Especially if you are under age 40, you might not like the idea of discussing your own mortality. Even older people sometimes hesitate to think about such issues. The fact is, however, that every person will die someday, so it is always best to be as prepared as possible regarding estate planning.
NBA fans, coaches, players and families in Illinois and around the globe recently mourned the tragic death of basketball icon Kobe Bryant, who was traveling with his daughter and several others when their helicopter crashed, leaving no survivors on board. Since the tragedy, news headlines have been filled with titles about Bryant's family, including speculation about estate planning. The question of whether the former basketball star had signed a last will and testament, so far, remains unclear.
Thinking ahead is a valuable tool regarding wealth preservation. The Illinois estate planning process can help transfer wealth to heirs or beneficiaries in as tax efficient a manner as possible. The Internal Revenue Code is complex and often difficult to understand, and it is subject to ongoing revisions as well. This is why it pays to consult with someone who is well-versed in such issues before determining a best course of action regarding an estate plan.
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.
When a new year unfolds, it is not uncommon for people in Illinois and elsewhere to want to become more organized, get their affairs in order, and set numerous financial or personal goals for themselves and their families. Many people include estate planning as a top priority when they want to devise a system that helps protect their assets and plan for the future. No matter what your current age happens to be, if you're an adult, it is never too soon to develop a strong estate plan.
There are several topics that many Illinois readers might consider issues to avoid talking about, especially when they're gathered with family members, friends or co-workers. Religion, politics and estate planning are often considered topics to avoid. Some people simply do not like to think about their own immortality. Others may feel they don't have enough knowledge about such issues to discuss them intelligently.
Many Illinois residents are adult children of aging parents. In some households, elderly parents live with a son or daughter. There are also older parents who are able to maintain independent lifestyles, and some who have transitioned into semi or fully-assisted living facilities. As parents age, estate planning often becomes a big concern.
Getting certain affairs in order can have its difficulties. When it comes to estate planning, Illinois residents have a lot to go through and organize in efforts to make their wishes known. Though it may seem like a challenging task, it is one that is often worth the effort.
No one can predict the future. That is why it pays to be as prepared as possible, especially regarding the estate planning process. Many people, no doubt including some in Illinois, procrastinate when it comes to planning their estates because they simply do not want to think about their own mortality. Others, however, understand the benefits of executing a thorough plan early in their adult lives.
There are certain things in life that many people, including some in Illinois, would rather avoid, such as going to the dentist. Even when what is being avoided is good for the person in question, he or she might have personal reasons for not wanting to do it. This is often true where estate planning is concerned.