Why Wills And Powers Of Attorney Matter
A will is a document that allows you to specify your wishes regarding your assets, personal property, guardians for minor children, your funeral preferences and more after you die. Powers of attorney let you choose people to handle your financial affairs and health care if you are incapacitated and cannot make decisions for yourself. These documents are important for your peace of mind, your future, your family’s future and the ease of transferring assets after your passing.
At Barr & Barr Law in Decatur, our experienced Illinois estate planning lawyers are here to help you ensure that your health, assets and financial matters are secure in the event of incapacitation or death. You will feel better knowing that there is a plan in place for your loved ones and that they will not have to guess at what you would have wanted. This also helps reduce the likelihood of family disputes in the future. To get started, please contact us today for a free consultation.
Who Needs A Will Or Power Of Attorney?
Every adult, regardless of their assets, needs a will and powers of attorney. These documents are the foundation of an estate plan and will allow you to make critical decisions about your future. Estate planning is not something you should put off. If you pass away without a will, the probate process will be much more complicated for your heirs and beneficiaries. In addition, the state will determine who gets your assets if there is nothing to document your wishes about who receives them. The state’s determination may be far different than what you would have wanted.
There are many life events that affect your estate plan. In these instances, you should have a lawyer review an existing plan or draft a new one. Some of the most common events include:
- Marriage
- The birth of a child
- The death of a spouse
- Divorce
- The purchase or sale of a business
- Retirement
- Significant changes to your assets
- Significant changes to your health
These are just some of the reasons you may need to update or create a will and powers of attorney. We can help you review, revise or draft wills and powers of attorney.
Frequently Asked Questions
Have estate planning questions? Take a look at the questions below and let us know if you have other concerns.
What can a power of attorney do and not do?
A power of attorney can allow someone of your choosing to manage your property and financial affairs for you if you can’t make decisions for yourself. They can pay bills, sell real estate and more. With the health care power of attorney (health care directive), the agent can make decisions in accordance with your wishes on medical treatment and end-of-life care.
The agent cannot direct the distribution of your assets or make other decisions after your death. They also can’t change your will or misuse your assets for their own purposes. They cannot go against your health care wishes and make decisions on their own.
What information should be in a will?
You should include your wishes for your funeral and burial arrangements and your choice of legal guardians for any minor children. You will also want to name heirs and beneficiaries for personal property and other assets.
Is there a limit on how many times I can update my will?
No, you can revise your will as often as you need to.
Now Is The Time To Plan With A Will And Powers Of Attorney
Let’s talk today about what you need and get an estate plan, including powers of attorney, started for you. Call us in Decatur at 217-875-5311 or send us an email today for a free consultation.