, insurance policies, etc.
- Guardianship or conservatorship designations
- Durable and statutory powers of attorney
- Letter of intent
To better understand your estate planning needs, get the help of an experienced estate planning lawyer at Farrell, Hamilton & Julian, P.C., today.
What Happens When Someone Dies Without A Will?
If a person dies intestate (without a will), the state laws will take effect. Like other states, Illinois has a “default” will that determines how and to whom your property gets distributed should you die before establishing a valid will.
Tailored Estate Planning Services For Godfrey Residents
At Farrell, Hamilton & Julian, P.C., our attorneys assist individuals, families and business owners throughout the Godfrey area in developing customized estate plans. With more than 40 years of experience, we understand the intricacies of estate planning and how to effectively help our clients identify their specific needs, protect their interests and achieve their legal goals.
Have More Questions About Estate Planning?
Contact us online to schedule an initial consultation with a knowledgeable estate planning attorney. We will discuss your needs for planning and answer any questions. You can also call our office directly at 618-208-0263.