Tips for Creating a Complete and Comprehensive Estate Plan

 Posted on May 27, 2022 in Estate Planning Blog

Quite a few people think that making a simple will is all they need to do to check “estate planning” off their to-do list. However, there is a lot more to a complete estate plan than a will. A strong estate plan should involve multiple documents for different purposes. Your estate plan should also include provisions for your own care in the event that you experience incapacity in your advanced age. Aside from that, a will alone cannot accomplish what your beneficiaries may need after you are gone. In most cases, a trust should be used to protect those you wish to benefit from your estate. Online do-it-yourself kits rarely contain everything you actually need in your estate plan. Your best bet is to work with an experienced estate planning lawyer to ensure that your estate plan is complete and comprehensive. 

What Do I Need to Know About Building a Comprehensive Estate Plan?

Do not be intimidated by the list of documents you might need. An attorney can guide you through the decisions you will be asked to make as you build a strong estate plan. Keep in mind that you should:

• Consider your beneficiaries - You know the individuals you will leave your estate to. Are they good with money? If you give them a lump sum, will they reinvest it and grow their savings or business? Or will it be gone within a year or two? Many beneficiaries would be better off receiving controlled annual or discretionary distributions. If that is the case for your loved ones, you should strongly consider using a trust over a will. 

• Protect minor children - If you have minor children, then you do need a will. You can still use a trust to leave money and property to be used for their benefit. However, a will must be used to name a successor guardian you would prefer to take over caring for your children. 

• Make provisions for yourself - It may seem strange to use an estate plan to protect yourself, but this is an important step. Your estate plan should use documents like a living will, advance medical directives, and powers of attorney to plan for medical decision-making and financial management. The fact is that most adults who reach a certain age will be affected by some type of illness that affects their mental capacity. Using an estate plan, you can make certain choices about your care in advance. 

This may sound like a lot to do, but we are skilled at simplifying the process. When it is done, you will be glad that you have such a solid estate plan. 

Call a DuPage County Estate Planning Attorney

A. Traub & Associates is ready to help you build your perfect estate plan. Our experienced Lombard estate planning lawyers think of everything. Call us at 630-426-0196 to start with a free consultation. 

Source: https://www.investopedia.com/articles/pf/07/estate_plan_checklist.asp