Common Myths About Estate Planning

The idea of estate planning can seem daunting to many people, and residents of Oak Park frequently assume that they do not need to worry about estate planning until a particular issue arises or a life change occurs. However, it is essential to know that estate planning is important for all adults, and you should work with an experienced estate planning attorney in Oak Park to determine what types of documents and tools you should have in your estate plan given your particular circumstances. In the meantime, we want to dispel some common myths about estate planning and give you the facts so that you have the information you need to make an informed decision about getting started on the estate planning process.

Myth: Estate Planning is Only for Older and Wealthy Adults

Fact: Many people assume that you should only get started on estate planning if you are older or ill, or if you are wealthy, but this is a myth. Estate planning is important for adults of all ages, regardless of the value of their assets and the status of their health. Estate planning can allow you to make decisions about the assets you do have, as well as to set forth other important decisions concerning health care and guardianship for your minor children.

Myth: You Can Handwrite a Will Without Any Witnesses and It Will Be Valid

Fact: Illinois law has very specific rules for a will to be valid, and it cannot simply be a document that you write up on your own and hide in a “safe place” in your home. Instead, a will must be witnessed by two people (and signed by those witnesses) in order to be valid, along with other requirements you should discuss with an attorney.

Myth: Advance Directives are Only for Sick People

Fact: You should never wait to draft advance directives until you are sick, since it may be too late to do so. You never know when an accident or illness will strike, or when you may become physically incapacitated. It is critical to have documents on file that outline your health care wishes, as well as materials that name a person you trust to make decisions for you if you do become incapacitated and unable to make those decisions yourself.

Myth: You Do Not Need a Will Because Your Family Knows Your Wishes

Fact: Assuming that you do not need a will because your family knows your wishes is a common and dangerous myth. Failing to have a will can result in extensive legal battles, the application of intestacy laws, and even the estrangement of family members. Make a valid will with assistance from an attorney.

Contact an Oak Park Estate Planning Attorney

Estate planning can be complex, but our experienced and dedicated Oak Park estate planning attorneys are here to assist you every step of the way. We can talk with you to learn more about your individual circumstances, and we can provide you with information about the estate planning documents and tools you will want to create or establish. For most people, creating a will and advance directives will be important, and many people can also benefit from additional estate planning tools like trusts. Do not hesitate to reach out to us to find out more about how we can assist you. Contact the Emerson Law Firm today.



See Related Blog Posts:

What is a Codicil?

How to Choose an Executor of Your Estate

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