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Common Estate Planning Mistakes

Posted on in Estate Planning

For some people, going through the process of estate planning is a difficult one because they lack familiarity with what to expect or simply underestimate the role that proper planning can play in your future. As a result, there are several common estate planning mistakes that are completely avoidable with the assistance of a trained Illinois estate planning attorney.

Mistake #1: Assuming You're Too Young For Estate Planning

Talking about estates immediately calls to mind images of grandparents or older adults, so individuals and families in their 30's have a tendency to think that estate planning isn't necessary at their age. Estate planning is actually much more comprehensive than determining what beneficiaries get what assets, and it's prudent to have an estate plan that reflects your needs at all stages of life.

 Mistake #2: Not Making Your Wishes Known

Of course, you should have a will on file that explains what you would like to happen to certain property after you pass away. Keeping the will a secret, however, is a mistake. Clueing your family into what they can expect after you pass limits the drama and disagreements that might unfold if you have kept the terms of your will secret. It's going to make things much easier if you tackle these problems now rather than leaving your beneficiaries to haggle over it after you pass away. Make sure at least one other person knows the location of your most recent will, too, so the chances of validity and will contestations are reduced.

Mistake #3: Not Updating Your Plan

Yes, you need to identify an estate planning specialist for an initial meeting. There's no doubt about that. Don't fall into the trap of assuming that's your last visit, however. Life changes, and your estate planning documents should reflect that. That's where a long-term relationship with a DuPage County estate planning attorney comes into play- you want someone who will continue to be there for you as you need amendments. Reach out today to discuss your new or existing documents.

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