When crafting your estate planning, you should not only consider how you wish your assets to be distributed, but also the ideal way to do so to minimize the burden on your estate and beneficiaries. Many people believe that simply designating beneficiaries on their financial accounts, life insurance policies, and retirement plans is sufficient to transfer their assets smoothly to their heirs.
However, relying on naming beneficiary designations creates significant probate risks, including unintended consequences, probate complications, and a lack of asset protection. A properly structured living trust can provide a comprehensive estate planning solution to mitigate probate risks. An experienced Plainfield, IL estate planning attorney can advise you on your estate planning options, such as a living trust or other estate planning instruments.