Back to School Planning: The Perfect Time for a Plan Update

As the summer winds down and the school year begins, parents everywhere are checking supply lists, packing lunches, and signing permission slips. But there’s one important checklist that often gets overlooked: estate planning and emergency preparedness.

While it’s not as fun as picking out new backpacks, taking time to put your legal and financial affairs in order can protect your family if the unexpected happens. Whether you have a kindergartner starting their first day or a young adult heading off to college, this season is the perfect time to review (or finally create) your plan.

Why Back-to-School Is Estate Planning Season

1. Life is changing — fast.
   Kids grow, schedules shift, and responsibilities change. If you’ve had a new baby, moved, remarried, or your kids have aged into adulthood, your existing plan might not reflect your current reality.

2. Young adults need protection too.
   Once your child turns 18, you can’t automatically make medical or financial decisions for them — even in an emergency. Simple documents like a Power of Attorney and Health Care Directive can ensure you’re able to step in if they’re injured or ill.

3. Peace of mind for busy parents.
   School-year life is hectic. Knowing your will, guardianship designations, and emergency plans are in place means one less thing to worry about during those late-night homework sessions.

Key Estate Planning Steps for Families This Fall

• Update or create your Will.
  Make sure guardians for your minor children are named and your wishes for your assets are clearly stated.

• Consider a Living Trust.
  A trust can help your family avoid probate, minimize delays, and protect your children’s inheritance.

• Name Guardians for Minor Children.
  In Illinois, failing to name a guardian means a judge will decide who cares for your kids if something happens to you.

• Get Powers of Attorney in place.
  For your young adult children, these documents allow you to make medical and financial decisions if they can’t.

• Review Beneficiaries.
  Check your life insurance policies, retirement accounts, and other financial accounts to ensure your beneficiary designations are current.

Emergency Planning Beyond the Classroom

Back-to-school is also a great time to:

• Create an emergency contact list for your family.

• Store important documents in a fireproof, waterproof location.

• Review your family’s emergency plan for fires, severe weather, or other events.

The Takeaway

Just like you wouldn’t send your kids to school without the right supplies, you shouldn’t go through the year without a solid plan for your family’s future. Estate planning isn’t just for the wealthy — it’s for anyone who wants to make sure their loved ones are cared for and their wishes are honored.

This fall, give your family the ultimate peace of mind: the comfort of knowing you’re prepared for whatever life brings.

Need help getting started?

Our Libertyville estate planning firm helps Illinois families create personalized plans that protect what matters most. Contact us today to schedule a consultation and check this important task off your list before the year gets away from you.