Estate Planning Memo »
Last updated: 9/8/2011 (PDF Version)
Estate planning is more than simply signing a will and living trust. It is your comprehensive plan for the enjoyment, use and disposition of your assets during your lifetime, while you are disabled and after death. It may also include asset protection and income tax considerations through the use of living trusts, beneficiary designations and asset re-titling. A good estate plan has three primary goals:
- To create and document your plan to care for you, your family, loved ones and charities;
- To minimize exposure of your assets to taxes, creditors, probate, fees, expenses and publicity; and
- To control the efficient distribution of your assets by a person who you choose to act as fiduciary.
It takes a lifetime of hard work to accumulate assets. People plan to use their assets to provide for needs during life and then to benefit their family, friends and charities. Spending time now will make it more likely that your estate plan will accomplish your desires. We only practice law in Illinois and this Memo is addressed to persons who are citizens of the United States and residents of Illinois.
Documents
A typical estate plan includes the following documents:
- Declaration of Trust (also known as a revocable living trust) to handle assets during your lifetime and after death;
- Will;
- Power of Attorney for health care to facilitate communication between doctors and your chosen agent and to allow your agent to make decisions on your behalf;
- Living Will;
- Power of Attorney for Property to enable your agent to deal with assets in your name;
- Asset re-titling instructions to assist you in your work to title assets into your name as trustee of your living trust.