Basic estate planning checklist how to#
Basic estate planning checklist update#

Our role as lawyers is to guide you through the process, take the complexity out of the process as much as possible, and equip you with the knowledge you need so that we can implement a plan together that best suits your needs. It is also possible that it will be changed as a result of the. In 2020, the federal estate tax exemption amount is 11,580,000, but the exemption expires in 2025 unless extended by Congress. A more advanced plan ─ for those interested in preserving assets and making things easy for their family ─ usually includes a trust. An Illinois resident who dies with property located in Illinois may be subject to income tax, the federal estate and gift tax, and the Illinois estate tax. A basic estate plan always includes a will. This generally takes the form of a will or a trust. In this section, we will discuss the five basic estate planning documents that everyone needs to have in place.

Ease the burden for whomever is tasked with administering your estate?Īt the risk of oversimplifying the process, your wishes need to be clearly laid out in a written document that conforms with state law.

Make the appropriate arrangements to provide for a minor (someone under 18) or someone disabled?.

Maximize the inheritance received by loved ones?.

It is also important to consider your goals.

Some key questions to decide are: Who will receive your estate, and in what proportions or dollar amounts? Who will be appointed to administer this process and give your beneficiaries their inheritance?

Now it’s time to consider how things will be left to your loved ones upon your passing.

Basic estate planning checklist update#

Review your plan regularly and update as necessary.

Create a written inventory of your assets.

Choose and empower substitute decision makers.

That said, for those who want to anticipate and understand what is needed, this basic estate planning checklist should cover most of your needs: We’ll help you gather the information needed to bring your plan together. We encourage clients not to overthink what is needed to get the estate planning process started.

Part of our job as attorneys is to simplify complexity.

Basic estate planning checklist how to#

How to make sure your wishes are honored if you get sick, become incapacitated, or pass away. Questions abound: How do I start? How complicated will it be? What do I need an attorney to help prepare? How do I find the right lawyer? All of these unknowns can be enough to deter most from moving forward with the process. The top five legal documents every adult over age 18 needs. 5 ‘To Dos’ Everyone Should Have on Their Estate Planning Checklistįor many people, just the thought of estate planning is overwhelming.