Estate Planning at Every Stage of Adulthood

 Posted on June 14, 2024 in Estate Planning

If you are wondering when it is time to start making an estate plan, the answer is right now. Whether you are a young adult, middle-aged, or older, you need an estate plan. No one wants to think about the possibility of dying or becoming unable to express their wishes sooner than expected, but it is wise to have a contingency plan in place. A good estate plan covers not only what would happen to your property if you passed away but how your medical care would be handled if you were hurt and could not speak for yourself. An experienced Cook County, IL estate planning lawyer can help you create the right plan for the stage of life you are in.

Why Young Adults Need an Estate Plan 

When young people pass away unexpectedly, their loved ones often have a more difficult period of mourning than they would for an elderly family member whose death was expected. Adding the stress of intestate probate (probate without a will) can make a hard time harder. Even if you do not own much, having a simple will or trust can make the process easier.

A young adult who suffers a serious injury or illness but survives also faces a much longer life with disabilities - or life on life support. You would want a say in how you would be cared for and who would make medical decisions on your behalf.

Why People in Their 30’s, 40’s, and 50’s Need Estate Plans

People in this age range are often married and have children who are minors or young adults who still rely on their parents. They are also more likely to be settled in a career and to have more assets, like a retirement fund, investments, or a house. Protecting your family is likely an important goal at this stage. If you have a blended family, it is even more important to have a clear estate plan to prevent disputes and litigation.

While people in this age range are less likely than those younger or older to have a serious accident or illness, it is still wise to have a living will and powers of attorney.

Estate Planning for Adults Over 60

Although people in their 60s and even 70s are still young by today’s standards, estate planning becomes more important around this age. Estate planning is now about building your legacy and planning for the care you may need in the future. Taking steps to protect assets you want to pass down to your family members against Medicare reimbursement proceedings is a critical step.

You likely also have strong opinions about how you would want to be cared for and who you would want to make medical decisions in case you become incapacitated later in life.

Contact a Chicago, IL Estate Planning Lawyer

Whitacre & Stefanczuk LTD believes that every adult should have an estate plan. Our experienced Cook County, IL estate planning attorneys treat our clients like family and will talk you through every decision. Contact us at 773-622-6100 for a complimentary consultation.