Many individuals in Illinois and elsewhere consider it essential to have a plan in place for the future. Estate planning offers a variety of benefits, but it can also be a complex process, and any mistakes can prove detrimental. When planning ahead, one might find it beneficial to seek guidance in navigating the process to ensure they cover every aspect along the way.
Perhaps one of the most common forms of estate planning is a will, which can provide an individual with numerous benefits, such as depicting how one wants his or her assets to be divided upon death. However, unlike a revocable trust, a will doesn't shield beneficiaries from going through probate. An individual may also set up a will or trust long before the need for one arises, and since one may experience a change in his or her preferred beneficiaries over time, it is advisable to update information when necessary.
A person may also experience a need to change an estate plan following the death of a family member. Such an event can be a stressful and daunting experience, and although a person may be hesitant to think of such matters, failing to make the necessary adjustments could have devastating consequences.. One may also find it beneficial to consider how his or her assets will be divided upon death, as simply leaving an inheritance to someone who has little experience in financial matters could prove detrimental.
Although planning an estate may prove beneficial in numerous ways, the process doesn't necessarily end after the initial strategy is set. Those who wish to cover every aspect of estate planning could benefit from speaking with an attorney with experience in the area. An attorney can provide a client in Illinois with advice on each available option, as well as guidance on keeping information up to date, and assist in pursing a plan that is in keeping with his or her wishes for the future.
Source: ithaca.com, "Business: Key estate planning mistakes to avoid", Jennifer L. Alfieri, Nov. 8, 2017