Estate planning is not about obeying trends. It is about doing what is best for you and your family. However, paying attention to public shifts in behaviors over time can trigger thoughts about whether specific options match what you want for your finances. It is nothing new that most people already desire privacy and asset protection while retaining as much wealth as possible. However, specific estate planning trends have been becoming more critical than ever.
Many of us have experienced sticker shock when going to the grocery store, especially over the past few years. We have seen the egg memes and the ones about fuel prices. Rising grocery and fuel costs and numerous other influences have led many to experience financial anxiety, and understandably so.
Talking about money is usually still considered a no-go among peers. However, we have noticed many are willing to contact qualified professionals and ask for information about estate planning. Inflation and several other factors have encouraged many to reevaluate their financial plans and spending habits and make the appropriate changes.
Caring.com’s 2023 Wills Survey states that obtaining estate planning documents has increased by 63% since 2020 among 18- to 34-year-olds. The death of a loved one, medical issues, and inflation are only a few of the reasons someone might find it advantageous to create an estate plan sooner rather than later, even at a young age. Considering all the significant changes the world has experienced, it makes sense why earlier planning is a trend we are currently noticing.
Those seeking long-term care for themselves or a loved one may become knocked off their feet at the annual cost. Some cities and long-term care options are more affordable than others, but it is still a vital expense you need to plan.
Let’s take a look at Genworth’s Cost of Care Survey tool for some of the 2021 median annual prices in Chicago, Illinois:
- Home health aide: $68,640
- Assisted living facility: $57,900
- Semi-private room at a nursing home facility: $83,950
- Private room at a nursing home facility: $96,725
Many realize the importance of establishing a long-term care plan to ease their family’s financial burden. Although quite a few people feel that they have time because they associate this level of care with seniors who are 60 or older, there is no telling at what age someone might need it.
Estate planning is not only about bank accounts, cash, and real estate. Hundreds of millions of people across the globe own cryptocurrency. Individuals need to plan what happens to their cryptocurrency if they should die, whether they own Bitcoin, Dogecoin, or something else entirely. This estate planning is crucial for those with a significant amount of it and want it split among multiple beneficiaries.
Why Start Estate Planning Now
We briefly touched on this in the long-term care category, but the fact is that we never know when it is our time to go. Yes, it might sound morbid, but it is the unfortunate truth. Some might only have an estate plan kick in once they pass away at 100+ years old, while it might be decades sooner for others. Every day you do not have an estate plan in place is another gamble you take with your money.
Many people leave their assets to a spouse, partner, parent, sibling, or child, but what happens if you do not have any of those? It is still essential to establish an estate plan. You can leave your assets to any person or organization you want. For example, if you do not have family, you could give it to a friend, and if there is no individual to whom you would want to bequeath your assets, consider a reputable charitable organization that is important to you.
A qualified estate planning lawyer in Chicago, IL can help you start the planning process, even if you need help determining where to begin. Beginning a conversation with a competent professional is your best first step. Write down a list of questions you want to ask and a list of your assets, and make the call today to set an appointment and discuss your options and preferences. Do not wait until it is urgent to create an estate plan for you to begin the process.
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