What Are the Most Common Estate Planning Mistakes? 

 Posted on December 08, 2022 in Estate Planning Blog

Estate planning can be an excellent way to grant your loved one's peace of mind in case of the inevitable. However, many people may hesitate to engage in estate planning for various reasons. They may feel like they will have time in the future to do it or that doing it brings up uncomfortable questions that they would rather not answer. While these sentiments are common, it is essential to grasp how important estate planning is to ensure that your wishes are known and respected after you pass away. Estate planning can indeed be complex, but delaying it because it is difficult will only make the process more burdensome on your loved ones.

Since there are many pieces to an estate plan, it can be easy to make mistakes if you do not have the proper guidance. If you are interested in the estate planning process, contact an experienced estate planning attorney who can work with you to ensure no serious mistakes are made. In this blog, we will delve into some common mistakes people make when estate planning.

Mistakes People Make Regarding Estate Planning

Arguably, the most significant mistake people make regarding estate planning is failing to plan. Benjamin Franklin once said that failing to prepare is preparing to fail. In Illinois, if you die without an estate plan, your assets will be subject to the state's succession laws. In these scenarios, your wishes are not considered, and the chance of the probate process devastating your assets is significantly increased.

Another mistake that can be made during estate planning is not putting enough thought into who you name as the executor of your estate. Most people pick a close family member as the logical choice for the executor of an estate. In many cases, this decision is ok. However, there are some situations where, in the aftermath of a death, a family member may be overcome with grief to the point where they cannot fulfill the duties of executor, such as settling any outstanding financial matters.

Finally, people may be too quick to seek the advice of friends and family when creating an estate plan. Remember, a trained professional is the best source of information and guidance regarding estate planning. Even if your friends and family are well-versed in estate planning for themselves, they still will not have the experience of a trained estate planning attorney.

Contact a DuPage County Estate Planning Attorney

If you wish to grant your family peace of mind, being proactive with estate planning is an excellent way to do just that. Contact the experienced Arlington Heights estate planning lawyers with A. Traub & Associates. Call 630-426-0196 today for a complete consultation.

Source:

https://www.kiplinger.com/slideshow/retirement/t021-s014-10-common-estate-planning-mistakes-to-avoid/index.html