Illinois Estate Planning and Elder Law Blog
The start of a new year is a great time to revisit your estate plan, reflecting on things that may have changed since you last looked at these documents. As we begin the second month of 2022, here are some questions to consider for your estate plan:
Do you have a will, healthcare directive, and power of attorney in place?
If not, when could you set aside time for each of these?
If you already have these documents in place,
Have your circumstances changed in any way?
Have you had children since you last reviewed your estate plan?
Are your children now adults? Have they gotten married, had their own children, or had another major change happen in their own life?
Has your financial situation changed considerably?
Has your marital status changed, or have you started or ended a relationship with a significant other?
Are your executors, trustees, and guardians still the best choices?
Finally, are the beneficiary designations (on things such as retirement plans, life insurance, and non-retirement assets) as well as any pay-on-death or transfer-on-death instructions you have in place still aligned with your current circumstances?
You may have other components of your estate plan that you’ll also want to review, but these questions can serve as an excellent starting point to be sure you begin the year with an up-to-date estate plan in place.
For help creating or updating your estate plan, contact us at Wilson and Wilson Estate Planning and Elder Law, LLC at 708 482 7090 for our main office in LaGrange, Illinois or at 847 656 8958 for our Deerfield, Illinois office.
https://www.jdsupra.com/legalnews/heading-down-the-road-to-2022-are-your-1976453/