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HBOG Law Group, LLP

Get Your Questions Answered - Call Me For A Phone Consultation (312) 779-0098

What Every Young Adult Should Know About Estate Planning?

In this article, you will learn…

  • What constitutes ideal estate planning for young professionals and business owners.
  • How to determine if a will or a trust is more suitable.
  • Why estate planning is important regardless of your family dynamic.
  • And more!

Do Young, Single Adults Benefit From Estate Planning?

Because estate planning is such a broad term, people assume that it is only for older people or people with children. The reality is that everybody needs some form of an estate plan.

What Estate Planning Documents Should Young Professionals Have In Place In Illinois?

Regardless of age, the two most important documents to have are powers of attorney. Many of us would like to believe that nothing bad will happen to us and that, if something does happen, our families would make the right decisions on our behalf. However, no one can legally make decisions for someone else over the age of 18 without the documentation provided by an estate plan.

Of course, there are policies in place for those without the aforementioned documents. When people are admitted to the hospital after an accident or injury, the hospital will follow the Illinois Healthcare Surrogacy Act. This act allows a surrogate, typically a family member, to make certain medical decisions.

However, to ensure that your interests are respected, known, and legally protected, anyone over the age of 18 should have a power of attorney for health care and property.

Is A Trust Necessary If A Will Is Already In Place?

Typically, individuals that look for trusts have significant assets, children, and/or property. A trust will keep you out of probate and allows for the distribution of assets outside of probate.

If you have minimal assets and know that the executor of your estate is going to do what you need them to do, then a will would likely suffice on its own. The best way to find out if your estate plan is comprehensive enough for your unique needs is to speak with an experienced planning attorney.

Is Estate Planning Advisable For Those Without Children?

Regardless of whether or not you have or will have children, estate planning is necessary. Having a will or a trust will distribute assets that you accumulate while you are alive and ensure that those assets are directed to the right person or entity (such as a charity).

For instance, a lot of people without children have pets, so they might utilize a Pet Trust which provides documentation showing what is supposed to happen to their pet, who is supposed to take care of their pet, what type of money is to be used for their care, and more.

All in all, children are not the only reason to consider estate planning; it can be utilized to direct your assets to all kinds of specific people or organizations.

Should Young Adults Factor In Their Own Elder Care Needs As They Set Up Their Estate Planning Documents?

Elder care needs should be taken into consideration, but it is not necessarily imminent for young adults as they set up their estate planning documents.

You can still have documents in place, but documentation regarding specific nursing homes or similar factors may be revisited in the future.

What Estate Planning Tools Help Young Business Owners Preserve Their Wealth?

Young business owners are often connected with an investment banker or someone that controls those additional assets to make sure that they continue to grow as the client wants them to grow. Those assets are still placed in our typical estate planning documents. The documents themselves don’t necessarily change, but the individuals that we use to assist in the planning may change to provide optimal guidance.

Does Someone With Minimal Assets Need To Hire A Cook County Estate Planning Lawyer?

If you have a few assets, you may not necessarily have to hire an estate planning lawyer, but it is invariably advised to talk to one to ensure awareness of what your options are. There are several options and instances in which people are benefited by an estate plan that aren’t as well-known.

For example, most people equate estate planning to wills and trusts, but there is a way to plan your estate without necessarily having a will, especially if you have accounts in which you can list beneficiary designations.

Even if you don’t want to hire an attorney, consulting an estate planning attorney regarding assets and your plan of action is incredibly helpful when it comes to determining what next steps will make sense for you specifically.

For more information on Estate Planning For Young Adults In Illinois, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (312) 779-0098 today.

HBOG Law Group, LLP

Get Your Questions Answered -
Call Me For A Phone Consultation (312) 779-0098

We Service Cook, Dupage And Will Co Counties. Get Your Questions Answered - Call Me For A Phone Consultation - (312) 779-0098

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