There is a lot of discussion about having an Estate Plan, and which documents need to be included in your planning. Perhaps you have heard from your family members who have a plan in place, or you have friends or colleagues that have mentioned their planning to you, or maybe you have a major surgery scheduled in the future, and you want to make sure your legal affairs are in order. Estate planning is a common goal for everyone, but have you ever considered at what age you should start planning? The short answer, any age is the right time to start planning!
Reasons to Plan
Estate planning is often pushed to the back burner of priorities, or it is only considered when someone encounters a major life event. Unfortunately, this is a common practice to wait until you absolutely need to make an Estate Plan, which typically arises from older age or an unforeseen health issue, but there are many other life events that are worth considering. Major life events for creating an Estate Plan include, marriage or divorce, a new child in the family, the purchase or sale of a home, preparing for retirement, or even the possibility of living in a care facility. In fact, any of these life events are precisely why an Estate Plan is needed, to keep your legal affairs up-to-date, and to have a plan that accounts for your new circumstances.
Benefits of Planning
The benefits of planning ahead are truly endless. For one, you will have a dedicated plan to distribute your assets exactly as you wish. Distributions can be made to your family, your friends, a charity, or anyone else you want to choose. By creating an Estate Plan, you will avoid disagreements between family members over how to distribute your assets, and you may even avoid probate! In addition to your hard-earned assets, you must consider your health. A comprehensive Estate Plan will lay out a plan for your health matters if you are incapable of making these decisions when the time arises. This includes decisions for health procedures like a surgery, or even the ability to keep you on life support. You may also benefit from appointing a Power of Attorney, who can work with you to handle all other legal and financial matters if you are no longer capable of handling them on your own.
No Time like the Present
Life has an interesting way of showing us how immediately things can take a turn for the worse. This is why creating an Estate Plan is of the highest urgency, no matter what your age is. So, what is holding you back from starting your Estate Plan? Now that you know the benefits of having a plan in place, there really is no time like the present to get started protecting your future. To learn more about how an Estate Plan can benefit you, please schedule a consultation with our firm.