Reliable public polls continue to confirm that less than 20% of young adults under the age of 30 have made a Will. The percentage makes some sense, since this age group is likely to just be starting their careers and may not yet have considered having children.
More concerning? The percentage of young adults between 30 and 45 years of age who have created a Will is not significantly higher. Only about a third of this important age group has considered preparing a Will. And, of course, this is the age when committing to a long-term relationship, starting a family, purchasing a first home or condo, and inheriting assets from parents or grandparents is more likely.
Mistake #1: I don’t need a Will or other Estate Planning documents.
Without a Last Will And Testament, the State directs how your property is passed on when you pass on. Accounts and assets that have a beneficiary designation will hopefully go as you have planned. But in all other cases, if you live in Illinois and you are unmarried and have no children, your property will go to one or both of your parents if they survive you (even if they don’t need your money and property). If your parents do not survive you, your property will most likely be divided between your siblings (and how many of us probably do not want ALL of our brothers and sisters to inherit our money and property?).
The point is, you can decide how and even when you want those who are important to you to receive your money and property if you depart this life. Sure, you can have a beneficiary on your accounts and take other steps, but there is no reason not to review this with an attorney to confirm that your expectations will be met.
Mistake #2: This is only for those who have a lot of money.
The value of your personal assets is not the only good reason to talk to your Lawyer (see Mistake #1). The Estate Planning Lawyer can help you to be sure that other important materials are prepared for you:
A Power of Attorney (POA) for Healthcare is important, so that you can be sure that the person YOU want to be making healthcare and medical decisions for you is able to act on your behalf, if necessary. Without a POA for Healthcare purposes, it is often necessary for a court to appoint a guardian to act for you, even in temporary situations when you cannot direct your physicians and other healthcare professionals on your own. Going to court for a guardianship is costly.
A POA for financial and property matters is equally important. This is how you select an agent who will assist you by making decisions and handling a multitude of matters for you, when you cannot do so. File a tax return, communicate with your employer, access bank and other accounts, pay your bills, and more.
They don’t teach you this in school. But they should!
Mistake #3: I can take care of this later.
This is one area that you don’t want to put off. Can’t take off work? Find an attorney who will meet with you on Zoom or in person in the evening, or early morning, or on a weekend. You don’t want to be hurrying up to see the attorney when there is an emergency. Your options and planning, if necessary, can be tougher or more limited.
Mistake #4: Lawyers are too expensive; I can’t afford to do this.
You can’t afford not to.
What is the price that you put on having your property and money given to someone that YOU didn’t choose? Should you take the chance that there must be a court petition to appoint a guardian for you in the event that you are unable to make healthcare or financial decisions on your own (which usually costs more than what the attorneys charge for for a Will and Powers of Attorney preparation)?
Having a simple Will, Powers of Attorney and getting solid direction concerning related Estate Planning considerations will usually cost far less than you think.
And, please, avoid the late night commercials offering to have you prepare a Will for $100 with a few keystrokes. There are a multitude of considerations that your attorney is able to discuss with you, that the on-line Will creators often miss.
The team at Marc D. Sherman & Colleagues, P.C. is available to speak with you, discuss your needs and arrange a reasonable fee structure for you.
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