Top 3 Estate Planning Mistakes People Make in DuPage County

 Posted on December 30, 2021 in Estate Planning Blog

Estate planning should always be done with care. It is important that wills, trusts, and other testamentary instruments are written and executed correctly - when it counts, you will not be there to explain what you meant to do in your estate plan. There are a handful of common mistakes and oversights people sometimes make in the course of building an estate plan. Unfortunately, estate planning errors can sometimes have serious consequences. It is best to consult a skilled lawyer when you are ready to begin the estate planning process. Having an attorney assist you can be an excellent way to avoid what could be a costly mistake.

What Are the Top Mistakes Illinois Residents Make in Estate Planning?

It is important to make sure that you are aware of and understand all the options you have before you start signing off on an estate plan. You should be aware of these common mistakes:

• Trusts - Not taking advantage of a trust when one could benefit you can be an expensive error. Many people are more familiar with wills, and may think of them as the default estate planning tool. Some erroneously believe that trusts are for those with high-value estates, but this is no longer the case. Trusts now work well for most estates, and their probate-skipping properties can save your beneficiaries a lot of money in the end.

• Minors - If you have minor children, you probably do not even want to consider the possibility that your children could be left without a parent. This is normal - however, it is important that you put aside your discomfort with the thought long enough to establish an estate plan that provides for that unlikely contingency. Property cannot be left directly to a minor, no matter how mature they are, so you will need someone to manage your children’s inheritance for them until they come of age. You will also want to name the person you would want to raise your children in your absence.

• Incapacity - An important part of estate planning is planning for the possibility that you may become disabled later in your life. Failing to plan for this likelihood can mean that you will have little or no say over who will manage your medical and personal care, as well as your finances in this event. If you have opinions about how you would want to be cared for or who should make decisions for you, which you likely do, you can voice them in tools like powers of attorney and living wills.

One of the best ways to avoid these pitfalls and more is to work closely with an attorney to build a comprehensive estate plan. A strong multifaceted estate plan can offer tremendous benefits to both you and your loved ones.

Call a DuPage County Estate Planning Attorney

If you are ready to begin building your complete estate plan, A. Traub & Associates is ready to begin helping. Our Wheaton estate planning lawyers are experienced at creating plans that account for a variety of possibilities and keep you and your beneficiaries protected. Call 630-426-0196 for a confidential consultation.

Source: https://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=4001&ChapterID=61