Estate Planning Lawyer Mount Prospect, IL
Estate planning is an essential tool for mapping out the future, and an estate planning lawyer in Mount Prospect, IL, can play a crucial role in making sure that these plans are clearly outlined for when they must come into play. Protecting your assets and your family should be one of your top priorities. When a person is no longer able to make decisions for themselves or passes away, their families will not only be grieving; they will also be left to pick up the pieces and settle the estate. There will also be other essential decisions that must be made, such as how assets will be distributed, who will act as the estate executor, and who will take care of any minor children. Having an estate plan is a way of making these decisions so that your family is not left to guess what you would have wanted and ensure that your wishes are carried out in the way you would have liked. Unfortunately, the estate planning process can become overwhelming and complicated without the guidance of a firm like Bott & Associates, LTD. The following are several mistakes that testators can make during the estate planning process:
Putting Off the Process
It’s incredibly common for people to put off estate planning. Many people will leave it for another day, or they may not truly believe they need an estate plan. Here’s the reality, most people should have an estate plan. Our Mount Prospect, Illinois estate planning lawyer shares that estate planning ensures that your wishes are carried out. In addition to allocating how assets will be distributed, they can also plan for the unexpected. For example, should a person become incapacitated and unable to make decisions, someone will need to make medical decisions for them. Without a healthcare directive, medical practitioners and loved ones will be left guessing what your wishes would have been. This can result in discord amongst family members, and it can also result in measures being taken that you would not have wanted.
Failing to Name Alternate Guardians, Beneficiaries & Estate Executors
One critical component to developing an estate plan is to make decisions over people who will inherit assets, take care of your children, and the person ultimately responsible for administering the estate. Making these designations is critical, but one consideration some people fail to make is identifying backup people to take on this responsibility. There are several reasons this is important: should the original named person pass away or no longer want the responsibility to care of children or manage the estate, no one will be assigned to fill these critical roles.
Not Taking Taxes into Consideration
After working so hard to accumulate assets throughout your lifetime, considering taxes is vital. The estate could be subject to inheritance and estate tax when a person passes away. Taxes vary depending upon the size of the estate, but it’s essential to know that when proper tax planning is not considered, inheritances can dwindle significantly. However, with appropriate estate planning strategies, it’s possible to reduce the amount of taxes the estate will owe.
Forgetting to Communicate Your Wishes to Loved Ones
Once an estate plan has been developed, you may think the hard work has been done. Putting these critical plans in place is imperative, but it’s essential to take the additional next step of communicating your goals with family. After a loved one passes away, the family will be grieving, and everyone will have their own opinions over what you wanted. As a result, the family may disagree, which could cause problems in resolving the estate.
Have you been putting off the process of estate planning? Don’t wait another moment to put these critical tools in place. Bott & Associates, LTD will support clients in making the best possible decisions during the estate planning process. Please schedule an appointment with our estate planning lawyer in Mount Prospect, IL, before it’s too late.