Mistakes Estate Lawyers In Chicago Don’t Want You To Make
If you're beginning the estate planning process, you know how important it can be. However, understanding the importance just isn't enough — you also need to make sure that you're avoiding these common problems. Before you meet with an attorney, heed the advice of estate lawyers in Chicago and learn how to avoid these common mistakes.
Choosing The Wrong Executor
Choosing the executor of your will is a vital step. This person will be responsible for a number of major decisions, including whether your house should be sold and filing your final federal and state tax returns. The executor will make sure that the wishes of the will are enacted. He or she will make sure that pets and minor children are taken care of according to the will and that assets are distributed in accordance with your wishes. He or she is typically a family member, but it's possible to name estate lawyers in Chicago or even a certified public accountant as the executor.
Before naming someone as an executor, estate lawyers in Chicago recommend that you ask permission, especially if you're naming a friend or family member. Acting as an executor can be a major undertaking so it's important that the person knows what they're getting into before they volunteer for the job.
Not Including A No Conflict Clause And Not Treating Beneficiaries Equally
Another mistake that estate lawyers in Chicago want you to avoid making is not adding a no conflict clause in to the will. A no conflict clause will help eliminate fighting among family members and beneficiaries. It basically states that anyone who contests the contents of the will receives nothing. It's an easy way to ensure that everyone gets along throughout the entire process.
Also, treating everyone equally will help ensure that beneficiaries don't fight among themselves. If you have multiple children, ensure that everyone receives an equal portion of your assets. While it might seem like a good idea to give wealthier relatives less than relatives who aren't as financially stable, this can create negative feelings and strife between family members.
Not Updating The Beneficiaries In Your Will
Estate lawyers in Chicago also want you to make sure that your beneficiaries are updated regularly in your will. If someone named in your will has recently died, it could cause problems if the document isn't updated. It's a good idea to take a look at your legal documents at least once a year to make sure the information is accurate and go to your estate lawyers in Chicago for updates if it's not.
#1 Mistake Estate Lawyers In Chicago Want You To Avoid: Not Making A Plan At All
The top mistake that estate lawyers in Chicago want you to avoid is neglecting to make a plan at all! People who don't plan for what happens to their assets after their death are setting their family members up for a nightmare of paperwork and potential problems. They could also lose a large percentage of their assets to taxes and attorneys' fees. Instead of leaving your loved ones with a mess, make sure that the details are taken care of well in advance.
Avoiding these common mistakes can really help your loved ones through the difficult time after you've passed. If you haven't planned for the future, contact top estate lawyers in Chicago at Peck Ritchey. We'll be able to ensure your family members are taken care of, even after you can't.