Estate Planning Checklist

If you need to draft your estate plan, below is a list to help you on what needs to be done and what decisions you will have to make:

• Review your estate assets and debts
  • Include any large inheritance that you expect to receive in the future
• Decide where you would want your assets to go after your death
• Draft a will
  • Choose a qualified executor and backups
  • 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?
  • Draft a business succession plan
• 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.