Creating a comprehensive estate plan is essential for protecting one’s assets long term. However, overlooking important steps and making blunders may derail even the most carefully created plans. Here are a couple of common mistakes made during the estate planning process in Illinois.
Not planning for incapacity
People’s chief motivation for creating trusts and wills is generally to spell out how they want their property distributed when they pass away. However, these individuals often fail to plan for incapacity. Estate plans should ideally identify the individuals who have been granted the authority to make key decisions on the behalf of the estate plan creators if they become unable to make these decisions themselves. These decisions range from those concerning finances to health care decisions.
Not planning for funerals
As people create estate plans, it may also behoove them to purchase burial plots and create funeral plans. Then, they can include this information in their burial plots. If they do not include these details in their plans, their surviving loved ones will have to work hard to figure them out in the future. It might also be beneficial to appoint a specific individual to handle the burial and funeral arrangements to ensure that they are executed smoothly.
Where to best turn for guidance
Navigating the estate planning process can understandably be overwhelming, particularly for individuals with large numbers of assets or high-value assets. However, an experienced Illinois estate planning attorney can help those in these situations to ensure their assets end up in the right hands after they pass away. Likewise, one’s attorney can also assist his or her client in creating viable incapacity and burial plans.