You have heard people discuss the importance of creating an estate plan, but you brush it aside because you do not yet have a family or dependents of any kind. In fact, you are doing relatively well for yourself and are confident in your ability to manage your own life in the current moment. At Farrell, Hamilton & Julian, P.C., we have helped educate many people in Illinois about the importance of investing in an estate plan early on.
Perhaps the largest misconception about estate planning is that it is intended for people only if they are aged and nearing their final years. On the contrary, no matter how young you are, beginning the steps to creating an estate plan can be incredibly beneficial and rewarding. Developing a well-rounded estate plan that caters to your lifestyle and desires can take time to put together, but when done at a stage of your life where you are not stressed, you can spend time thinking about the details. Should you wish to modify anything down the road, it will be much easier to do so than to be trying to create a plan when your life has changed drastically and you are in a bind.
According to U.S. News, developing an estate plan for yourself even if you do not have any dependents, will give you a place where you can disclose who you would like to gift your assets to or how you would like to be cared for should you ever become incapacitated. Planning ahead can reduce the tension your family may feel following your death if your case ends up in probate court because it is unknown how you would have liked your assets distributed.
When you understand the relevance and importance of getting yourself an estate plan, you can see the value of having one even if you do not currently have any dependents. For more information about planning an estate, visit our web page.