Here are 10 steps you should take when preparing to write or update your estate plan. Following these steps will ensure that your wishes are clearly documented and legally sound:
- Inventory Assets:
Make a list of property, investments, and personal items. - Determine Beneficiaries:
Decide who will inherit the assets and keep this up to date. - Choose a Conservator, an Initial and Successor Trustee, and an Executor:
Select the people most trusted to administer and protect all assets and most importantly, the wishes where appropriate. - Plan for Minor Children:
Appoint a guardian if applicable. - Consider Healthcare Directives:
Include living wills and medical powers of attorney. - Prepare for Taxes:
Understand estate tax implications. - Think About Digital Assets:
Include online accounts in the plan. - Discuss These Plans with Loved Ones:
Ensure transparency. - Choose Powers of Attorney:
Select someone to manage the finances or healthcare decisions if incapacitated. - Review the Plan Regularly:
Update as life circumstances change such as marriage, buying a new home, having another child, etc.
Have questions or wish to talk, give us a call at 708.448.5169. We look forward to helping you prepare an Estate Plan that works for your specific situation.
