Is estate planning on the rise?

On Behalf of | Feb 17, 2021 | Uncategorized

When someone passes away without a will, Illinois intestacy succession laws determine which heirs receives what assets. The law might not match what someone wants, so it’s important to craft a will and engage in estate planning. Surprisingly, reports suggest that the number of people engaging in estate planning trends downward.

A survey reveals a surprise about wills performed its traditional Will Survey, and the results proved eye-opening. Middle-aged and older adults are experiencing a decrease in the likelihood of devising a will. Interestingly, younger persons seem to be more enthusiastic about estate planning. Why people from older demographics are less concerned over estate planning seems curious; researchers suggested that many people either don’t know how to create an estate plan or don’t believe they have enough assets to bother creating one.

Even with the numbers of younger people performing estate planning, the overall percentage of people who do so remains low. Two-thirds of people lack a will and other estate planning documents. Many people might not realize there are other documents besides a will that may prove helpful.

Other documents to consider with estate planning

Various other documents could factor into estate planning. Regardless of age or wealth status, such documents might make things easier for heirs and, possibly, the person taking part in estate planning. Assigning power of attorney to a trusted and knowledgeable person may prove helpful in some situations.

Medical emergencies and catastrophes could arise. Estate planning documents that address matters related to critical decisions include a health care proxy and a living will. Such documents may prove critical after a medical disaster.

Estate planning documents cover many decisions and responsibilities. Taking steps to work on estate planning with an attorney might be something worth doing right away.