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Lombard estate planning lawyersAccording to surveys, only about 40% of Americans have a last will and testament and much fewer have a comprehensive estate plan. There are many reasons why people neglect to plan for their future in this way. Some people are simply unaware of the ways an estate plan can help protect their wishes and decrease the burden on their family. Others assume that they do not have enough assets or make enough money to qualify for estate planning. The reality is that everyone can benefit from planning for the future using estate planning tools.

They Think They Do Not Need a Will If They Are Young and in Good Health

In movies, wills are only written by characters who have just learned that they have a terminal illness or are otherwise planning to die. This is very misleading. One of the worst times to write a will is when you are in bad health. A person should write a last will and testament while they are still cognitively competent to do so. A will written by a person of questionable mental capacity due to old age, dementia, or another illness is very vulnerable to being contested, or formally disputed in court. Furthermore, there is no need to wait until an advanced age to write a will or create a trust which determines how your assets are distributed after your death. The best idea is to create a will while you are young and to simply update it as your life circumstances change.

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