There’s an easy answer to this. It’s never too early. You’ve heard tomorrow isn’t promised. It’s true. At worst, you could die before getting around to executing a plan, and that could leave your heirs with a costly, divisive mess.
What happens if you suffer a debilitating health crisis that prevents you from seeing that your wishes are carried out, or even prevents you from signing essential documents?
Did you know that applicable laws that are favorable to you now may be changed to be less so later? The more years that slip by, the more vulnerable you become to being taken advantage of because of your advanced age.
If your needs change in the future, you can modify your plan; although prospective change isn't a valid excuse for delay. Do your best to look out for yourself and for your family now, and be sure to keep your plan current. Make sure that you have the right documents and that they are in keeping with estate laws now and in the future. An estate & probate attorney can help you with this.
Here is a quick summary of the estate-planning process
Getting started on estate planning can be a lot simpler than you think. To start with, you will want to go through these basic steps:
- Take inventory of your assets, including investments, retirement accounts, insurance policies, real estate holdings and valuable items including your digital assets.
- Determine your goals and your inheritors. If you have minor children or elderly loved one, who will care for them when you are gone?
- Designate a person that you trust to manage your business affairs; Power of Attorney.
- Designate a person to direct your medical care should you become incapacitated; Power of Attorney Healthcare
- Designate an Executor to implement the directives outlined in your Will.
After deciding what kinds of bequests you wish to make, it’s important to discuss your plans with your heirs. You don't want to leave any unpleasant surprises. Think about how best to leave your assets. A simple Will may not be the best option. An attorney can help you with a variety of trusts, which have many advantages in creating an estate plan.
I can't stress enough that the earlier and the greater the degree of clarity you use when you outline your plans to family and friends, the less chance there will be for disagreements when you are gone.
