4 Important Documents to Have When Following Probate Laws in Chicago

Retirement brings a range of emotions to the surface, ranging from joy and excitement to anxiety and fear. While some wonder when retirement actually begins, others wonder what kind of experience they’ll have. During the transition, it’s important for retirees to get their finances in order. Creating a plan and organizing crucial documents will help clients ensure that their wishes are carried out later. Here are the most important documents to have according to Probate Laws in Chicago.

A Will

Wills are legal documents that people use to express their desires regarding asset distribution and the care of minor children. According to a recent AARP survey, only about 40% of Americans have a will. Those numbers increase as the population ages, but that still leaves many people without a will. When a retiree has a will, they know that their wishes will be followed.

Powers of Attorney

When a person creates a power of attorney, they authorize a friend or family member to act on their behalf regarding financial, legal, and business matters. The requirements vary by jurisdiction, and these documents may take effect immediately or only when the person can no longer act for themselves.

A Living Will

A living will or healthcare directive is a document that specifies a person’s healthcare preferences if they are unable to speak for themselves. Many use these documents to express their wishes as far as end-of-life medical care is concerned. If a person fails to make their preferences known, the state will choose a relative to make those decisions. With an advance directive, a person can have more peace of mind.

Information Documents

Another crucial document to have is one that lists passwords, bank account information, attorneys’ contact information, names and phone numbers of financial planners, insurance policies, and other important estate data. In an emergency, loved ones will be reassured if they have this information on hand.

In Closing

Probate Laws in Chicago are complex, and most retirees lack the legal knowledge to prepare their own estates. For assistance in the gathering and creation of these important retirement documents, contact The law office of Starr Bejgiert Zink & Rowells by phone or visit the website.

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