Estate planning is an essential part of protecting your assets, providing for loved ones, and ensuring your wishes are honored. Yet many individuals in Chicago and throughout Illinois delay the process because of common misconceptions about wills, trusts, probate, and incapacity planning. As a Chicago estate planning attorney, I frequently see how these myths can lead to incomplete or ineffective plans.
Below are some of the most widespread estate planning myths — and the truth behind them.
Myth #1: Creating a Trust Automatically Safeguards Your Assets
Many people believe that establishing a revocable living trust
automatically protects everything they own. In reality, a trust only works when it is properly funded. That means transferring assets — such as real estate, financial accounts, and personal property — into the trust’s name.
An unfunded or partially funded trust is essentially an empty structure. Assets left outside the trust may still go through probate in Illinois, remain subject to creditors, or create unnecessary delays for your beneficiaries. As a trust lawyer in Chicago, I regularly help clients ensure their trust is fully funded so it can serve its intended purpose.
Myth #2: Estate Planning Only Matters After You Pass Away
Estate planning is not just about distributing property after death. A comprehensive plan also protects you during your lifetime. Key documents — including a healthcare power of attorney, financial power of attorney, living will, and HIPAA authorization — allow trusted individuals to make medical and financial decisions if you become incapacitated.
A thoughtful plan ensures your preferences are honored and reduces stress on your loved ones during emergencies. As a Chicago estate planning lawyer, I emphasize the importance of these documents for clients of all ages, including young families, retirees, and professionals.
Myth #3: You Must Leave Someone $1 to Disinherit Them
The idea that you must leave a person a token $1 to legally disinherit them is an outdated myth. Modern estate planning best practices in Illinois recommend simply stating clearly in your will that you are intentionally omitting that individual.
Giving a nominal gift can actually complicate matters by granting that person additional rights or grounds for dispute. A direct and unambiguous statement is both legally sound and less likely to trigger conflict. As a wills and trusts attorney in Chicago, I guide clients on how to make their intentions as clear and enforceable as possible.
Why These Myths Matter
Misunderstandings about wills, trusts, and probate can lead to plans that fail when they are needed most. Whether it’s an unfunded trust, missing incapacity documents, or a poorly drafted will, these errors can create significant financial and emotional strain.
Working with an experienced estate planning attorney in Chicago
ensures your plan reflects your goals, adapts to changes in your life, and complies with Illinois law.
Putting a Strong Estate Plan in Place
A meaningful estate plan is more than a single document — it is a coordinated strategy that evolves over time. By understanding the truth behind these common myths, you can take steps to protect your assets, maintain control of important decisions, and bring peace of mind to you and your family.
At the Law Office of Johann Chau, I help clients throughout Chicago— including the Loop, West Loop, Lincoln Park, Lakeview, and surrounding communities — create clear, effective, and legally sound estate plans. If you would like to discuss your will, trust, or overall planning strategy, I offer consultations to walk you through your options.
Thoughtful preparation today can make all the difference tomorrow.