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Estate Planning Checklist

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?
  • 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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