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DuPage County estate planning attorneyWhile some people have the good fortune of being born into a family with significant wealth that was amassed several generations ago, most others work extremely hard to accumulate the assets and holdings that comprise their estate. As far as your estate is concerned, you have likely put in many hours and made responsible decisions to earn what you currently own. With this in mind, you have every right to decide what will be done with your property after your death.

It is important to remember that while you do have the right to make estate planning choices for yourself, decisions such as these will affect others. The choices you make in your estate plan will almost certainly impact your loved ones and close family members. That impact could be negative, positive, or neutral, depending on your unique circumstances and how you manage them.

Avoiding Unfounded Assumptions

A recent study conducted by Fidelity Investments found that an alarming number of aging individuals are not on the same page with their adult children when it comes to the topic of estate management. For example, Fidelity discovered that adult children tend to believe that their parents’ estates are worth far less than they actually—about $280,000 less on average. Additionally, the study found that nine out of ten parents plant to presume that one of their children will serve as executor of their estate. More than 25 percent of adult children, however, had no idea about their parents’ expectations.

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