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Attention, millennials: Stop delaying estate planning

In Illinois and everywhere else, financial analysts predict that more than $60 trillion of wealth will be transferred posthumously within the next 25 years. Many millennials will be among those who inherit some of this wealth. This is reason enough for those in this age group to learn as much as they can about estate planning, and to avoid hesitating in executing their own plans, which appears to be common among them.

Why? There are numerous possible answers to the question. For one, many millennials say they do not want to worry about such things, at least until they have families of their own. Others say they are simply too young and have not acquired “enough” assets to consider an estate plan a high priority. The problem with this mindset is that it seems to assume longevity in life.

There is always a possibility of dying young, in which case, it pays to execute an estate plan early in adulthood. Another common reason for procrastination in the age 18-35 crowd is simply not wanting to think about or discuss mortality. However, reiterating the fact that unexpected or sudden deaths can and do occur shows that it is never too early to consider such issues because death is an inevitable event in every life.

Some millennials, and others as well, are worried that estate planning is so complex a process that they will not be able to handle all the work that goes into developing a solid plan. The good news here is that there are competent, experienced estate planning attorneys who can remain on hand throughout the process, as well as into the future, in case any updates or changes to an existing plan are needed. Any Illinois resident who wishes to learn more about the type of support an experienced attorney can provide regarding his or her estate may request a consultation at any time.