We see a lot of situations in which people who are developing an Estate Plan have the idea, “Okay, I want it to go to my children in equal shares.” This sounds like a simple, reasonable and fair request. But, potential problems can arise when they haven’t addressed, “Well, what happens if you outlive one of […]
Common Estate Planning Mistake #13: Failing to make proper provisions for special needs family members
Special Needs family members require and deserve special provisions made for them in a family estate plan. Unfortunately, it is very common for people to either make provisions for them in an incorrect or incomplete way, or worse yet, not provide for them at all. In this Estate Planning Minute, Wes Coulson, Illinois Elder Law attorney, […]
Common Estate Planning Mistake #12: Failing to fund a Living Trust
Unfortunately, all too often, the common mistake we see in estate planning is the failure to fund a living trust. Funding is the step in transferring ownership of assets into the living trust. It’s not enough to simply have a living trust, if you fail to fund a living trust you risk losing those assets. In this Estate […]
Common Estate Planning Mistake #11: Failing to plan for your lifetime incapacity
When we think of Estate Planning, we often think of the documents we put in place for when we die. However, that isn’t always the complete story. Sometimes, people suffer illnesses prior to their death that may leave them incapacitated. One of the big common estate planning mistakes is failing to plan for your lifetime […]
Common Estate Planning Mistake #10: Failing to plan properly for minor beneficiaries
Wills and Living Trusts offer a peace of mind that when we pass away our estate is distributed as we wish. Very commonly, we leave our estate to our children, and then to our grandchildren if they die before we do. However, what isn’t always addressed is what happens if we pass away while our […]
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