Spring is the perfect time of year for updating your life. Spring clean your home, change the batteries in your smoke alarm, organize the garage… and update your estate plan.
An estate plan makes your wishes known regarding who will receive your assets when you die and who you want to be named your plan administrator. The estate plan brings it all together and can include:
• Last Will and Testament
Distributing your assets among your loved ones or charities.
• Power of Attorney
If you become incapacitated or can no longer make decisions, this person can make limited decisions on your behalf.
• Health Care Directive
Gives special requests for life-sustaining treatments such as CPR, ventilators, and other end-of-life decisions.
• Payable on Death / Transfer on Death
Allowing your stocks, bonds, and retirement monies to be immediately distributed instead of being in your will.
• Guardianship over Children
Deciding who will raise your children if you suddenly pass away.
• Life Insurance Policies
Tells of distribution of your insurance money after you pass away.
• Retirement Policies
Tells of the distribution of your 401(k), IRAs and other retirement policies.
Working with an experienced estate planning attorney ensures that everything is organized and uniform across all areas.
Not everyone is constantly thinking about their estate plan, but how often should you review it? A good rule of thumb is to update your estate plan every 3-5 years. But your estate plan should be updated when you have changes in life, changes such as:
• Purchasing or selling a new home
• New children or grandchildren
• Marriage / divorce
• Retirement
• Beneficiary passes away
• Start or sell a business
• Changes to your health
• New tax or insurance laws
• Change in finance (came into money)
These are some life changes that you want to discuss with your estate planning attorney.
Working with an experienced estate planning attorney will ensure your final wishes are carried out. The attorney will help determine what is needed, making sure there are no discrepancies between policies. And, they will keep you advised of changes in tax and estate planning laws. An experienced estate planning attorney will organize and bring together the distribution of your assets, giving you a customized plan to meet your needs.
An experienced estate planning lawyer can advise you on the best options to help you create legal instructions if you become incapacitated or pass away. To talk to a qualified attorney in Chicago or Lombard, contact the Estate & Probate Legal Group at 630-864-5835.
We serve Cook, DuPage, Kane, Lake and Will counties.
