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Learn about common estate planning errors so you can avoid them

There are several topics that many Illinois readers might consider issues to avoid talking about, especially when they’re gathered with family members, friends or co-workers. Religion, politics and estate planning are often considered topics to avoid. Some people simply do not like to think about their own immortality. Others may feel they don’t have enough knowledge about such issues to discuss them intelligently.

When it comes to planning an estate, it is never too soon to begin researching and learning about the process. It actually isn’t one, single process; rather, there are numerous issues to consider and documents to prepare and sign. An important part of learning about how to execute a thorough and solid plan is to learn about some of the most common errors people often make when developing their plans.

People under age 50 often procrastinate when deciding when to devise their estate plans. The fact is that no one knows when they will die. There is also a possibility that a younger person might be involved in an accident or suffer an illness that results in permanent incapacitation, which means he or she would no longer be able to properly execute estate planning documents.

Another common error is to omit certain documents that might be beneficial in a particular set of circumstances. To avoid this mistake, it helps to discuss specific scenarios with someone who is well-versed on estate planning and who help develop a binding and comprehensive plan. Scheduling a consultation with an experienced attorney is a logical first step to take; staying closely connected with an attorney after a plan is executed also makes it easy to change or update one’s plan, as needed.

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