Estate Planning Needed at All Ages

 Posted on January 02,2013 in Estate Planning

Many people think that estate planning is just for old people, but that is not necessarily true. An article is Forbes magazine stated that there are way too many people of all ages and situations that not only do not have an estate plan, but they have not even drawn up the very basics for the documents.

A 2011 survey found that 64 percent of baby boomers do not have living wills. That is a document that anyone over the age of 18 should have. These documents allow a person in advance to decide on what type of care they will get if he or she will become ill and incapable of making his or her own decisions.

Even young and broke people should have a will.

In most states, parents do not have the authority to make health care decisions or manage the money of their children over the age of 18. If these young people were to get in a serious accident, his or her parents might have to go to court to get approval to make life or death or financial decisions on their child's behalf.

If a young adult has a living will and a document assigning power of attorney that allows another person to make financial decisions on his or her behalf if necessary is very important.

A person that is single and employed do not necessarily need an estate plan, however, he or she should still have signed documents in case of an unexpected tragedy.

If this person has a 401(k) plan through work, he or she should be sure to sign the beneficiary forms associated with those plans. If not, the state may decide who gets the money.

Couples that are living together, but not married would probably be best suited with a will.

Young, married couples should have a living will as well. If they do not have a living will, their spouse may have to spend years fighting a legal battle before having the power to make decisions on their spouse's behalf.

If you are creating a will or similar document, contact The Illinois Law Office of Stock, Carlson & Asso. LLC for assistance. These experienced estate planning attorneys can help you with your estate and whatever you need to be sure that your estate is situated just how you want it.