Planning an estate can seem like a daunting task. Estate planning in Illinois can get even more tricky when people are armed with information that isn't exactly factual. But there is good news in that these common faux pas can be avoided armed with the proper knowledge. The first of these is that estate planning is just for the wealthy when, in fact, it's for everyone of most any age, including younger people.
A will is an all-important document in an estate plan, but there is some misinformation surrounding these documents as well. For instance, it's thought that if someone writes a will, his or her heirs won't have to worry about probate. A will provides a court with guidance as to the last wishes of the testator, but a will may be contested in which case it would have to go through the probate process. As well, having a trust doesn't mean an estate will sidestep probate either.
Speaking of trusts, many people who plan their estates believe that having a trust will avoid heirs having to pay estate tax. Certain trusts may have that capability, which is one area in which a lawyer's expertise may come in handy. Attorneys are knowledgeable about the legalities having to do with taxes and estate planning.
Starting the estate planning journey with the facts may make the process much less intimidating and confusing. An Illinois lawyer can help to clear up any misconceptions before actual planning begins. Confusion can lead to mistakes, and since estate planning has many laws connected to it, the advice of a lawyer may prove extremely beneficial.
Source: Forbes, "10 Common Estate Planning Myths That Can Be Detrimental to Your Family", Erik Carter, Accessed on May 25, 2018