An Estate Planning Checklist for Adult Children

Nobody likes talking about wills, but it's a lot easier to do it now than after a crisis. Here's a quick version of the checklist for helping a parent get their affairs in order.

Start with the core documents

Confirm your parent has a will, a financial power of attorney, a healthcare power of attorney, and an advance directive. Some families also need a revocable living trust. Whether one makes sense depends on the situation, so ask an elder law attorney.

Check the beneficiary forms

Beneficiary designations on retirement accounts, life insurance, and payable-on-death accounts override the will. Outdated forms are one of the most common ways money ends up in the wrong place.

Get the paperwork in one place

Gather vital records, property and financial papers, and digital account access. Add the non-legal list your family will be glad to have: accounts, contacts, and funeral wishes.

A few Illinois points

  • Illinois has a simplified small estate affidavit, but it can't be used if the estate includes real property.
  • A recorded transfer on death instrument can move real estate outside probate.
  • Medicaid looks back five years at gifts, so talk to an attorney before giving assets away.

Revisit it

Review the plan after any major life change and every few years, and think about how long-term care would be paid for.

Read the full guide: Estate Planning Checklist for Gen X, including will versus trust and local help in the Northwest suburbs.

More at genxlifehub.org. This is general information, not legal advice. Laws change, so confirm with an Illinois estate planning attorney.

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