Those Illinois residents who take the time to make sure their families are provided for after death should be applauded. A disproportionate amount of people still do not have estate plans, which leaves their surviving loved ones to face a potentially arduous probate process. Unfortunately, not assessing all of the risk associated with an estate plan could do the same thing.
Estate-planning documents can take many forms. They can accommodate a variety of situations and circumstances. For this reason, Illinois residents need to scrutinize their potential estate plans in order to make sure that they will not jeopardize smooth estate administration when the time comes.
This often includes consulting with one or more people experienced in this area. An estate plan should address the legal, business and tax ramifications that could arise. For instance, an accountant and an attorney could work together in order to determine the best course of action to make sure that surviving family members would have access to as much of the estate as possible and in a timely manner. Once what is believed to be a solid plan is in place, it also requires periodic review to ensure that it remains valid and in line with the maker’s wishes.
Effective estate plans can provide grieving family members with the ability to get through the probate process, which is often one of the maker’s goals. Doing so requires taking certain steps to make sure that there is little to no risk that something will go wrong. Working with the appropriate people and obtaining the right information could help make this happen.