In Illinois, there is a bit of a misunderstanding of estate plans. Many young or middle-aged people look at them in the same way one might look at retirement – something distant that you don’t yet have to worry about. Today, we at Zapolis & Associates, P.C., will help expand your knowledge on estate plans and understand how they can fit into your life at any age.
First and foremost, an estate plan is a tool that you can use to ensure that your wishes are met after you are no longer able to ensure that firsthand. While most people think of incapacitation or passing away as something to worry about much later in life, the fact of the matter is that no one knows what life holds in store. Sudden accidents can easily rob you of your ability to speak for yourself. How will you protect your family business if you cannot voice what you want for it?
Estate plans are especially useful for family businesses for that reason. Unfortunately, if you don’t have a clear-cut and legal plan explaining what you want of your business in the future when you no longer run it, in-fighting may occur. It is not uncommon for family members to fight over the rights of running or owning a business, or to squabble over big decisions such as whether to shut a business down, expand it, or change it drastically.
As you can see, estate plans aren’t limited to those with endless wealth or for the elderly. A good estate plan can help you to ensure that your wishes continue to be followed without a hitch even if you are unable to personally see that they are.