One reason many people in the Mokena area create estate plans is to reduce the amount of conflict that may occur between their family members after they die. They believe they only need to create wills. There are other estate planning documents they should consider using to protect their estates and prevent disputes.
When planning your estate, it is important for you to think of all the ways you can protect it. This may require you to use different documents to cover your bases. Take some time to look over the following three items you should consider adding to your estate plans.
Many people choose their estate beneficiaries one time and never review them again before they die. Their families often end up fighting over their estate plans and filing disputes that delay the administration process. Your feelings and relationships may change periodically. You should get in the habit of updating your beneficiary selections at least twice a year and anytime you experience a major life event such as marriage, divorce or either the birth or death of a child.
To keep your assets from going through probate court, you may want to consider creating a living trust. This document can also protect your family’s privacy because it keeps the details of your estate from becoming public. Having a revocable trust also gives the trustee the right to act on your behalf if you fall seriously ill and to regain control of your estate when you recover.
You should name several people as executors for your estate. That way if your initial designee is unable to take on the role, you already have people you can trust to step up and legally take over. It is important for you to choose your executors wisely to prevent issues that could devalue your estate.
Do not rush when creating your estate plans. Carefully evaluate your circumstances and assets to create a bulletproof estate plan to protect your legacy.