How many seniors in Champaign and the state as a whole are participating in estate planning?
When someone passes without end-of-life documents, many decisions will be left to the courts and local laws to sort out. Unfortunately, this can mean many choices that your loved one may not prefer. An IRS study found the number of people in Illinois to file returns for complex and simple trusts:
With a senior population of 1.9 million, the above chart shows that a majority of seniors in Illinois have neglected to plan for their estates or legacies. Finding qualified estate planning services in Springfield or Champaign can help your loved one take the first step towards planning for the future following their passing, which can increase their sense of security during their golden years.
When might a senior in Champaign plan to give their money away?
It’s important for seniors to dictate how things go upon their passing, including the timing at which they begin to distribute their estate. People might choose to give their money and other belongings away at a variety of points during their final years. The chart below reveals Bank of America’s findings upon conducting a survey amongst seniors:
There are many reasons seniors may choose to give some or all of their estate away while living, such as the opportunity to witness how it benefits their loved ones or to better have a handle on the overall distribution of their belongings. However, it’s just as common to opt to leave trusts and wills that can be enacted following their passing. A Champaign, Springfield, or Decatur estate planning attorney can assist your loved one every step of the way.
How to choose the best estate planning attorney in Champaign
Finding a Champaign estate planning attorney might seem like a daunting task. When you’ve gathered a few options, you can drop any lawyer who isn’t happy to provide references. Conduct interviews with the remaining prospects to learn about their academic background, experience with estate planning, and their overall capabilities in working with the elderly. Further, you’ll want to have your loved one sit down with them to see how they feel about the attorney. Don’t forget to be sure that the senior in your life can afford the attorney’s fees. Simple wills can cost around $100 with the price increasing based on the overall estate. Refer to our comprehensive guide to choosing an estate planning attorney to learn more.
Estate planning solutions for Champaign seniors
While estate planning can be an emotionally intense process, it’s important to make arrangements. In addition to providing instruction as to how to divide up your loved one’s estate, it can also spell out important health directives if something happens and your senior relative can’t make health care decisions. According to Reuters, roughly 37% of U. S. residents have advanced directives about end-of-life care. Advanced directives can take the pressure off families, preventing disagreements that may prevent treatment. A skilled Champaign estate planning attorney can assist with this and other forms of documentation your loved one may need.
Enlisting the support of a skilled estate planning attorney in Champaign or another nearby city can bring peace of mind to your family. Get started with our listings today.
