Proper estate planning is crucial for everyone. It is important to know and avoid common mistakes. Being proactive and strategic with your estate plan allows you to efficiently transfer assets to chosen beneficiaries and provide for loved ones. Working with an Illinois estate planning attorney can help streamline the process for you.
Not Creating a Customized Will
A primary mistake is never creating a will customized to your specific situation. Having a properly drafted will prevents assets from having to go through lengthy court-supervised probate and allows you to distribute property according to your wishes. It also lets you name a guardian for minor children.
Underestimating the Probate Process
Many people underplan for probate, the court-led process of asset distribution after someone dies. Even a simple estate can take over a year to go through probate. You can avoid probate through advanced strategies like creating a revocable living trust.