Hoffman Estates and Schaumburg estate planning attorneys can help you avoid mistakes as a result of common estate planning myths. Most people are familiar with at least one of the estate planning myths that will be debunked in this article.
1. Only the very wealthy need to worry about estate planning.
False. All people can benefit from proper estate planning. While there may be more estate planning tools that the wealthy use, people of all income levels can benefit from a proper estate plan.
2. You only need to worry about estate planning once you are retired.
False. Nothing could be further from the truth. All adults, and even in some rare instances children, can benefit from a comprehensive estate plan. A proper estate plan can assist in appointing guardians and caregivers for young children, can provide the powers to family or friends to assist in health emergencies, can protect your assets from creditors in some circumstances, can protect your loved ones from added expenses and costs related to unexpected emergencies and death, and can provide long term cost savings. These are just a few of the numerous benefits that people of all ages can experience from a comprehensive estate plan.
3. Estate Planning is Too Costly.
False. Working with our local Hoffman Estates and Schaumburg law firm will provide you long term savings. Estate planning attorneys can help you and your family avoid costly probate expenses, expenses and taxes related to the improper transfer or less than advantageous transferring of assets, help deter expensive will or estate contests, and help you take advantage of potential tax savings and asset protections.
4. I Can Do My Own Estate Planning from the Internet.
False. You can watch surgery on the Internet too but you hopefully would not perform your own surgery. The Internet, while a great resource, also contain an indescribably large amount of false and misleading information that should not be used as a one-size-fits-all solution. Proper estate planning is done by professionals who know you, know your assets, know your goals and can carefully and professionally draft a comprehensive plan tailored to your needs and goals. The will you find on the Internet may not even be valid in Illinois.
5. I Have a Will, That’s All I Need.
False. There is no one single document or tool that can accomplish your estate planning goals. Just as there is no single insurance product that covers you for all liability, there is no single estate planning tool that will cover all aspects of your plan. While a will generally can distribute many of your assets it cannot necessarily distribute all of them. Beneficial interests, contractual interests, business interests and many other forms of 401k and insurance assets cannot be transferred by your will. A will alone cannot shield your assets, they cannot assist in Medicare and Medicaid planning, and they cannot give your loved ones authority to assist you in emergencies. Trusts, especially with the enactment of the Illinois Trust Code, powers of attorney (POA’s), Living Wills, special needs trusts, and wills are just some of the tools that can be used as part of a proper comprehensive estate plan.
The estate planning attorneys at Kelley, Kelley & Kelley in Schaumburg and Hoffman Estates have decades of experience working with clients in developing custom tailored estate plans. Contact the attorneys that practice in estate planning at our office or call our office to set up a consultation.