Drafting A Will Or Trust? Estate Planning Lawyers Can Help You Avoid Common Mistakes
Whether you are drafting a will for the first time or updating an existing one, it is always recommended to consult a respected estate attorney to ensure that your documents are in proper order. An experienced estate planning lawyer can help you avoid mistakes that might prove costly in the future.
Be Cautious When Using Standard Templates
Although it may be tempting to simply use a basic template found online or in a book, this is not always the best solution. The Internet is teeming with will and trust templates, making it incredibly easy to draft such documents these days. However, without an understanding of the legal terminology and technical aspects of the document, it can essentially be rendered useless or cause major headaches down the road.
Consult An Experienced Estate Attorney To Review Or Create Your Documents
If you do choose to utilize a basic template, it is well worth the money to source a reputable estate planning lawyer to review and amend it, as necessary. Many individuals are hesitant to seek the assistance of a lawyer for many reasons, financial and otherwise. However, the long-term benefits of consulting an expert are well worth the investment! If your will isn't created in complete accordance with state laws, there is a much higher risk of it being contested. Although there are plenty of litigation attorneys who can assist in such situations, it is better to be proactive and prevent such disputes from happening in the first place. If you are the beneficiary of a loved one's will, and genuinely feel there are legal grounds to contest its validity, an experienced litigation attorney can help you determine your next course of action.
Keep Your Documents Current
One of the most common estate planning mistakes made is failure to update documents on a regular basis. After all, a document drafted 25 years ago is likely to have diminished in relevance completely. Laws are frequently updated and family landscapes change from year to year. Seek the assistance of a qualified estate attorney each time the law changes or your family dynamic is altered.
Leave Large Sums Of Money In Trusts Rather Than Cash
If you're considering creating a will that leaves a large sum of cash to a loved one, many estate planning lawyers would advise you to place the money in a trust instead. A trust allows you to transfer property to a trustee, who is therefore obligated by a trust agreement. The agreement designates how you wish to have the property appropriated. Whereas a lump sum of cash can be spent at the beneficiary's discretion, which may not always be in the wisest or most legal manner.
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ABOUT THE AUTHOR
Creating a will or trust can be an overwhelming task, but you can eliminate the stress by consulting an experienced Chicago estate planning lawyer at Peck Bloom, LLC. To discuss your estate planning documents with a top estate attorney in Chicago, or to seek the advice of a Chicago litigation attorney, contact Peck Bloom, LLC at (877) 845-1743.