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West Dundee, IL847-428-7725
St. Charles, IL630-200-4882
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Mistakes to Avoid with Estate Planning and Trusts

Posted on in Estate Planning

West Dundee Estate Lawyer

Most people know they should create a will to take care of their assets and carry out their wishes when they pass away. It is often easy to make mistakes during estate planning because people view it as morbid or think they will not die anytime soon so they do not need it. 

It may also be necessary to create a trust as well as a will. A trust is a legal entity in which a third party (trustee) manages assets on behalf of a beneficiary. Beneficiaries are often children but do not have to be. It is crucial to avoid these common mistakes many people make while they are planning an estate. 

Setting Up Trusts When Children are Young

Parents who set up trusts for children want to set their children up for success after they are gone, which is admirable. However, sometimes children are not ready for money when they are younger. It may be a good idea to evaluate the readiness of a child for the trust as they get older and how it can best benefit them over the long-term. 

Treating Everyone the Same

Everyone has different personalities in life. If you treat everyone identically when evaluating the manner of asset division after you pass away, it may cause problems. For example, a special needs child is likely going to require a caretaker and some extra help, so it takes significantly more planning. Working with your attorney for situations like this is necessary to make sure everything is set up properly. 

Choosing the Wrong Trustee

A family member may be the right person to act as your trustee, but just because they are family does not automatically mean they are the right person. You have to look at possible trustees without emotion and evaluate who will do the best possible job to make sure your trust is handled properly.

Not Updating a Trust When Necessary

Some people do not realize you are able to update a will or trust if something changes in your life. If you get divorced, have a change in income, etc., it is possible to alter your documents if needed. Reviewing your documents every few years is a good idea to make sure everything is still accurate. 

Contact a West Dundee Estate Planning Lawyer

Making plans regarding your assets and wishes for when you die is not something many people look forward to. The estate planning process can be made easier if you contact a knowledgeable and helpful Kane County estate planning attorney. The Law Offices of Benedict Schwarz, II PC can help you plan for what will happen after you pass away. Call us at 847-428-7725 for a free consultation. 

Source:

https://www.cnbc.com/2014/10/22/trust-bust-steer-clear-of-the-8-biggest-estate-planning-mistakes.html

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