Illinois Estate Planning and Elder Law Blog
Many of us are making resolutions as we welcome 2025. One resolution that is often overlooked is to make or to update our estate plan. Often, we postpone this, thinking to ourselves that we will get to it soon enough. Even for those who have estate plans, a lot of people have documents that no longer reflect their wishes.
The New Year is the ideal time to create or revisit your estate planning documents. Here are some key documents to know about:
Last Will and Testament: This fundamental document communicates how you want your assets distributed and who you want to carry out your wishes after you have passed. You will want to review your will after any major life change, including moving to a new state, welcoming new family members, the loss of a loved one, or any changes in your intended beneficiaries or executors. Even if none of these life changes have occurred, reviewing your will every couple of years ensures that it still reflects your current wishes.
Revocable Living Trust: While there are different forms that trusts can come in, there can be advantages to a revocable living trust including avoiding the probate court process. This document should also be reviewed on a regular basis, especially after big life events.
Power of Attorney (POA) Documents: These crucial documents designate who will make decisions on your behalf should you become unable to do so. There are two types of POA – financial and medical – and you will want to make sure you have both. The people you choose should be people who you trust, who are available, and who can handle these responsibilities. You will want to review your choice of representatives regularly to make sure they are still able and willing to serve in these roles.
Living Will/Advanced Medical Directives: A living will states your preferences for medical treatment if you become terminally ill or enter a persistent vegetative state. This covers critical decisions about life-sustaining treatments like CPR, artificial nutrition, and mechanical ventilation. These are deeply personal choices, and it is important to have them in writing and to periodically review your choices.
You’ll also want to make sure your beneficiary designations on life insurance policies, retirement accounts, and bank accounts with pay on death agreements are up-to-date. These designations usually override what may be stated in your will, making them an extremely important part of your overall estate plan.
As 2025 begins, remember that estate planning is about more than just documents and assets, it is an act of love and responsibility toward those that you love and care about most in your world.
For assistance with creating or updating your estate plan, contact us at Wilson and Wilson Estate Planning and Elder Law, LLC at 708-482-7090.
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