Estate Planning Year-End Checklist

  • Illinois Probate Law
Estate Planning Year-End Checklist | Attorney Mario Godoy | Lombard Estate and Probate Legal Group

Do you have an estate plan? Have you reviewed it recently? Your estate plan should be reviewed every 3 years, or when there is a life-changing event in the family such as moving to a new state, a wedding, death, birth, or major change in health or finances. Our estate planning year-end checklist has key considerations for an annual review of your estate plan.

Year-End Estate Planning Checklist

1. Financial Gifts
Have you made a substantial financial gift to a loved one this year? Make sure you are meeting your gift – and gift tax – goals by the end of December. 

2. Review Your Beneficiaries 
Your beneficiaries are the people you’ve said will receive your assets. As time passes, peoples’ needs change and you may need to rethink your beneficiaries to consider a loved one’s changes.

3. Inventory Your Assets
Have you purchased a new home, sold a business or been left an inheritance? You don’t want new assets to be subject to probate or other unintended costs, and you don’t want to cause a problem for your beneficiaries by leaving valuables out of your will or trust.

4. Document Your Competency
To prevent challenges to your will due to mental incapacity or ill health, ask your estate planning attorney to help you show you were competent to draft your will by having a signed doctor’s statement of competency and having the will witnesses sign that you were “of sound mind and memory” when you signed your will.

5. Talk To Your Family
Family conflict is the #1 threat to estate planning. Schedule a time to sit down with your spouse, adult children, parents and other key family members to review your estate plan.

Add estate planning to your year-end checklist to secure your future and protect the future of your loved ones. An experienced estate planning attorney can assist you in preparing legal documents such as drafting wills, a power of attorney, a family trust and other steps to protect your estate and preserve your assets.

Estate planning is preparing for the future. Contact the qualified attorneys at Estate & Probate Legal Group in Lombard Illinois today at 630-800-0112.