It has been said that there are two certainties in life -- death and taxes. Unfortunately, they are also well associated with each other. Rarely, do people under the age of 40 in Illinois think about dying, much less begin estate planning, just in case the unforeseen should happen. Doing so, however, could be a wise step since a carefully prepared estate plan will maximize the amount of assets that actually end up in the hands of beneficiaries.
Every adult should have a will, which is an integral part of an estate plan. It is doubly important if there are children involved. A person does not have to have a lot of financial wealth to have a will.
Even those people who haven't yet amassed many assets would do well to have an estate plan. Young people who take the time for this type of planning are sending out a loud a clear message to their loved ones. They're saying that they care about them and what would happen to them should they suffer an untimely demise.
The first place to start in the estate planning journey is typically with the writing of a will. Getting legal advice from an Illinois attorney might be the best first step to take on that road. Estate planning can be filled with complexities and can create questions that an attorney would be able to answer. Younger individuals don't need to feel apprehensive when they decide to start planning their estates and have the guidance of an estate planning lawyer.
Source: quicken.com, "Estate Planning Tips for People Under 40", Accessed on Jan. 20, 2018