Everyone should have an estate plan customized for their family. Following a change in your family’s circumstances, like a divorce, updates to your plan are of critical importance.
The Importance of Creating an Estate Plan
It is important for your intentions to be known so that loved ones and heirs are not forced to rely upon the default rules made by the State of Illinois for decedents who have no plan in place.
Creating your own estate plan is the best way to protect your family, minimize or eliminate Federal and State estate taxes, avoid private court, and ensure that your desires and objectives are carried out.
Our estate planning process includes discussion and implementation of Wills, Health Care Powers of Attorney and Property Powers of Attorney. Trusts may also be desirable in certain situations. Attorneys at Manassa Law P.C. are prepared to assess your situation and provide estate planning advice to make sure your family is protected.
Documents Essential to Planning Your Estate
• Your last will and testament
• Revocable living trust
• Beneficiary designations
• Durable power of attorney
• Health care power of attorney and living will
• Provision for digital assets
• Letter of intent
• Your list of personal documents and the location of each one including: life insurance policies, pension and retirement accounts, bank accounts, divorce records, real estate needs, etc.
Estate Planning Checklist
Below is an estate planning checklist of documents you need to keep updated:
• Last Will and Testament
• Healthcare Power of Attorney
• Financial/Property Power of Attorney
• Disposition of Final Remains
• Consider a Trust
• Check your Beneficiary Designations (401(k) Plans, IRAs, Annuities, Business Interests, bank accounts, life insurance, etc.)
• Inform charities of bequests
• Naming your desired heirs
• Preserving wealth