DYK: Over 10,000 Baby Boomers turn 65 every day – and this will continue through 2035. Baby Boomers were born after World War II, from 1946 to 1964. About 70 million Americans are now Baby Boomers, and by 2030 all Boomers will be at least 65 years old. Baby Boomers are often called the “sandwich generation” because even though many are preparing to retire or have already retired, they are also caring for children and aging parents. Because Boomers are aging, now is the time for them to make plans to live long, healthy and active lives – including estate plans.
1. NOW Is Best the Time for Baby Boomers to Update Their Estate Plan
Most Baby Boomers are 55-75 years of age – the prime ages for updating your estate planning for the next stage of your life.
2. Updating Your Estate Plan Is Easier Than Ever
It is not hard to update your estate plan – but the pandemic made it easier than ever. In 2020, Illinois Governor Pritzker authorized executing a will online using virtual technology. Virtual estate planning services are identical to traditional services – EXCEPT estate planning attorneys use technology to meet face-to-face, privately and confidentially with their clients.
3. 66% of People Over 65 Have An Estate Plan
Only 39% of 45-54-year olds have a will in place, and 33% of 35-44-year olds. That means that 34% of Baby Boomers do not have a will or other estate plan in place.
As Baby Boomers see their parents – and their friends – begin to die, they start thinking more about their own estate plans and protecting their loved ones after they are gone. Taking steps now to secure your future provides peace of mind so older adults can enjoy the next phase of their life.
If you are a Baby Boomer who’s planning how to best protect your loved ones after you are gone, an experienced estate planning lawyer can advise you on the best options for your unique situation. To talk to a qualified attorney in Chicago or Lombard, contact the Estate & Probate Legal Group at 630-864-5835.
