This summer, pause for a moment and make your estate plan a priority. Estate planning is one of those necessary projects we tend to put off, but it’s not just for the rich or the elderly. Estate planners encourage us that estate planning is necessary for all, no matter the size of your estate or where you are in your life. The shift into summer — a natural mid-year break — provides an ideal time to review and update your financial and estate planning. Think of it as a family financial check-up.
Ben Weaver and the staff at 23 Legal, a Chicagoland estate planning law firm, cut to the chase: “Life is full of uncertainties,” and a well-designed estate plan gives you peace of mind. After a life of hard work, you don’t want your property blindsided or forfeited to legal complications. As 23 Legal points out, we want to “eliminate any insecurity a family may have” about what happens to their savings and property once they’re no longer around.
In short, a good estate plan is about safeguarding your loved ones and your legacy. And what better time than the middle of the year to ensure that everything is up to date?
Why Mid-Year Estate Planning?
Consider a mid-year review as an opportunity to take stock and make changes. Just like taking a glance at a map while on a road trip, mid-year allows you to see where you’ve been so far and make changes in direction. Were there any significant events in 2025? A marriage? A new baby or grandchild? Selling or buying a home or business? These types of events can have a significant impact on your estate plan. A recently published advisor’s guide indicates that circumstances such as marriage, giving birth, or acquiring major new assets may alter the way you want your estate to be distributed. A mid-year review allows you to implement these changes immediately so your documents truly represent your current desires.
Another reason mid-year is a good idea: laws and taxes do evolve. A mid-year review allows you to keep current with any new Illinois or federal legislation. For instance, Illinois revises its estate tax laws periodically, and Congress changes the federal estate tax limit (as of 2025, it’s roughly $13.99 million per individual). Even minor legislative adjustments can influence your plan. By checking your plan halfway through the year, you can capitalize on new tax exemptions or trusts and ensure that you are in line with current legislation.
Perhaps most significantly, a current estate plan is better protection for your assets. If you’ve purchased new property or watched the value of your investments increase, you need those protected. Through a mid-year planning check, inquire: “Do I require additional insurance? Are my trusts funded? Is my will clear?” Successful estate planning frequently includes establishing or updating vehicles such as living trusts, revising wills, and having insurance to match asset value.
Your Mid-Year Estate Planning Checklist
- Review Your Current Plan: Begin by reviewing what you have. Is your will and any trust still what you want? Are the people named guardians, trustees, and executors still the ones you want? Review powers of attorney and healthcare directives as well. Make sure each document is signed correctly. In Illinois, for instance, wills have to be in writing and signed by two credible witnesses. Note anything that’s outdated.
- Assess Life and Asset Changes: What has happened since your last review? Were you married, divorced, or had a child? Maybe a family member died. Did you inherit a sum of money or sell an old investment for a profit? These things usually necessitate changes. Jot down any changes and think through how they impact who should inherit or manage your affairs.
- Check Key Documents: Make sure all foundational papers are up to date.
- Wills and Trusts: Check that they express your current desires and beneficiaries. If you have placed major assets in a living trust, check to make sure they’re titled correctly in the name of the trust.
- Powers of Attorney (POA): Double-check your financial and healthcare POAs, including agents you trust and are comfortable serving. In Illinois, the typical durable POA for finances remains in effect even if you become disabled, but you should periodically review it.
- Healthcare Directives: Check your advance medical directive or healthcare power of attorney. See that it is unambiguous regarding your desires and that your selected medical agent is aware of your wishes.
- Update Beneficiary Designations: Don’t overlook accounts outside your will. Bank, retirement, and life insurance accounts utilize beneficiary forms to transfer assets. Ensure each account’s named beneficiary is accurate. If you had a child or got divorced, revise these forms. You may also want to make TOD (transfer-on-death) designations on real estate where permissible to avoid probate.
- Consult Professionals: Estate planning is not always straightforward, and a small error can create big headaches down the road. Speak with an experienced estate planning attorney or tax professional. They will be aware of any new Illinois state legislation or tax planning techniques that will help you. Experts can guide on how to make changes to gift tax plans or create trusts for kids.
- Implement Updates: Lastly, legalize it. Prepare amendments or new documents as appropriate. Sign and certify them as required by Illinois law. For instance, recall that Illinois even lets people now make electronic wills with remote witnesses, though that still has to be done very carefully. It’s a good idea to have your lawyer supervise the end of it. Proper legal protocol ensures your updates stand the test of court. When finished, keep copies of new documents in locations that family or executors can access.
Illinois Estate Planning in 2025
Since estate laws may vary by state, Illinois families need to note a few local facts at their mid-year review. Illinois has common-law (and not community property) rules, and therefore, assets are not automatically divided 50/50; if you pass away without a will, Illinois law dictates how your estate is divided between your spouse and children. You likely don’t want that to happen, so making sure your will or trust takes precedence over these defaults is a good idea.
By 2025, the federal estate tax exemption is about $13.99 million, and Illinois imposes its estate tax on estates over $4 million. If your net worth is near those thresholds, consider tax-saving moves like lifetime gifts or specialized trusts. Even if you’re below them, having assets pass efficiently can save time and money. For example, property placed in a living trust or held jointly can bypass Illinois probate. Illinois also has a less complicated process for extremely small estates: if your estate is less than $100,000 with no real property, heirs may use a small estate affidavit rather than full probate.
Finally, don’t forget Illinois’ formalities. For example, a will has to be written, signed, and witnessed by two disinterested witnesses. The state even has statutory POA forms for finances and healthcare. If you use the Illinois statutory forms, you can fill them out on your own, but make sure you do everything correctly. When in doubt, an attorney’s review can ensure everything is up to Illinois standards.
Work with an Estate Planning Attorney in Illinois
You don’t have to navigate this process by yourself. A skilled estate planning lawyer in Illinois can walk you through the checklist and manage the legalities. They’ll assist you in navigating state-specific laws and ensure your documents are bulletproof. To borrow from 23 Legal’s own words: “We believe that a good lawyer should help you, not stress you… You need a lawyer who cares.”
Local attorneys such as 23 Legal focus on wills, trusts, elder law, and more for families throughout Chicago’s suburbs. Ben Weaver and his staff can get together with you — even virtually — to discuss your mid-year estate plan. They can identify loopholes, counsel you on new Illinois regulations, or recommend helpful techniques such as new forms of trusts or online estate planning software.
Talking with a professional is particularly helpful if your life has gotten more complicated. A lawyer can catch that new second home you didn’t mention or prompt you to change beneficiaries after a family event. They’ll also get the paperwork right, so you don’t make errors that invalidate your documents.
Common Estate Planning Questions in Illinois
While you are legally allowed to draft or amend a Will yourself, hiring an attorney will make sure your document is valid, well-written, and enforceable in court.
Illinois intestacy laws will determine how your property is distributed—this may leave out unmarried partners, close friends, or certain heirs you care about.
Yes! Well-drafted trusts or instruments such as the Transfer on Death Instrument (TODI) can ensure that your estate avoids probate and distributes assets faster to beneficiaries.
Yes. Single individuals should take extra care to designate trusted people in healthcare and financial roles. Married couples often use joint planning strategies like revocable living trusts.
Every 3–5 years, or after major life events (marriage, divorce, new property).
Why Choose 23 Legal
23 Legal offers Real Estate and Estate Planning legal services to individuals, families, community associations and small business owners throughout Chicagoland. We know how intimidating “the law” can be. In fact, when most people think of law offices, they think of stuffy leather chairs, huge wooden desks and pompous lawyers who charge outrageous fees. That’s not us! We believe in 1-to-1; the same lawyer should work with you all the way through. Whether you have an estate planning issue, family trust concern, or you have a legal problem in regard to a new home, business, real estate or remodel, you need a lawyer who cares. That’s where Ben comes in! We are great listeners; more than that, we are lawyers who believe that our clients always come first.