Many residents of Illinois believe estate planning is something for older people. However, the reality is that it’s never too early to address end-of-life issues. Estate planning earlier is even better for a variety of reasons.
Gives you control
When you begin estate planning while you’re still young, it gives you control over your future. You can make sure that your financial and health care arrangements occur the way you want by creating financial and health care powers of attorney. These legal documents allow you to name agents you trust to handle your money or medical-related affairs in the event that you’re ever struck incapacitated in the future.
Protects your children
If you have minor children, it’s crucial to think about their future and name guardians for them. You can designate those guardians in your last will and testament. You might wonder why you need to worry if you’re still young, but life is full of uncertainties and anything could happen. Protecting your children while you’re very young is responsible and lets you decide who should raise them if you unexpectedly pass away.
Choose your beneficiaries
Planning your estate early allows you to choose beneficiaries who will eventually receive an inheritance. For most people, that includes spouses, children, other family members and friends. You can also go a step further and leave some of your assets to your favorite charities, which allows you to simultaneously do something good for others and save money on estate taxes.
It’s never too early to start estate planning for another major reason: it eases stress for you and everyone close to you. Your family members won’t have to worry about debating on how things should be handled if you’re suddenly incapacitated or you suddenly die.
Early estate planning can bring you peace of mind in knowing that you’re protecting your family, your estate and yourself.