The intent of planning for the future is to have the final say over important matters, such as what happens to your personal property after you pass away. By creating an estate plan, you can be certain that you are able to control the medical care you want or do not want in the event of your incapacitation. There are many different reasons to make an estate plan, and one of the primary ones is having the final say over what happens to your property and your body.
However, if you commit certain mistakes in your estate plan, you or your loved ones could pay the price in the future. It is worthwhile to carefully review all of your plans in order to determine if there are any ongoing issues that you need to address. Mistakes can impact what happens to your property and the interests of your heirs. Many mistakes are not known until it is too late to address the problem.
A close look at your estate plan
To avoid making mistakes that could cost your heirs and beneficiaries time and money, it is prudent to carefully review all of your existing estate planning documents. Regardless of the nature of your plans and goals for the future, you will benefit from being intentional about avoiding the following mistakes:
- Failure to update an existing plan after a major life change, such as a divorce, remarriage, birth of a new child and more
- Not properly coordinating beneficiary designations on certain accounts or updating designations as necessary
- Waiting too long to make important financial decisions for yourself or your beneficiaries
These are a few examples of the mistakes people often make with their estate plans. While none of these issues may seem like a catastrophic matter, it can result in complications that could cost your loved ones time, money and a significant amount of stress.
Mistake-proof your estate plans
If you have an estate plan, you will benefit from taking a careful look at your plans to determine if there are any issues that could impact you or your Illinois loved ones in the future. Professional guidance can help ensure that your interests are secure now and for years to come. An assessment of your plans, your goals and other important issues will provide you with insight regarding the steps that are necessary.
