When setting up a will or estate plan, you may be tempted to include everything you can think of. But that’s not a good idea. It’s better to sit down and decide what is actually needed in your estate plan and what is better left with someone you trust. You’ll want your will or trust and other vital documents included. But there are things not to include in an estate plan.
Estate planning is not only for the rich and famous. Even us regular people need one.
An estate plan is a compilation of documents describing the distribution of assets after you pass away and your medical and financial decisions if you become incapacitated. The top 3 papers that should be included are:
You may choose to include many other documents in your estate plan. Depending on your situation, you can add guardianship for minor children, a confidentiality waiver and even passwords for all digital accounts.
But some documents should NOT be included.
You may want to put absolutely everything in your estate plan, so you don’t miss anything. But that can do more harm than good. Having unnecessary information can delay the distribution of assets and tie up your estate in court. Here are some things not to include in an estate plan:
As you can see, there are several documents that you do NOT want to include with your will. Working with an experienced estate planning attorney will help you understand what is needed and not needed in your plan.
It’s a good idea to entrust someone with an In Case of Emergency document. This can list where your will is located and what attorney you used. Plus, it can include all personal information.
Our estate planning lawyers can advise you on the best options to help you create your will, power of attorney and all documents within your estate plan. We will also explain what documents not to include. To talk to a qualified attorney in Chicago, contact the Estate & Probate Legal Group at 630-864-5835.
Areas We Serve: Cook, DuPage, Kane, Lake, and Will counties.