At What Age Do You Need a Will?
No one likes to think about death, especially when you are young. However, it is important to make sure that your wishes for your estate will be honored if something happens to you at any age.
Many people assume that only very wealthy individuals or those in their 60s or 70s need to create a will. However, there is no fixed age at which everyone needs a will. Whether you are single, childless, own little property, or are married with kids, proper estate planning is crucial.
Why You Should Create an Estate Plan As Soon As Possible
While it is an uncomfortable topic to consider, estate planning is an essential part of preparing for the future. Most people underestimate what wills, advanced directives, powers of attorney, and other estate planning documents can do for them.
Whether you are 18 or 80, creating an estate plan puts you in control of important and extremely personal decisions. Without a will at a minimum, these decisions will be left to your family or determined by state law.
Some of the top benefits of creating an estate plan include:
- Determining how your property is distributed – Whether your property has financial value or sentimental value, you deserve to determine who receives it and when. A will allows you to describe how your property is distributed to loved ones.
- Naming a guardian for children – If you have minor children, creating a will enables you to choose someone to raise them if something happens to you and the other parent. If you do not name a guardian, the state will decide who becomes the guardian of your children in the event of a tragedy.
- Incapacity planning – Estate planning is not only about preparing for the distribution of assets after your death, it is also about “incapacity planning,” or planning for life-threatening medical conditions. If you cannot make decisions for yourself due to an accident or illness, a power of attorney allows a trusted person to take control of your financial and healthcare management.
- Protecting your family from burdensome decision-making – No one wants to think about their family having to make difficult decisions related to funeral arrangements or end-of-life care. A will allows you to specify your wishes so that your family does not have the added burden of making these hard decisions without knowing what you want.
The bottom line is that estate planning can protect your family and ensure that your wishes are honored should something happen to you at any age. Do not delay in getting your estate plan set up so that you can have peace of mind knowing that your family is taken care of, and your wishes will be followed.
Call Us for Help
The Naperville estate planning lawyers at the Gierach Law Firm are here to help you protect what matters most. Our experienced team of attorneys can answer your legal questions and provide guidance on the best estate planning methods for you and your family.
Call us today at (630) 756-1160 or contact us online to schedule a consultation with one of our knowledgeable lawyers.
Please note: These blogs have been created over a period of time and laws and information can change. For the most current information on a topic you are interested in please seek proper legal counsel.