It can be quite complicated to plan for the future. You cannot predict what will happen, and you may not want to consider what will happen after you pass away in the future. However, it is an important effort for adults of all ages, regardless of income level or health status. When you have an estate plan in place, you can be certain that your wishes are clear and that your loved ones will have what they need for the future.
When creating a plan, it is critical that you develop a strategy that is sustainable and practical. Making certain mistakes could not only result in frustrating complications, but it could also present a risk that your loved ones may not know what to do or how to secure estate assets after your passing. It may be helpful to review your plans and go over your intentions to ensure that you do not inadvertently commit one of the most common estate planning mistakes.
Common mistakes you will want to avoid
Every estate plan is different, and yours should be custom-tailored to your needs and preferences. However, everyone should be aware of the most common mistakes individuals make when creating their plans as these are frequently overlooked until it is too late to correct them. The most common mistakes include:
- Waiting until it is too late to make any important decisions that could benefit you or your loved ones
- Failing to update wills after major life changes, such as divorce, remarriage or the birth of new children
- Not considering how you can leverage estate tax benefits to your advantage or to the advantage of your loved ones
- Naming children as joint owners of your assets instead of properly establishing chain of ownership through the proper estate planning tools.
If you are unsure of what you need to include in your estate plan or how you can create a strategy that will allow you to look to the future with confidence, you will benefit from working with an experienced legal professional who can provide you with the insight and support you need to make the best possible decisions for you and your loved ones. An assessment of your Illinois estate, your objectives and other factors can help you avoid the most common estate planning mistakes.