Spring has arrived, and many people feel a new sense of initiative and renewal during this season.
Although the resolutions you set with the New Year may no longer be in the forefront of your mind, the spring season is an excellent time to channel renewed focus and energy into improvements for yourself and your family. So many things are now on our minds but outside of our control, including current economic uncertainty, international conflict, political divides, and continued public health challenges. One thing we can do is focus our time on important matters that are within our control. Many people have taken this time to begin or update estate plans in order to best prepare for the inevitabilities of incapacity and death.
Here are several questions to consider while planning for or updating your legal estate planning documentation:
· Is your current estate plan structured to promote efficient administration as well as to minimize stress, cost, and potential controversy for loved ones?
· What federal economic and tax policy changes are likely to be passed by Congress, and what changes may be made to your existing estate plan as a result of these changes?
· Do you have Powers of Attorney and a Living Will, and do they reflect your wishes for family or designees to make financial, business, and health care decisions on your behalf?
· Have your adult children signed the necessary legal documentation so that you could assist with their affairs in the case of accident or illness?
· Are your assets structured so that your exposure to potential liability is limited?
· Will your qualified retirement accounts pass to your designated beneficiaries in a manner that is protected and tax-efficient?
· Do you have a plan set that will allow your business to continue operating after you become incapacitated or pass away?
These questions may serve as a starting point as you begin creating your estate plan or may draw attention to parts of your plan you will want to revisit and update. For help with your estate plan, contact us at Wilson and Wilson Estate Planning and Elder Law, LLC at 708 482 7090 for our main office in LaGrange, Illinois or at 847 656 8958 for our Northbrook, Illinois office.