Many younger people in the greater Chicago area might put off estate planning just because they do not think it is time to think about such matters.
However, there are many reasons why a person might want to start estate planning earlier in life, even if it seems that they have years or decades ahead of them.
For one, while it is not pleasant to think about, many Illinois residents do die young. Accidents and unexpected illnesses are simply too common. Even if a person does not have a lot of property, a simple estate plan can still be godsend to a family who is already grieving an untimely loss and has to decide what to do about their loved one’s property.
There are other considerations in estate planning that are of particular interest to younger people.
Advance directives can help in the event of an accident or illness
For one, it is a good idea for adults of any age to have in place a concrete plan for medical care in case they have an accident or face a serious medical condition.
With the right advance directives, a young person can name someone whom they trust to make critical medical decisions on their behalf should they not be able to do so. They also can give other important instructions about mental health care and end-of-life care.
In short, advance directives can reduce the confusion or conflict about the person’s treatment, and they can also be sure that the treatment proceeds in a way the person would want.
Nominating a guardian for one’s children can be done in a will
Young adults who are parents should also consider naming a guardian for their children as part of the estate planning process. They can do so in their wills. Although there is no guarantee, an Illinois court will be more likely to grant the parent’s wish if both parents either have died or are unable to care for their children.