A good estate plan includes a will. Wills are an efficient way to distribute property according to the person’s intent and avoid family fighting at the time of distribution. Wills have been around for a long time, and are part of the tool set of every experienced estate-planning attorney. A common, but serious mistake that people make is to use generic wills that they find online. Wills found online are problematic because they may not comply with the Illinois Wills statute and may leave gaps in the property distribution.

An experienced Illinois estate-planning attorney on the other hand, will have a personal relationship with her clients and ensure that wills reflect the nuances of each individual case. After drafting the will, the attorney will guide the client through the process of reviewing, revising, and executing the will.

An experienced Illinois estate-planning attorney will make sure that will execution process meets the requirements of the Illinois statute governing wills. First, the person executing the will must be at least 18 years old and must be of sound mind. The issue of sound mind is problematic when elderly people execute or amend wills, because unless done properly, these wills are open to challenges based on allegations of unsound mind.

Planning for pet care after one dies is an area of estate planning that people often overlook. Sometimes, a family member will step up to take care of the pet. However, when family members are not willing or able to take on the responsibility of caring for a pet, the pet could end up in a shelter.

Fortunately, an estate-planning attorney will make sure that a strong estate plan contains adequate resources to provide for the pet. In Illinois, one can go about providing for a pet in two ways. However, both methods are not equal.

The first option is for the pet owner to make a bequest in a will to a family member providing resources to take care of the pet. While this method is easy because the bequest is usually part of the main will, it may not be in the best interest of the pet. Illinois wills usually have to go through probate, which can mean long delays before the funds are available for the pet care. Moreover, wills are open to challenges during probate, which may mean even longer delays.

Most people want to make sure their families are taken care of once they pass away. However, in the event of prolonged illness or long term care, that goal may not be possible to achieve.  Medical expenses and long term care can reduce the value of an estate very quickly. Heirs and family members may wonder who is responsible for the payment of debts after death.  The answer may depend upon the status of the estate once the decedent has passed.

Solvent Estate

More than 5 million Americans suffer from Alzheimer’s, a progressive brain disorder that leads to the eventual loss of memory, reasoning and intellect.  According to Centers for Disease Control and Prevention (CDC) statistics, it is the sixth leading cause of death in the United States. While numbers rise for newly diagnosed cases, funding for research to combat the disease is not materializing fast enough.

The National Institutes of Health (NIH) reports an estimated $562 million in funding for Alzheimer’s research in fiscal year 2014. The Alzheimer’s Association estimates that the cost of care will exceed $200 billion this year and reach $1.2 trillion by 2050. A survey of 170 leading biomedical scientists released this year by BrightFocus Foundation, a Maryland-based nonprofit, revealed that:

If you do not have a lot of money or assets, you may be wondering why it is important for you to have a will. However, a will is not only for the rich. You do not have to be rich to feel that you have something of value.  Perhaps it is a precious belonging that you want a certain person to have. If you do not have a will in place, you will not have a say in how things are managed once you are gone.

A will can be changed as your life changes. According to CNNMoney it is a good idea to review your will periodically, particularly if your marital status changes or if your family expands. It is also recommended that you review your named beneficiary on any retirement such as any IRA and 401 (k) accounts, as these will automatically be transferred upon your death.  If your beneficiaries are deceased or no longer in your life, you want to ensure your assets transfer to those you care about most.