Three Things Often Overlooked in Estate Planning

 Posted on February 20, 2025 in Estate Planning

Drafting your estate plan can be difficult for many reasons. It can take an emotional toll as it is natural for people not to want to dwell on their death or a hypothetical situation when they become incapacitated. It can also be challenging to sort through everything you own and decide what should go where after you are gone.

However, many people overcome their apprehension and manage to create a clear estate plan because the benefits cannot be denied. If you have children or loved ones, having all your wishes and instructions in an orderly manner can make everything go much smoother. They also have the peace of mind that comes from knowing they are doing what you would have wanted without needing to guess, argue, and stress over it. A comprehensive estate plan addresses every question that could arise. While many people know about wills and trusts, there are many aspects of estate planning that often go overlooked. To ensure that your estate plan is comprehensive, speak with a skilled Illinois estate planning attorney.

Updating Beneficiaries

Life insurance policies, retirement accounts, and some other assets are passed directly to named beneficiaries. Even if you update your will to include new beneficiaries or exclude others, the benefits will be bequeathed to whoever is designated as a beneficiary on those policies or accounts. If you do not update these after major life events like marriage, divorce, or the birth of a child, your assets might not go to the people you want them to.

Addressing Digital Assets

Social media profiles, online accounts, cryptocurrency, cloud storage, and other types of digital assets can have significant value but often get overlooked in estate planning. If you do not leave comprehensive instructions, account IDs, passwords, and any other information necessary for accessing these assets, your loved ones can struggle to manage them if you become incapacitated or after you pass.

Naming Backup Trustees and Executors

Sometimes, the person someone designates as a trustee or executor becomes incapable or unwilling to fulfill these responsibilities. Naming backups in your estate plan can prevent legal complications and delays if that happens.

Contact a Lombard, IL Estate Planning Lawyer

If you are ready to create a comprehensive estate plan, speak with a qualified DuPage County, IL estate planning attorney who can make sure you address many scenarios you might not have considered. At A. Traub & Associates, we work closely with our clients to make sure they have the peace of mind that comes from well-made plans. Call us at 630-426-0196 to hear about how our services can benefit you.