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March 18, 2025
By: Julia Jensen Smolka

Estate planning is the process of arranging one’s health and financial matters, planning for the disposition of assets upon incapacity and death, and communicating aspirational goals for those left behind—all in the most accessible, tax-efficient, and asset-protected manner possible. While each estate plan is unique, as individuals have different assets, family situations, health concerns, and personal goals, there are basic documents that everyone should have as part of a comprehensive estate plan, no matter the size of their estate.

  1. Powers of Attorney for Health Care – This document appoints a trusted person to make medical decisions on your behalf when you are unable to do so. It also outlines your preferences for end-of-life treatment, organ donation, and burial or cremation.
  2. Powers of Attorney for Property – This document designates a person to handle your financial matters if you become incapacitated. It grants authority to handle tasks such as opening and closing bank accounts, writing checks, selling property, signing contracts, and paying for medical or long-term care expenses. Without this document, family members may need to initiate a guardianship proceeding in court to obtain authority, which can be costly and time-consuming.
  3. Will – A legal document that specifies how your assets will be distributed after your death and allows you to designate a guardian for any minor children. To be valid in Illinois, the Will must be in writing, signed by a testator, and witnessed by at least two individuals who are not beneficiaries.
  4. Trust – A legal arrangement that holds property for the benefit of designated beneficiaries. Establishing a trust can help avoid probate, manage assets during your lifetime, and provide controlled distributions to heirs. Trusts can also protect assets from creditors and ensure that beneficiaries receive assets at appropriate times, such as when they reach a certain age.
  5. Transfer on Death Instrument (TODI) – In Illinois, a TODI allows real property to be transferred directly to named beneficiaries upon your death, bypassing probate. This instrument must be signed by the property owner, witnessed by two individuals, notarized, and recorded with the county recorder’s office to be effective.

Every estate plan is unique but serves the fundamental purpose of protecting your health and welfare during your lifetime and providing for your children and heirs after your passing. Establishing these essential documents can offer your loved one’s clear direction, minimize disputes after your death, and reduce the costs and delays associated with probate.

For more information on how estate planning and asset protection can benefit you, contact your Robbins DiMonte attorney at (847) 698-9600.