Crafting an estate plan is something all Illinois residents should do. While it is important for people of all ages, it is even more critical for those 55 and older. However, recent research indicates that those in this age range have not taken the necessary steps to draft estate planning documents. According to Merrill Lynch and Age Wave, almost half of those 55 and older have failed to craft any estate plan. Since many family disputes, financial problems and more have emanated from the failure to take this basic step, it is important to understand the importance of these documents and to discuss them with a legal professional.
Financial planners believe that people are not taking these steps not because of finances, but because it is something they prefer not to think about despite its inevitability. This is not limited to people with moderate assets and income. Wealthy people often fail to draft a will or other estate planning documents.