Estate Planning Checklist

Working with an Oak Park estate planning lawyer to create all of the documents that should be part of your estate plan and dealing with any issues that are likely to arise as part of the estate planning process might seem overwhelming. While there are many different facets to the estate planning process, and everyone’s individual needs will play a role in their own estate planning process, you can take some of the stress out of the process by being prepared. Your Oak Park estate planning attorney will be able to determine all of the necessary materials and issues to address in your estate plan, but you can also feel better prepared by making a checklist for yourself in advance and considering matters that are likely to come up. The following is an estate planning checklist for you to use as you prepare to meet with your estate planning lawyer in Illinois.

Think About How You Want Your Assets to Be Distributed

It is important to consider how you want your assets to be distributed. You will likely leave many assets to loved ones through a will, but you may also be able to name parties as beneficiaries to insurance policies and accounts or create trusts through which to leave assets. While an attorney can help you with the specifics under Illinois law, you should think about who you want to have certain assets and when.

Consider Updates

Have you made a will, established a trust, or named a beneficiary at some point in the past? Now is the time to consider any updates or changes.

Gather Your Legal Documents

You will want to gather any relevant legal documents that you will need for estate planning, including personal identification documents, documents pertaining to any existing wills or trusts, and any policies or bank accounts where beneficiaries might be named.

Consider Who You Want to Handle Your Estate (Your Executor)

Think about a person you trust to handle your estate after you pass away. This should be someone you really trust who also meets the necessary requirements for being an executor under Illinois law.

Guardianship

Do you have minor children? Consider who you might want to name as a guardian in the event that you pass away unexpectedly or cannot care for your child.

Think About Advance Directives and Powers of Attorney

Do you want to make plans in advance concerning your health care if you become incapacitated and cannot voice those decisions for yourself? Do you want to name a person who can make health care and financial decisions on your behalf if you cannot do so yourself?

Planning for Long-Term Care

Part of the estate-planning process usually involves planning for long-term care, including long-term care insurance, Medicaid asset protection trusts, Medicaid planning, and more.

Contact an Oak Park Estate Planning Lawyer Today

Do you have questions about estate planning, or are you ready to begin working on your estate plan? One of the experienced Oak Park estate planning attorneys at our firm can help. We are here to answer your questions and to work with you in creating an estate plan tailored to your individual needs. Contact the Emerson Law Firm to learn more about the estate planning services we provide in Illinois.



See Related Blog Posts:

When to Make a Will

What is a Will Contest and How Can I Avoid One?







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