For many people, estate planning seems like a project that can be taken care of later, especially when you’re young and in relatively good health. However, waiting to prepare your estate plan can have significant consequences for your loved ones, who may not even have the authority to carry out your final wishes if something happens to you. Here are a few reasons why everyone should prepare an estate plan sooner, rather than later.
Why You Should Prepare an Estate Plan Now
1. Maintain Control Over Your Assets
A will or living trust is the foundation of any estate plan, giving you the ability to decide who takes control over your belongings after your death. Without it, the probate court will divide your assets according to your state’s intestacy laws, disregarding the quality of your relationships and your own verbally expressed wishes.
2. Take Steps to Protect Your Children
If you and your spouse pass away in an accident, who will take care of your children? Along with distributing your assets, an estate plan also gives you the opportunity to name a guardian for your children, ensuring that the responsibility goes to someone you trust.
3. Empower Those You Trust
If you’re incapacitated, your family members likely won’t have the legal authority to manage your finances, run your business, or make important medical decisions. Comprehensive estate planning includes drafting durable powers of attorney, giving the individuals you trust most the legal authority to act on your behalf.
4. Control Your Own Healthcare
Making end-of-life care decisions can be extremely difficult for your family members, leading to heightened emotions and bitter conflicts. With a living will, you can leave your own instructions, sparing your family from making difficult choices and ensuring that your wishes are respected.
For over 30 years, John E. Bach Attorney at Law has helped clients throughout Orange County, NY, plan for the future. With his decades of experience and client-centered approach to the law, this trusted local attorney will take the time to understand your priorities and values before crafting an estate plan tailored to your needs. Visit his website to learn more about his estate planning services, or call (845) 294-7941 to arrange a consultation today.