Top estate planning attorney Michael T. Huguelet founder of the Orland Park Law Office of Michael T. Huguelet, P.C reveals the biggest errors to avoid when considering what to do about planning your estate. For more information please visit https://www.hugueletlaw.com
Orland Park, Illinois, United States - April 3, 2023 —
Avoiding the pitfalls of estate planning can reduce the stress of loved ones when the time comes to apply it, emphasized Estate Planning and Elder Law attorney Michael T. Huguelet.
For more information please visit https://www.hugueletlaw.com
The Orland Park, IL attorney revealed the biggest errors to avoid when considering what to do about planning your estate. The biggest is doing nothing at all.
“Now’s the time to start planning. The earlier, the better,” said the founder of the Law Office of Michael T. Huguelet, P.C. “Too many people put estate planning on the back burner until it is too late. Failing to do so could imperil their assets and what loved ones are expected to do.”
Discussing estate planning options with loved ones is an opportunity to outline what they have planned for any assets and lessen the risk of disagreement after a person’s passing.
Estate planning, he added, is all about the details. That means, among other things, executing Powers of Attorney and naming someone to act on a person’s behalf if they become incapacitated and cannot make either financial and/or medical decisions independently.
“Rather than designating just one beneficiary per asset, it is frequently better to have a contingent beneficiary in the event the primary beneficiary dies before you do,” Huguelet said.
He pointed out the need to write out funeral details as part of the overall estate plan so that everyone is clear on the deceased's wishes regarding final arrangements. Equally, detailing their wishes for end-of-life care should also be stipulated.
“While there is so much focus on traditional estate planning options, don’t forget to address your digital assets and how these should be handled. These can range from social media accounts to your online banking accounts.”
He urged people to seek advice from an estate planning attorney who could offer more options they may not have considered. These include leaving money to favorite charities, planning for children’s futures, how assets can be left for specific uses and who takes care of them. Any estate plan should also consider both potential creditor and tax liabilities.
Huguelet concluded: “While regularly updating a plan is advised to reflect any changing circumstances, a person should also advise loved ones where the estate plan is being kept in case of your death or incapacitation. Otherwise, it’s useless if they can’t find it.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Michael T. Huguelet
Email: Send Email
Organization: Law Office of Michael T. Huguelet, PC
Address: 10723 W. 159th St. Orland Park, IL 60467
Phone: 708-722-8442
Website: https://www.hugueletlaw.com
Release ID: 89092815
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