If you been procrastinating when it comes to putting your estate plan together, you are not alone. According to a 2019 Survey, more than half of all Americans don’t have a will, and that although 50% of Americans have talked about estate planning, less than half have taken action to prepare. For many, this under preparation may be due to not prioritizing or holding a mistaken belief that estate planning is only for extremely wealthy or older individuals. However, estate planning is not something anyone can afford to delay. Here are some reasons why waiting to plan for your estate is a mistake.
Estate Plans Change Throughout Your Life
When people think about planning for their estates, they often believe all they will need is a will. However, estate planning involves examining your goals, assets, and life at different stages. Not only will you be assessing the best ways to pass property and funds to your beneficiaries, but you will also be preparing for your spouse and minor children. Additionally, you will be putting directives in place for your medical care and finances if you were to become incapacitated. As your life changes, your estate plan will need to be updated to meet your needs. While having a will is a good start, a comprehensive estate plan involves multiple legal devices that will protect you and your loved ones throughout your life. Without one, crucial impactful decisions will be left up to the powers and processes of the probate court, rather than remaining within your control.
Your Family and Loved Ones
When you build a comprehensive estate plan, you are doing more than just being prudent with your estate. You are sparing your loved ones the stress and burden of having to grapple with the complexities of handling the legal issues that would come without having them in place. If you become incapacitated or died without plans, your loved ones could needlessly spend time and funds managing issues in the probate court. By taking action now, you can make sure those you care for will have immediate access to relevant accounts, information, and resources, rather than having to endure expensive and lengthy probate proceedings.
Incapacity Can Happen to Anyone at Anytime
While many of us think that mental incapacity is an issue that comes with having a condition such as Alzheimer’s or another type of age-related dementia, cognitive impairment can happen at any age. If you were to be involved in a car accident or to experience a sudden illness that left you unconscious, decisions about your medical care and finances would be out of your control. In California, by preparing an Advance Directive for Health Care, you can express your treatment preferences and name a medical decision-maker to act on your behalf. By having a power of attorney for finances, you can designate someone to manage and safeguard your financial interests if you are unable to do so.
By working with the right estate planning attorney, you can create an estate plan that takes your unique circumstances into consideration so you can make the best preparations. At the Law Offices of Alice A. Salvo, we are experienced California estate planning attorneys with the expertise you need to plan for the future. Schedule a consultation today to start your solution. https://www.salvolaw.com/