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

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

Video by Attorney Kevin O'Flaherty
Article written by Illinois & Iowa Attorney Kevin O'Flaherty
Updated on
November 1, 2019

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.

Additional Financial Considerations
from Financial Experts

From Financial Experts

For many years, financial institutions have been creating a disservice to clients and the industry as a whole for years.
View More Professional Considerations

Presented By O'Flaherty Law

what documents are needed for estate planning?

Need Legal Help? 

Schedule a

What to Expect From a Consultation

The purpose of a free consultation is to determine whether our firm is a good fit for your legal needs. Although we often discuss expected results and costs, our attorneys do not give legal advice unless and until you choose to retain us. Although most consultations are complimentary, some may carry a charge depending on the type of matter and meeting location.

Leave a Comment With Your Questions

Read more about

Estate Planning

Disclaimer: Our articles and comment responses do not constitute legal advice and are not intended to create an attorney-client relationship.

Please contact us to schedule a free consultation for legal advice specific to your situation.

Here are some articles that may interest you

Contact us for a Free Consultation

Schedule a free consultation

O'Flaherty Law is happy to meet with you by phone or at our office locations in:

Who We Are
We are your community law firm. Our Illinois & Iowa Attorneys are committed to providing exceptional client service in a cost-effective manner in the areas of Family Law, Probate, Estate Planning, Civil Litigation, Guardianship, Criminal Defense, Corporate & Contract Law, Bankruptcy and Real Estate.

Some of Our Accomplishments

Best Child Support Lawyers in Chicago
DuPage County Probate Attorney
Kevin P. O'Flaherty
Rated by Super Lawyers

loading ...
Naperville attorney
DuPage County Probate Attorney

Subscribe to our mailing list

* indicates required