It’s Time to Spring Clean Your Estate Plan

  • Estate Planning
it's time to spring clean your estate plan | estate and probate legal group

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.

When Should You Update Your Estate Plan?

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
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. 

Why You Need an 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.

DuPage County Estate Planning Attorney

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.