Illinois Estate Planning: Reasons Not to Procrastinate

 Posted on April 16, 2015 in Estate Planning

Many of us are familiar with the Benjamin Franklin quote, "In this world nothing can be said to be certain, except death and taxes." Yet those two topics—death and taxes—are not ones people generally like to think about. This could be why more than half of us do not have even the most basic of estate planning documents in place. In fact, according to financial planners, there may be several reasons why people put off and delay planning for what truly is the inevitable.

Not Enough Time

Many people say they do not have the time for estate planning, claiming they are just too busy. However, legal advisors and financial planners stress that this is one area that should be a priority and everyone needs to make the time. It is important to figure out who should receive what items of your estate in order to avoid possible fighting among family members when you are gone.

We have all heard stories—or maybe even experienced it in our own families—of how siblings and other relatives can turn on each other over money or other assets. Putting in writing who your beneficiaries are, who the executor of your estate should be, and what your other wishes are can help avoid a family feud.

Difficult to Consider

Another reason people may put off estate planning is because they do not want to think about dying and no longer being here with their loved ones. However, it is much better to address these issues when you are healthy instead of waiting until it is too late. If you have minor children, it is especially important to have a legal document that states who should raise your children should something happen to you. If you do not, then the courts will decide and your child or children could end up with a relative or in a situation that you would not approve of if you were here. Having everything legally in place also ensures that your family will not have to deal with these things when they are struggling with grief over their loss.

Misconceptions and Confusion 

One misconception about estate planning is that it is just for people who are financially well-off. But, this is not true. As mentioned above, if you have minor children, it is critical to have plans in place. There is no financial worth minimum when it comes to having an "estate." If you own anything, it is your estate. This can include a car, a home, furniture, online libraries, and tools—anything that is of any value.

Finally, a common reason for avoiding estate planning is that many people do not really understand what estate planning involves. Although it can be overwhelming to think about, consulting with an experienced DuPage County estate planning attorney who can explain and advise you on the best course of action for you to take can help alleviate the confusion over all the legalities involved in the estate planning process. Call 630-665-2500 today.