Understanding Planning Documents
At Quackenbush Legal, PLLC, our experienced estate planning attorneys are ready to assist you with creating a plan tailored to your needs. We believe that everyone should have an estate plan, and we will help you decide what type of documents will achieve your goals. We serve clients throughout the Chicago metro area.
Estate planning is much more than just drafting a will that divvies up your assets among your heirs. It helps you plan for your own aging and declining health, as well as for your family's needs. Common documents include:
- Wills — designating your executor and stating how you wish to distribute your assets after your death.
- Trusts — which can serve a wide variety of purposes and can go into effect before or after your death, depending on the type.
- Powers of attorney — allowing you to name someone you trust to act on your behalf and manage your assets when you are unable to do so.
- Living will — under Illinois law, a document stating the type of medical treatment you want when you cannot express your wishes.
When Should You Update Your Plan?
Your estate plan is not something you should do once and leave sitting in a drawer. We recommend you review your plan every year to make sure it still meets your goals. You should also consider making needed changes when you have a major change to your life or family, such as:
- Marriage or divorce — any change to your marital status warrants an examination of your plan.
- Death of a loved one — you may need to remove them from your plan or add inherited assets.
- Birth or adoption — all parents should have a will to appoint a guardian.
- Health concerns — review your powers of attorney and living will in case you can no longer express your wishes.
Start Planning Today
Illinois law recently changed to allow remote witnesses, and we have stayed abreast of the changes to make sure your remote witnesses meet the state's requirements. We are ready to help you get started with a plan that meets your needs. To schedule an appointment, call us at 385-955-3533 or send us an online message.