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Dodge these pitfalls when writing your estate plan

On Behalf of | Sep 7, 2021 | Estate Planning

Nobody in Illinois (or anywhere else in America) looks forward to writing their estate plan. Most people flinch at the mere mention of anything connected with end-of-life issues. That’s quite understandable. People all dislike contemplating their own demise. Still, there is one essential task associated with one’s mortality that needs to be attended to as early as possible, and that is estate planning. 

Not only should most people have an estate plan, but it should be one that is done correctly. If you are not familiar with the right way to proceed when putting together your estate plan, experts offer loads of tips that are worth reviewing to see if they apply to you. 

Making serious mistakes when doing your estate plan can ultimately cost you or your heirs time and money, a situation you would most likely want to guard against. You wouldn’t want those you leave behind to be embroiled in messy, frustrating red tape after you are gone.

What you should think carefully about

Have these key points in mind when drafting your estate plans:

  • Any estate plan must be kept current. This applies particularly to your lists of assets and the people you name as your beneficiaries.
  • Don’t stash your estate plan in a safe or drawer and then forget about it. Make sure that your executor knows where to find your will.
  • Decide if you want to stick with the ownership of your assets, especially if some of them are jointly owned.
  • Your powers of attorney for medical and money issues should also be current and reviewed occasionally for accuracy.

It’s fine to be advised by a professional who knows the ropes of estate planning but always make sure you know what your estate plan covers. You’re still in charge. If you don’t understand or approve of something, ask questions about it.

Get more information

If you’re ready to get your estate plans together or updated, find out more about how to get started. There may be several ways to accomplish your goals.