Top 5 Estate Planning Pitfalls

You have worked hard to earn your assets. It’s your responsibility to secure them before the probate process by engaging in estate planning and establishing a will or trust. Working with an estate planning attorney is essential for accurately representing your wishes. This article highlights the five most common pitfalls in estate planning and how to avoid them.

1. Drafting your own Will

While numerous websites offer DIY will drafting, Illinois law requires specific language and proper witnessing for a valid will. If your will lacks the correct language and formalities, a probate judge may reject it, leading to the distribution of your estate under the intestacy rules outlined in the Probate Act, Descent and Distribution: 755 ILCS 5, not according to your wishes.

2. Too many specific bequests

You might want to gift many of your personal belongings to many different family members and friends, but too many specific bequests can burden your executor and raise probate legal fees. Consult an attorney to streamline the process and align it with your final gifts to your heirs and legatees.

3. Failing to disinherit properly

If you don’t want certain heirs or relatives to inherit from your estate, a properly worded will is crucial. Otherwise, they might inherit under the Probate Act, Descent and Distribution: 755 ILCS 5. To avoid will contests, claims against your estate, extra attorney fees, or litigation, it’s essential to have your will drafted by an estate planning attorney so that the correct language and strategy can be applied.

4. Losing the original Will

Your original will must be filed with the court clerk within 30 days of your passing. Copies are not acceptable. See Probate of Wills and Issuance of Letters of Office: 755 ILCS 5/6-3. You should make sure your executor and successor executor know where the original will is located. You do not want the Judge to assume you revoked your will because only a copy could be located.

5. No estate planning documents

If you don’t create any estate plan documents, your estate will be distributed under the intestacy rules under state law. The Probate Act, Descent and Distribution: 755 ILCS 5 will dictate your estate’s distribution. To avoid this, particularly if you have minor children or are unmarried, create an estate plan. You can completely bypass probate by establishing a trust and other necessary documents. The estate planning attorneys at Long Law Group can answer any related questions you may have and create a tailored estate plan, including a will and trust that suits your family’s individual and specific needs.

Schedule your free 30-minute consultation with an estate planning attorney by contacting us at contact@jlonglaw.com or 312-344-3644 to discuss your particular case.