estate planning

When you’re young, the future feels like it’s filled with endless possibilities. This leads many younger adults to believe that they have plenty of time to plan for changes in their health or to provide clear direction for how their assets should be managed when they pass away. While estate planning is often viewed as a task that only older people or those who are wealthy need to worry about, creating an estate plan is a good idea, no matter how young or wealthy you are. Your trusted Illinois estate planning lawyer explains why.

Estate Plans Outline How You Want All Assets Managed

Estate plans outline how you want all of your assets managed and handled after you pass away. There’s no limit on what these plans can include. If all you have to your name is a car that you love dearly, your estate plan will be able to explain who you want to receive your car if you pass away. 

If you have a house, investments, retirement funds, and bank accounts with money in them, your plan can explain how you want those assets handled, too. You’re free to leave those assets to whomever you feel is appropriate. This leaves nothing up to chance and takes the burden of deciding who gets what off of your loved ones and the court system.

Estate Plans Help You Prepare for Emergencies

Emergencies can happen at any time. If you’re not ready for them, you could end up making the stress and strain on your loved ones even greater. Without an estate plan, they could struggle to figure out how to manage your assets, how to care for you if you can’t care for yourself, and other similar considerations. 

By creating an estate plan and establishing a will regardless of your age, you’ll reduce that strain on your loved ones. Your will gives you a chance to provide clear direction for how you want your loved ones to manage everything on your behalf. This could include medical care and treatments if you’re unable to make decisions yourself or the types of funeral arrangements you want if you pass away unexpectedly. 

They’re Easy to Update

Life changes quickly and keeping your estate plan updated to reflect your current situation is essential. Luckily, updating your estate plan is as easy as scheduling an appointment with your estate planning attorney. If you need to change your beneficiaries, add new assets to the estate plan, or make any other updates, doing so is simple. And you can make those changes as often as you need to.

While you can update your estate plan on the fly, it’s still a good idea to schedule a formal review with your attorney at least once a year. This will give you a chance to make sure your plan is updated to reflect your current situation and wishes. Remember, things can change quickly, and many of those changes can be so small that you might forget to incorporate them into your estate plan without that annual review.

Estate Plans Ensure Your Wishes Are Honored

If you pass away without a will or estate plan, the state will determine how your assets should be divided based on the current inheritance laws. If you have specific items that you want specific people to inherit, the state won’t be able to honor those wishes. With an estate plan in place, the state and your loved ones will have a guideline to go off of and can ensure that your wishes are honored.

Work With an Illinois Estate Planning Lawyer

Creating an estate plan is a good idea regardless of your age, your health, and your net worth. At Legacy & Life Law Firm, we’re here to help. Contact us today to schedule a consultation and get your estate plan started.