It is a new year, and for many in Illinois, that means looking ahead to the future. We at Mockaitis Law remind you that making plans for the future also includes deciding what happens to your property after your death. If you have yet to take any estate planning steps, now is the time to start.
Execution of an estate plan may not always go perfectly smoothly, but matters will almost certainly be much more difficult for your surviving loved ones, possibly even involving litigation, if you do not have any plan at all. In order to help the process play out as intended when the time comes, FindLaw offers the following common mistakes to avoid when making your estate plan.
Putting off planning
Many people feel uncomfortable thinking about their inevitable demise, but tomorrow is not promised and time to make an estate plan may run out before you know it.
Choosing the wrong person as an executor
Many people select close relatives such as children or spouses to serve as executors because of the confidence and trust already invested in them. However, it may be better to choose someone without personal investment in your estate plan to handle your affairs objectively and without undue emotion.
Failing to update your will
Life is subject to change, and the provisions you put in your will when you are 30 or 40 years old may no longer apply by the time you are 70 or 80. Fortunately, you can update your will any time you need to, as often as you need to, in order to reflect the shifting circumstances.
The most common estate planning mistake people make is failing to have any plan at all. More information about estate administration and litigation is available on our website.