Many Illinois residents may find it easier to put off their estate planning than to sit down and write their will. If you are one of them, you can hardly be blamed for not wanting to confront your own mortality. You may also feel that you have more important things to do than to plan your will or trusts, especially if you are younger and nowhere near retirement. However, you should understand that you are never too young or busy to think about your future and the well-being of your loved ones.
According to FindLaw, everyone should have at least a basic will if they own property, have children or experience a significant and life-changing event, such as a birth, death or divorce. You may want to consider your estate planning in any of the following situations:
- You were recently married, divorced or remarried.
- You have minor children or stepchildren who will need to be taken care of if you die before they reach 18.
- You want to let your family know of your wishes if you become disabled or incapacitated and would be unable to make your own financial and medical decisions.
- You have assets that you wish to be divided amongst your surviving relatives.
- You have specific wishes regarding your funeral or burial.
- You want to disinherit someone or make a change to your family’s inheritance.
Planning your will does not need to be overly complicated or time-consuming. However, since estate planning is important, the information included here is not meant to replace the advice of a lawyer.