Three Common Misconceptions About Estate Planning

 Posted on February 25, 2025 in Estate Planning

Nobody looks forward to doing their estate planning, but when it’s done right, it can be both comforting and empowering. Still, many people shy away from making these arrangements, due to misunderstandings about what estate planning instruments can do or, when they should be created. With the help of a skilled Illinois estate planning attorney, however, you can avoid these obstacles and confidently handle end-of-life planning, including instructions for honoring your wishes after you pass away. 

At the Law Office of Vincent C. Machroli, P.C., we want to give you peace of mind. Attorney Vincent Machroli has practiced law for 38 years, with extensive experience in family law, estate planning, and probate. When you work with our firm, you will receive compassionate, practical legal services that help in addressing many different scenarios.

1. Having A Will Solves Everything

Although Wills can manage certain important questions about how your estate should be administered, they cannot address everything. For example, much of your property may still have to go through probate even with a Will in place. Additionally, assets in a Will could still be claimed by creditors.

If you want to avoid the hassle of probate, you could consider creating a Trust, which is a document similar to a Will, only much broader in scope, more flexible and secure. Assets in a Trust are generally protected from outside claims and do not have to go through probate.

2. Estate Planning Only Matters After Death

Estate planning is not strictly limited to post-death arrangements. It can also cover instructions for your care when you become incapacitated. For instance, you could create an advance directive that tells doctors whether or not you want life-extending treatments.

Additionally, you could obtain 2 Power of Attorney (POA) documents to make sure your affairs are handled by people you trust. A medical POA gives someone you choose the authority to make healthcare decisions if you cannot communicate your wishes, while a financial POA gives someone you choose the authority to manage your finances. Even if you never end up needing a power of attorney, having a plan in place is always a good idea.

3. Estate Plans Cannot Be Modified

You may fear that estate planning is set in stone and that once you have given instructions, you can never go back on them. This could not be further from the truth, however. You can revoke your Will at any time by destroying the document, or by simply drafting a new Will, with different terms.

Similarly, if you want control over your assets in a Trust, you can choose to create a Revocable Living Trust document; if you’ve obtained a Revocable Trust, you can then modify it’s terms at any point in the future, or you could even terminate the Trust. At the Law Office of Vincent C. Machroli, P.C., we focus on making estate planning as comfortable as possible for you, giving you full decision-making control over the process.

Meet With a Wills and Trusts Attorney in Oak Park, IL

If you have any concerns or doubts about creating a Will, Trust, or Power of Attorney, let the Law Office of Vincent C. Machroli, P.C. eliminate these worries. Our Hillside, IL estate planning lawyer can provide you with valuable representation and counsel regarding these documents. To schedule a free consultation today, call our offices at 708-449-7404.