I’ve often heard others tell me that they don’t have an estate plan because it is “still early”. The problem is that an estate plan is just that, a plan for your future. Without an estate plan, upon your incapacity or death, your wishes won’t come together to be recognized by Illinois law. In fact, without an estate plan, Illinois law will determine how your affairs are managed.

At a minimum, you should consider investing in the following:

1. Powers of Attorney. You are more likely to become disabled than you are to die. Getting Power of Attorney documents should be at the top of your to-do list. Your Powers of Attorney will give you the power to direct a person (your agent) to manage your medical and financial affairs (through two different documents) upon your incapacity. The key factors are that you can select people whom you trust as your agents, you can direct them to act in accordance with your wishes, and you can potentially avoid a costly court process to have a guardian appointed for you.

2. Wills or Trusts. Having a will or a trust gives you the power to determine who will receive your assets and in what manner, who will manage your assets before they are distributed, and, for those with children, how your children will be cared for personally and financially. There are, of course, differences between having a will and a trust. To learn more about these differences and what is best for you, you can consult with an attorney.

It’s still early in the year and if you’re reading this, it’s still (most likely) early enough for you to get an estate plan. You should be careful to take the "I'll get to it next year" approach because when it is too late, it is literally too late.