Creating an estate plan is one of the most effective ways to ensure that you leave a lasting legacy for your loved ones. But if you’re just getting started or are exploring your options, it’s normal for the estate planning process to feel overwhelming. Unfortunately, those feelings of overwhelm can lead to several common mistakes. Your trusted Illinois estate planning attorneys want to help you avoid making those mistakes yourself. Here are a few of the most common pitfalls and what you need to do to keep from making these costly mistakes.
Putting Your Estate Plan Off
One of the worst mistakes people make is not creating an estate plan in the first place or putting it off until they reach a certain milestone or experience a specific event. If something happens to you before you have an estate plan in place, the distribution of assets and settling your affairs can take longer and may put your loved ones under more stress.
Trying to Plan Everything On Your Own
Though it’s possible to create an estate plan on your own, it’s not the best idea. Unless you’re extremely familiar with the process, the chances are good that you’ll end up missing key components or overlooking certain assets as you build out your plan. Instead of trying to create one on your own, work with an experienced Illinois estate planning attorney. They’ll be able to guide you through the process and help you create a truly comprehensive plan that looks out for your loved ones.
Not Communicating Your Wishes to Your Loved Ones
Having a conversation about your estate plan and your final wishes isn’t a pleasant thought for many people. Unfortunately, this leads a lot of individuals to not communicate the details of their estate plan with their loved ones while they’re able to do so. Instead of putting it off or letting a trustee handle everything in the future, have those conversations now. This way, you and your loved ones will be on the same page and they’ll be better able to honor your wishes.
Not Reviewing Your Plan Regularly
Creating an estate plan is a great first step, and many people stop there. But since your life can change and the beneficiaries you designate or the assets you need to distribute to your loved ones when you pass away can grow or be eliminated, you’ll need to review your estate plan regularly. If you don’t, your plan may be outdated and parts of your estate could go unaccounted for. Try to review your estate plan once a year or as your situation changes. This way, everything will be up to date.
Ignoring Digital Assets
It’s common for people to assume that the only assets they need to include in their estate plan are physical assets. But nothing could be further from the truth. You’ll also want to include your digital assets whenever possible. Things like social media accounts, cryptocurrency accounts, and other digital assets should be accounted for in your plan. Your attorney can provide you with a more comprehensive list of digital assets to consider.
Start Your Estate Planning Journey Today
Avoiding these common mistakes is easy when you’re working with an experienced Illinois estate planning attorney. At Legacy & Life, our team is here to help. Contact us today to schedule an appointment and take the stress out of creating your estate plan.