Some Illinois residents might not think they need an estate plan for several reasons. People might think if they’re not rich then they don’t need an estate plan, or that they can hold off on it till they’re older.
The reality is that estate planning is a crucial part of making sure your family and loved ones are taken care of after you’re gone. When you set up your estate plan can depend on several different factors, but at some point, every Illinois resident should set one up.
When should I create an estate plan?
Estate plans are created for the benefit of your family and loved ones to tell them what should happen to all of your belongings and assets. There are many factors that go into creating an estate plan, but for most people, it’s not a question of if they need one, but rather of when they need to make one.
If you have multiple assets to your name, you might want to consider starting your estate plan even if you’re young and in good health. An estate plan will make sure if you pass away suddenly, your loved ones will still know how to handle your affairs.
On the opposite end of the spectrum, someone might consider creating an estate plan if they’re older or have recurring health issues. You also should consider starting an estate plan if you have children or a spouse.
What are the benefits of creating an estate plan?
There are a few different benefits of creating an estate plan. An estate plan can help your loved ones avoid getting stuck in probate court, as well as address what happens if there are estate taxes owed.