If you want your belongings distributed as you wish, it’s important to avoid some common pitfalls during your estate planning. Exercising care and good judgment now can save your beneficiaries a fortune and avoid family feuds. Need more information on the process? A Wilmette estate planning lawyer can help.
Don’t Leave Out Items of Sentimental Value
Sometimes, people forget to bequeath items that aren’t worth a lot of money, but which have sentimental value that can cause friction between family members. The easy solution to this dilemma is to clearly specify who you wish to receive each item in your will.
Secure Your Will and Final Documents
You may have friends and acquaintances who you are close to but who are not relatives. If you leave them something in your will, make sure that your documents are in a secure place and that you appoint someone as the executor. Otherwise, probate court could seize your estate and distribute it counter to your wishes. To solve this problem, store all in a safe deposit box, then give copies of the key to your executor and Wilmette estate planning lawyer.
Don’t Keep Your Intentions Secret
If you plan to leave your money to someone other than blood relatives, make this intention known. Especially for larger estates, surprised relatives can tie up the inheritance in court. Write a letter to explain your decision to those who might not agree with you.
Naming an Unqualified Trustee
It’s a bad idea to appoint friends and family as your executors unless they are qualified to fulfill the role. At the very least, include an estate planning lawyer as a co-executor. A professional executor, who is not emotionally or financially invested in who gets what, can stand firm against disgruntled relatives and heirs. A Wilmette estate planning lawyer can better manage trusts you leave behind.
Procrastination
If you decide to amend your will and are sick or incapacitated when the revision is prepared, make sure your final wishes will be respected. For example, your lawyer can visit you in the hospital or nursing home to get your signature, but unless there are witnesses attesting to your competency, a judge might overall the changes.
Orlowsky & Wilson, Ltd. is an estate planning and business law practice serving greater Chicago and all of Illinois. They have experienced attorneys who guide clients through their legal needs.
