What Documents Should Be in My Estate Plan? | Illinois Wills and Trusts

What Documents Should Be in My Estate Plan? | Illinois Wills and Trusts

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Updated on:
July 10, 2018

This week we will explain the elements of a typical estate plan for a married couple with assets below $2 million dollars.  Such an estate plan will contain the following documents:

  • Joint Revocable Trust:  Primary estate plan document, which sets forth inheritance wishes, provides for disability, and establishes successor trusts for children.
  • Pour Over Will:  Safety net document, which provides that any assets not transferred to trust during lifetime will be dealt with according to the terms of the trust; also provides for guardianship of minor children.
  • Financial Power of Attorney:  Allows your spouse (and successor agents) to execute financial transactions on your behalf.  
  • Health Care Power of Attorney: Designates an individual to make medical decisions on your behalf in the event of incapacity.
  • Living Will:  States your wishes in the event that you are incapacitated and death is imminent except for delaying procedures.

Presented By O'Flaherty Law

O'Flaherty Law is happy to meet with you by phone or at our offices in Downers Grove, Elmhurst, Naperville, St. Charles, Lake in the Hills and Tinley Park, Illinois.

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What Documents Should Be in My Estate Plan? | Illinois Wills and Trusts
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