Leading Probate & Elder Law Attorney Michael Huguelet Highlights Common Myths About Estate Planning – Orland Park, IL

Michael Huguelet, founder of the Law Office of Michael T. Huguelet, P.C., in Orland Park, IL, speaks about estate planning misconceptions. For more information please visit https://www.hugueletlaw.com

Orland Park, IL, United States – May 29, 2021 /MM-REB/ —

In a recent interview, Michael Huguelet, founder of the Law Office of Michael T. Huguelet, P.C., in Orland Park, IL, spoke about several common misconceptions revolving around estate planning.

For more information please visit https://www.hugueletlaw.com

One myth he quickly dismissed was that estate planning was only for the rich, famous, and celebrities.

“Estate planning doesn’t discriminate,” said Huguelet, “It doesn’t matter how much money is in your name or how widely known you are.”

“Estate planning is there to make sure that what you do own is handled properly if you ever become incapacitated, and is passed down to the person(s) of your choosing when the time comes.”

He added: “Estate planning, and more importantly total Family Protection planning, is one of the most important things you can do to ensure you and your loved ones are taken care of, both during your life and once you’re gone.”

Another widely held belief is that estate planning can sit on the backburner as many people believe they are too young to even contemplate it. Huguelet commented: “The only constant in life is change. Things happen that are out of our control. But what we can control is planning for our loved ones both during our lifetimes and after we’re gone.”

The myth that family will manage your estate in the true sense of the word, without an estate plan, is probably one of the worst things you can do, he emphasized.

“Where family and inherited money comes into play, it often proves more challenging than good. Estate planning puts in place legal structures that protect your assets and offer clear guidelines on how assets should be distributed. If you want to know how truly dysfunctional your family can be, die without a plan!”

He did highlight the need for those thinking about estate planning to consult a lawyer in that field, rather than being tempted down the DIY route just to save money.

“Estate planning doesn’t simply boil down to appointing an executor for your will or trustee to manage a trust. The whole process takes into account several possible circumstances such as what would happen if your beneficiary were to become incapacitated or to pass on before he/she receives all of his/her share of your assets,” he added.

“Estate planning also brings into play retirement accounts and insurance policies that people often overlook,” he said. “Both are part of your wealth portfolio and should be considered as part of the estate planning process. Improperly drawn beneficiary designations can have a disastrous effect,” he warned.

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) 852-0733
Website: https://www.hugueletlaw.com

Source: MM-REB

Release ID: 89018682