Introduction: Why Estate Planning Matters for Illinois Families
At McLeod Legal Advisors, led by Rev. Aaron J. McLeod, Esq., a respected Chicago estate planning attorney, we’ve heard every reason why people delay creating an estate plan. While procrastination is human nature, when it comes to protecting your family’s future, waiting can have serious consequences. Today, we’re debunking the most common estate planning myths that could leave your loved ones vulnerable—myths that any experienced estate planning attorney in Illinois encounters regularly.
Myth 1: “I don’t have enough assets to need an estate plan.”
This might be the most dangerous misconception we encounter as estate planning attorneys in Chicago. Estate planning isn’t just for the wealthy—it’s for everyone who cares about what happens to their possessions, their dependents, and even themselves if they become incapacitated.
The reality: Even modest assets like your home, retirement accounts, life insurance policies, and personal possessions add up quickly. Without proper planning, these assets could be:
- Tied up in probate court for months or even years
- Subject to higher taxes than necessary
- Distributed according to state law rather than your wishes
- Difficult for your loved ones to access when they need funds most
As our estate planning materials explain: “If you die without a will or trust (intestate), the transfer of your property is accomplished through a court supervised proceeding called probate that can take months and sometimes years. Probate is also the process by which creditors of a decedent file claims to collect their debts and where interested parties who have a complaint regarding the deceased can file a complaint (a will contest).”
Beyond assets, an estate plan includes crucial documents like power of attorney and healthcare directives that determine who makes decisions for you if you’re unable to do so yourself. These protections are invaluable regardless of your net worth, which is why consulting with an Illinois estate planning attorney is essential for everyone.
Myth 2: “My spouse and I trust each other completely.”
While trust in your marriage is beautiful, it’s not a substitute for proper legal protection. Many couples assume that everything will automatically transfer to their spouse, or that their spouse will know exactly what to do if something happens, but any knowledgeable estate planning attorney in Chicago will tell you this isn’t the case.
The reality: Without proper documentation:
- Assets might not automatically transfer to your spouse, particularly with complex family situations
- Your spouse could face legal hurdles accessing accounts or making healthcare decisions
- If both of you pass away simultaneously, there’s no direction for asset distribution
- If you later become incapacitated, your spouse might need to pursue guardianship through court
Our practice as Illinois estate planning attorneys emphasizes that: “A living trust provides for the continuing management of property upon the death or disability of the trustor and generally allows property to be more quickly distributed upon the trustor’s death. This is because a successor trustee can act almost immediately without the necessity of notice or court approval. With a probate estate, several weeks may pass before court appointment of an executor who is authorized to deal with income and expenses of the estate.”
Even in the strongest marriages, an estate plan provides the legal framework that allows your spouse to effectively carry out your wishes and protects them from unnecessary legal complications during an already difficult time—protection that any experienced estate planning attorney in Illinois can help provide.
Myth 3: “Estate planning is too expensive.”
Many people put off estate planning believing it’s an extravagant expense they can’t afford right now. As Chicago estate planning attorneys, we hear this concern frequently.
The reality: Not having an estate plan is almost always more expensive than creating one. Consider:
- Probate costs without a will can consume a significant percentage of your estate’s value
- Estate taxes may be higher without strategic planning
- Family disputes over unclear intentions often lead to costly litigation
- Your family may face financial hardship while assets are frozen in probate
As we explain to our clients seeking estate planning attorneys in Chicago: “A living trust to avoid probate usually reduces attorneys’ fees, although it is impossible to estimate accurately the savings to your heirs. However, even if all of your assets have been placed in a living trust and probate is completely avoided, an attorney and an accountant are usually required to assist with distribution of the trust assets upon death and to prepare death tax returns.”
At McLeod Legal Advisors, we offer estate planning options for various budgets. The modest investment in creating an estate plan today with a qualified estate planning attorney in Illinois saves your family significant money, time, and stress later.
Myth 4: “I don’t need to worry about who would raise my kids.”
Parents of minor children sometimes believe naming guardians isn’t urgent or that family members would naturally step in. This is a misconception that any experienced Chicago estate planning attorney will quickly dispel.
The reality: This might be the most critical element of estate planning for parents. Without formal guardian designations:
- A court decides who raises your children, potentially choosing someone you wouldn’t have selected
- Family members may disagree about who should take custody, leading to painful disputes
- Your children could temporarily enter the foster care system while guardianship is determined
- Your children’s inheritance might be managed by someone you wouldn’t have chosen
Naming guardians gives you peace of mind that your children will be raised according to your values and by people you trust. It also provides financial instructions for supporting your children’s needs and future dreams. This is an essential conversation to have with your Illinois estate planning attorney.
Comprehensive Estate Planning Services from Your Chicago Estate Planning Attorney
At McLeod Legal Advisors, our comprehensive estate planning practice as dedicated estate planning attorneys in Illinois includes:
- Revocable trust agreements
- Simple and complex wills
- Powers of attorney
- Advanced medical directives and living wills
- Marital planning
- Charitable trusts & other charitable arrangements
- Business succession planning
- Asset protection planning
- Tax planning relating to trusts and estates
The consequences of believing these myths can be devastating for families. We’ve seen the difference proper estate planning makes during life’s most challenging moments. This is why consulting with an experienced Chicago estate planning attorney is so important.
The McLeod Legal Advisors Difference: Estate Planning in Illinois with Compassion
Your estate plan is a gift to your loved ones—one that provides clarity, reduces administrative burdens, minimizes taxes, and ensures your wishes are honored. As Rev. McLeod, a respected estate planning attorney in Chicago, often explains, it’s an expression of your care that continues even when you’re no longer here to provide it personally.
What sets McLeod Legal Advisors apart from other Illinois estate planning attorneys is our commitment to understanding your unique family dynamics and values. We don’t just create legal documents—we help you craft a legacy that reflects what matters most to you.
Contact Your Illinois Estate Planning Attorney Today
Don’t wait for “someday” to protect what matters most. Contact McLeod Legal Advisors, your trusted estate planning attorney in Chicago, today at (312) 725-9974 or amcleod@mcleodlegaladvisors.com to schedule your estate planning consultation. Our compassionate team at 1510 E. 55th Street, Unit #15396, Chicago, IL 60615-2598 will guide you through creating a plan tailored to your family’s unique needs.
When you work with an experienced Illinois estate planning attorney like Rev. McLeod, you gain both legal protection and peace of mind knowing your wishes will be honored and your loved ones will be cared for according to your intentions.
This blog is for informational purposes only and does not constitute legal advice. For specific advice regarding your situation, please consult with a qualified estate planning attorney in Illinois.