Not So Divine Nine


Not So Divine Nine

I hope I’ve convinced readers that estate planning is essential to protecting assets and ensuring they pass according to your wishes. In my years serving our community, I’ve realized that what seems obvious to me may not be as clear to others. I hope this column helps your family avoid the pitfalls of a poor or nonexistent estate plan.

1. Not Having a Plan

Without one, the state decides who gets your assets, which may not reflect your wishes.

2. Failing to Update Your Plan

Life changes, and your estate plan should too.

3. Choosing the Wrong Executor or Trustee

An unreliable or inexperienced executor can cause legal disputes and financial losses. Choose wisely.

4. Ignoring Tax Planning

Trusts and gifting strategies can minimize tax burdens.

5. Overlooking Beneficiary Designations

These override your will. Outdated designations in insurance policies could send assets to unintended individuals.

6. Not Planning for Incapacity

Without a power-of-attorney (POA) or healthcare directive, loved ones may face a costly legal process to manage your affairs.

7. Neglecting State Laws

Laws vary, affecting probate, taxes, and validity. Moving to another state? Review your plan.

8. Relying Only on a Will

A will won’t prevent probate or protect assets. Trusts can streamline distribution and provide asset protection.

9. DIY Estate Planning

Online templates may seem cheap but can lead to costly mistakes. Professional guidance ensures compliance and full protection.

Estate planning isn’t just about the “Benjamins”- it’s about peace of mind for you and your loved ones. Avoid these, not so divine nine (9) mistakes by creating a plan that protects your family and honors your legacy.


Bye for now,

Bren



QUIZ: Does a will in Illinois have to be notarized to be valid?


Answer last week’s quiz: 1. Know the documents needed to fulfill your wishes. 2. Organize your assets.3. Review and update your plan regularly.

To get a more detailed answer to last week’s QUIZ question or for any financial questions that you may have, please contact me: 773-817-0601 or basheriff1@gmail.com

Disclaimer: The illustrations presented in this column are not, nor are they intended to be, legal, financial, or any other licensed professional advice, you should contact the licensed professional of your choice for advice on your individual situation.


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