Estate Planning Checklist
If you are interested in drafting your estate plan, below is a helpful list to give you ideas on what you should be doing and what decisions you will have to make.
- Review your estate assets and debts
- Include any heritance that you expect receive in the future
- Decide where you want your assets to go after your death
- Draft a will
- Choose a qualified executor
- Choose guardians for children
- Draft a durable power of attorney for property
- Illinois has very specific requirements in order for the form to be valid
- Draft a power of attorney for healthcare
- Consider drafting a trust
- Review how ownership of assets is designated
- Review insurance for protection of estate assets
- Consider annual gifting
- Consider paying heirs’ tuition or medical bills, if any
- Are you a business owner?
- Discuss estate plan with heirs
- You are not required to tell anyone specific information but at the very least tell the appropriate people where all your original documents are located
- Keep organized financial records including account numbers
- Review estate plan periodically
- Every year, every major family milestone, etc.
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