Matthew S. Payne is a Chicago-based attorney with a 20-year record of success in civil litigation, real estate law and estate planning.

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Estate planning with loved ones in mind

| Jun 23, 2021 | Estate Planning

More and more Illinois residents decide to plan for a future when they won’t be here. They don’t want to burden loved ones with making decisions involving distributions. Besides that, many try to protect family members from having to pay an estate tax.

Estate planning isn’t something you’ll do unless you commit to it

Most people don’t want to think about their demise. They know that they need to do something to plan for the future, but they put it off. Committing to the process is a crucial aspect of success. Drafting a will and naming an executor are typically the first steps toward determining how to handle your assets after death.

Common mistakes that make it hard for your family

Dying without a will is one of the most common mistakes. It’s not enough to tell loved ones verbally what should happen. If someone in your family disputes your heirs’ directions, your estate ends up in court. It takes valuable time and money to resolve the issue.

Another mistake is believing your small estate isn’t worth the attention of a plan. In fact, planning can make it possible to keep several assets out of probate altogether, which makes it easier for loved ones to go on.

For example, if you own a collectible car that you want your niece to get after death, you might file a “transfer on death” form that puts the title in her name when you die. It’s neat, easy and won’t require loved ones to handle the paperwork.