Property Planning Lawyer Barrington, IL
If you don’t have a proper estate plan in place, it may be time to consult a property planning lawyer Barrington, IL residents trust. Although it may not be pleasant to think about your mortality, it is necessary to plan for your loved one’s futures. Creating an estate plan ensures that your family members will be taken care of after you’re gone.
Here are some common estate planning mistakes you should avoid.
- Going the DIY Route: While there is plenty of DIY estate planning software out there, it does not mean you should use it. Estate planning is much more complex than you may think and you don’t want to make mistakes. If you don’t have a legal background, you might not be aware of all the different laws in your state. If you pay the extra money to hire an experienced estate planning lawyer, you know your estate plan will be drafted correctly.
- Not Updating Your Estate Plan: Some people wrongly assume that they can just create an estate plan and never think about it again. However, you’ll likely have to update your estate plan several times in your life. When you experience a major life change, like the birth of a child or divorce, you should have your property planning lawyer in Barrington, IL update your estate plan.
- Procrastinating: If you are young and healthy, you might put off creating an estate plan for a while. However, life can be unpredictable and it’s important to plan for your family’s future now. You should at least speak to an estate planning lawyer Barrington, IL residents count on about establishing a plan.
- Neglecting to Plan for Your Children: If you have minor children, it’s important to plan for their future if you should die suddenly. After all, you want to ensure they are taken care of after you are gone. In your estate plan, appoint the guardian you want to look after your children. The person you choose should be responsible, trustworthy and shares the same values as you do.
- Not Planning for Disability: While no one likes to think about the possibility of becoming disabled in the future, it can happen. That is why it is important to appoint a power of attorney and establish a living trust on your behalf.
- Selecting the Wrong Person to Serve as Executor: The executor of your estate plan distributes your assets to the appropriate beneficiaries and ensures your final wishes are carried out. Being an executor is a big responsibility, so you should think long and hard about who you think can handle the job. An executor should be financially savvy, trustworthy, communicative and organized.
If you are ready to establish an estate plan, schedule a consultation with a qualified property planning lawyer in Barrington, IL today. Call Bott & Associates, Ltd.