ADDRESS:
9991 191st Street Mokena, IL 60448
CALL NOW: 708-478-5050
Estate planning is something that all Illinois residents should do to prepare for the future. However, it’s easy to make certain mistakes that could later cost you. These are some of the most common ones.
Perhaps the worst mistake you could make is not having an
estate plan at all. It means that after you die, no one will be able to manage your affairs and estate. People you would have otherwise left inheritances might not get anything at all. This could cause a lot of grief to your loved ones.
Your beneficiaries should be periodically updated. Whenever something in your life changes, they should be updated. This could involve the death of a spouse, divorce, remarriage, the birth of a child, starting a business or even someone deciding they no longer want to inherit anything from you.
All of your most important estate planning documents should be updated as circumstances change.
It’s important to name the right person to serve as the executor of your estate. Not everyone is appropriate for this role. For example, if you name your brother but he has a serious gambling problem, he might not be the best person for the job.
Choosing someone financially responsible is wise. This could help avoid a potential lawsuit based on self-dealing.
Some people think that only having a will is enough when it comes to estate planning. This isn’t true. Things can become complicated if you go this route. You can’t name individuals to handle your financial and medical matters this way. A will alone can also cause probate to last too long, which means your heirs might have to wait months or years to get their share of assets and property.
Trusts need to be funded with assets. Some people create a revocable living trust but then neglect to fund it, making it useless and leading to a potential lawsuit from the named beneficiary.
If you avoid making these estate planning mistakes, it can benefit everyone.
The sole purpose of the website for Zapolis & Associates, P.C. is to provide information. The information on this website neither establishes a client-attorney relationship between readers and Zapolis & Associates, P.C. nor does it constitute legal advice.
It is solely the responsibility of the reader to consult their own counsel for legal advice.
Following consultation with competent legal or other professional advisors who can assess their unique facts and circumstances, readers or clients should only make decisions or take actions based on the material on this website.
I highly recommend Zapolis and Associates for estate planning. They helped my mom plan out her estate. Very thorough, kind and knowledgeable. They went above and beyond and we are forever grateful….
Paula J.
He is exactly what I needed. Got me on tract, prioritized my needs.
ronny b
Very helpful with helping me get paperwork from relatives from my son's trust fund account.
Allen K.
They've helped my wife and I address concerns we've had for quite a while. We decided on a Trust as the vehicle to address our final wishes.
Quasi M.
Phone: 708-478-5050 | Fax: (708) 478-5052
Address: 9991 191st Street Mokena, IL 60448
Business Hours:
Monday - Friday: 9:00 am - 5:00 pm
Saturday - Sunday: Closed