People in Illinois who think about estate planning might automatically think about a will or a trust. However, they may not be aware of how a trust works or that there are many different types of trusts. A person's assets and wishes can help direct them to select the right trust for their situation.
Setting up an estate plan can be a daunting task for all sorts of reasons. Some people, for example, may be unsure of which type of estate plan to choose. A trust may be ideal for some people (and there are various types of trusts, too), while a will may work out better for another. Once you have figured out which type of estate plan to move ahead with, many other considerations could surface, such as trying to decide how to distribute your assets. This can bring up some incredibly difficult decisions, especially those which involve family members, and it is crucial to be mindful of how your decisions may affect those you love.
You have heard people discuss the importance of creating an estate plan, but you brush it aside because you do not yet have a family or dependents of any kind. In fact, you are doing relatively well for yourself and are confident in your ability to manage your own life in the current moment. At Farrell, Hamilton & Julian, P.C., we have helped educate many people in Illinois about the importance of investing in an estate plan early on.
Once you’ve drafted a will or estate plan for the first time, the work doesn’t stop there. These important estate plans need to remain up-to-date with the changes in your life, the good and the bad. Be proactive in maintaining this information and prevent unnecessary hassle for loved ones once the plans come into play.