Chicago Estate Planning Lawyer Mary Liberty of Illinois Estate Law, Highlights the Most Overlooked Steps in Illinois Estate Plans

CHICAGO, IL - Estate planning is more than drafting a will or setting up a trust; it's about making sure every step is completed so that the plan works when the family needs it most. Chicago estate planning lawyer Mary Liberty, of Illinois Estate Law (https://www.illinoisestatelaw.com/7-overlooked-steps-that-make-or-break-an-illinois-estate-plan/), warns that many families only discover gaps in their estate plan after a loved one passes away, when it's too late to fix them.

As a Chicago estate planning lawyer, Mary Liberty sees firsthand how common oversights can turn what appears to be a complete estate plan into a probate court burden. "A trust without funded assets, outdated beneficiary forms, or missing healthcare directives can turn a solid plan into an expensive probate nightmare," Liberty explains. These mistakes, she adds, are preventable but often ignored until families are forced to confront them during the emotional and legal complexities of probate.

The role of a Chicago estate planning lawyer becomes especially critical because Illinois estate law has specific requirements that, if not followed, can lead to delays, disputes, and increased costs. "Estate plans fail because most people treat them as one-time paperwork projects," says Mary Liberty. "Creating documents is just the beginning." At Illinois Estate Law, Liberty ensures that all aspects of a client's estate plan, from funding trusts to updating healthcare documents, are properly completed and regularly maintained.

One of the most commonly missed steps is funding the trust. Many people set up a revocable living trust expecting it to avoid probate, but forget the critical step of transferring assets into the trust's name. Without this transfer, called funding, the trust sits empty, and the assets still go through probate. Liberty emphasizes that real estate needs new deeds, and bank accounts require signature cards that reflect the trust as the new owner. If skipped, "a person paid for trust documents, but got none of the benefits," she explains.

Beneficiary forms are another source of frequent estate planning failures. These forms on life insurance, retirement accounts, and other assets override the instructions in a will or trust. Outdated forms, especially following marriages, divorces, or the birth of children, can cause assets to go to unintended individuals. Liberty notes that Illinois law doesn't automatically update these designations, and the consequences can be severe.

Another area where families fall short is in creating both a healthcare power of attorney and a healthcare directive. The first names who will make medical decisions if incapacitated, while the second explains what types of care they want in end-of-life situations. Mary Liberty stresses that "Illinois estate planning requires both documents because they serve different purposes." Without them, family members may be left to make difficult decisions without guidance or legal authority, often in high-pressure situations at hospitals like Northwestern Memorial or Rush University Medical Center.

Digital asset planning is an increasingly important but often ignored step. People today own hundreds of online accounts, from cloud storage to cryptocurrency, but rarely leave clear instructions for accessing them. "The executor or trustee needs to know what exists and how to access it legally," Liberty states. A digital inventory listing these assets and access credentials should be stored securely and kept out of public probate records.

Illinois' state estate tax is another area where many families get caught off guard. While the federal estate tax exemption in 2025 is $13.99 million, Illinois imposes its own estate tax on estates over $4 million. This lower threshold means many who assume they're exempt may still owe state taxes. Liberty educates clients on strategies like lifetime gifting, credit shelter trusts for married couples, and charitable bequests to reduce tax exposure. "An estate valued at $4.1 million pays tax on the full amount, not just the portion over the limit," she warns.

Planning for beneficiaries with disabilities is another critical step. A Special Needs Trust allows families to provide support without disqualifying the beneficiary from government assistance. Whether the trust holds money from the disabled individual (first-party) or from a relative (third-party), the structure protects eligibility for Medicaid and SSI while enhancing quality of life. Liberty helps families understand how distributions must be managed carefully to avoid disqualifying their loved ones from essential benefits.

Mary Liberty also advises clients to maintain a well-organized proof file containing all signed documents, recorded deeds, beneficiary confirmations, healthcare forms, and a digital asset inventory. This file should be stored securely but be accessible to executors or trustees when needed. "An outdated proof file creates confusion about whether changes were actually completed," Liberty cautions.

Working with a thorough and diligent estate planning attorney can help Illinois families avoid the traps of incomplete planning. Mary Liberty offers flat-fee services through Illinois Estate Law, including ongoing guidance and unlimited attorney access to ensure that all details are handled, not just once, but as life changes.

A well-executed estate plan protects assets, honors wishes, and minimizes burdens for loved ones. Mary Liberty and Illinois Estate Law provide comprehensive planning services for families across Chicago and the state. If the plan hasn't been reviewed recently or you're unsure whether it's complete, now is the time to act. Call Illinois Estate Law to schedule a free consultation and make sure the estate plan truly works when the family needs it.

About Illinois Estate Law:

Illinois Estate Law is a Chicago-based law firm dedicated to helping families build complete, functional estate plans. Led by attorney Mary Liberty, the firm provides flat-fee estate planning services that include everything from trust creation and funding to digital asset inventories and healthcare directives. The goal is simple: protect clients and their families with plans that work in real life, not just on paper.

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Email: contact@illinoisestatelaw.com

Website: https://www.illinoisestatelaw.com/

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Company Name: Illinois Estate Law
Contact Person: Mary Liberty
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