This time of year, we tend to think a little more about what we’re thankful for—the people we love, the life we’ve built and the things we’ve worked hard to achieve. Estate planning is one way to protect all of it. Whether you’re creating your first estate plan or already have one in place, these seven questions can help you think about whether your wishes are clear, complete, and reflect your life today.
1. Are the Right People Designated as Your Beneficiaries?
Beneficiary designations on retirement accounts, life insurance and similar assets generally determine who receives them—even if your will says something different. An outdated designation could leave money to a former spouse, deceased relative or someone you no longer intend to benefit.
2. Who Will Step In—and Who Is Your Backup?
An executor or trustee carries out your wishes, but people age, move, become ill or may decline the role. Have you chosen someone willing and able to serve—and named a backup?
3. Could Your Family Find What They Need Online?
Bank accounts, email, photos, subscriptions and other important information may exist only online, sometimes behind two-factor authentication. Does your executor know where to find your securely stored digital account list and access instructions?
4. Who Makes Decisions If You Cannot?
Estate planning matters during your lifetime, too. A signed power of attorney can allow someone you trust to handle bills, banking, and real and personal property if you become incapacitated. Healthcare decision documents address who can make medical decisions.
5. Does the Legal Language Match Your Intentions?
Good intentions and family understanding don’t always produce the intended legal outcome, particularly in blended families. Have you clearly identified who should inherit—including stepchildren—without leaving unnecessary room for confusion or dispute?
6. Will Your Trust Work the Way You Intend?
A trust can be an important part of an estate plan, but creating one is only the first step. For a trust to work, it must legally own the property it is meant to control. Are your major assets titled correctly to align with the provisions of your will or trust—and have you confirmed that with your attorney?
7. Could a Gift Come With an Unwelcome Surprise?
An inheritance can also bring liens, unpaid property taxes, maintenance expenses, homeowner association dues or other costs. Do any assets you plan to leave carry hidden expenses your heirs may not expect—and is there a plan for handling them?
Start—or Take Another Look
If you don’t have an estate plan, these questions are a good place to begin. If you do, a good rule of thumb is to review it every three to five years—or sooner following a major life change. Because ultimately, estate planning is about more than documents. It’s about protecting the people you love and the things that bring meaning to your life—the very things you’re most thankful for.
Kerlin Walsh Law, located in Palos Heights, is dedicated to drafting Wills and Trusts with warmth & competence. With more than 25 years of experience serving clients in their offices, homes and hospital rooms, the Kerlin Walsh Law Legal Team understands the importance of helping families protect their assets and preserve family harmony. Combining legal knowledge and experience with compassion and personal attention, the team helps clients plan for the future with confidence. Need a Will or Trust? Call 708.448.5169.
Time for Thanks. Giving. Planning.
Wed., Nov. 11
@Kerlin Walsh Law Office, Palos Heights
Take the stress out of estate planning with this informative presentation covering six essential documents every adult should have, including wills and trusts. Learn how these tools can protect your loved ones, preserve your wishes and provide peace of mind.
Time: 10-11:30 AM
Cost: Free
Essential 6 Estate Planning Presentation
Mon., Nov. 16
@Orland Township, Orland Park
Join Kerlin Walsh Law for a complimentary presentation exploring six essential estate planning documents, including wills and trusts. Learn how to protect your assets, document your wishes and ensure important decisions remain in your hands.
Time: 1-3 PM
Cost: Free
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