Estate planning is critical to guarantee a safe financial future for the family. While having a good estate plan is important, it’s also vital to plan correctly. Mistakes during the planning phase can be expensive, and they can even lead to legal trouble in some cases. Being mindful of such mistakes can help clients take steps to avoid them. Here is the list of the most common planning errors.
Failing to Plan
Though it may seem like a basic step, many people do not have an estate plan because they underestimate its importance. A solid plan should cover all of one’s assets and belongings, so the estate is handled in accordance with local law and with one’s wishes. Hiring a wills and estate planning lawyer in 60521 is beneficial even for those with relatively small estates.
Not Updating the Will
A will is a main estate planning document, and it should cover just the ones who will receive what’s upon the testator’s death. One’s wishes on asset distribution are likely to change over the years, and it’s important to have an updated, valid will. Wills need to be updated after life events such as births, deaths, marriages and divorces, as soon as possible.
Not Planning for the Worst-Case Scenario
Estate planning involves accounting for unfortunate events such as disability and death. Often, a debilitating disease can leave one incapacitated and unable to fulfill legal duties. Therefore, the estate plan should have instructions for what should be done in the event of the testator’s incapacity. One should choose an agent to make decisions on their behalf if the need arises.
Poor Executor Choice
An estate executor is a person appointed to handle matters upon the testator’s death or disability. The selection should be made carefully, and the executor should be someone who is trustworthy and familiar with the estate. Most vitally, the executor should know the person’s intentions where the estate is concerned.
Not Hiring an Attorney
Estate planning is a complex undertaking, and clients should not handle it alone. It’s important to have professional guidance from an accountant and a wills and estate planning lawyer in 60521 at all stages of the process. While it can seem like an insurmountable task, one should remember that avoiding the above mistakes can save the family much heartache and confusion.
Bielski Chapman, Ltd is a trusted law office in Chicago offering estate planning services. You may contact them for will and estate planning in 60521.