Your estate plans are among the most important decisions you’ll make. This plan lays the groundwork for how your family will be able to manage after you’re gone. If you’re wondering, “What are the 7 steps in the estate planning process?” here is an estate planning checklist you can use to start the process of planning your estate before you schedule your appointment with an estate planning lawyer in Chicago.
1. Decide on Your Estate Planning Goals
Before you discuss with your estate planning attorney about – what are the 7 steps in the estate planning process, it’s a good idea to take a moment to assess your personal goals. Everyone’s estate goals are slightly different. If you have children, you will need to name guardians for them. If you have a business, you will need to make plans for what happens to your company after your death.
2. Create a List of Your Assets and Debt
Work with your Chicago estate planning attorney to list your assets and debts. This is an important inventory to complete so your executor will know what needs to be done after you pass away. This includes items like:
- Property
- Vehicles
- Bonds
- Stocks
- Mutual funds
- Life insurance
3. Finalize Your Will and Testament
Your will dictates how you want to handle your estate after your death. It is important to have a properly executed will to potentially avoid hardships and probate. Otherwise, your heirs may need to go through probate.
4. Decide on Your Power of Attorney
Your Power of Attorney gives one or more people the authority to make financial and property decisions on your behalf in the event you die or become incapacitated. There are other reasons why you may need a Power of Attorney, including:
- Living outside of the country for a long period
- Have a medical condition that limits your ability to make decisions on your own
- Own a business
5. Establish Your Health Care Directive and Medical Power of Attorney
Typically, health care directives contain two parts: your Living Will and your Medical Power of Attorney. A Living Will lets you decide on what medical interventions you want to take place in the event you are unable to express your wishes. This includes decisions about CPR, intubation, resuscitation, and life support.
Similarly, a Medical Power of Attorney enables the person you select to make decisions about your healthcare. Without this, your loved ones will be forced to make these difficult decisions while under duress.
6. Think About Your End-of-Life Plan
In your estate planning, it is a smart idea to think about end-of-life plans. What kind of funeral or memorial service do you want? What do you want to happen to your body after death, such as cremation or being donated to science? By working with an estate planning attorney, you can make these decisions for yourself.
7. Work With an Estate Planning Attorney in Chicago, IL
One of the best decisions that you can make when it comes to taking steps to protect your future is to work with an estate planning attorney in Chicago, IL. Schedule a consultation with James C Provenza & Associates, PC by calling (847) 729-3939 to schedule a free consultation.
