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When Should I Start Creating an Estate Plan?

When Should I Start Creating an Estate Plan?

Those concerned about preserving their assets must establish a comprehensive estate plan. There is nothing more important than addressing your finances in a legally enforceable document to ensure they are properly distributed upon your passing. If that’s not enough, you should also know you may benefit from having an estate plan while you are still alive as well. Estate plans can establish powers of attorney, which can help advise loved ones on crucial healthcare scenarios–more on that later. If you would like to learn more about drafting your estate plan, please read on. Here are some of the questions you may have:

When is the best time to start an estate plan?

The best time to start an estate plan is now. You should not wait. You never know what tomorrow holds, and it’s always best to be prepared for an uncertain future. Though creating an estate plan may seem like a daunting task, you may be saving your family a great deal of trouble in the long run. No matter your age, a reliable estate plan is an important part of your financial future.

Estate plans are used to avoid probate, reduce your estate taxes, and protect your beneficiaries. You may also establish guardians, trusts, and powers of attorney through an effective estate plan.

Do I need an attorney to help draft an estate plan?

Yes, you do. Though there are a plethora of online will-writing and estate planning kits available, you are only setting yourself up for disaster. All too often, people try and save money by drafting an estate plan by themselves. Unfortunately, this usually backfires on anyone who does not have extensive knowledge of estate law. Despite what online “how-tos” and Youtube videos say, it is always best to hire an experienced estate planning attorney before proceeding. Bear in mind that one simple misphrase can disrupt your entire estate plan. Do not let this happen.

Powers of attorney are extremely important to establish. If you do not properly create a power of attorney, you may be in serious trouble, should you ever become incapacitated. By creating a power of attorney, you can legally appoint a loved one to handle major healthcare decisions as you would have intended.

If you think you are ready to draft an estate plan, reach out to our knowledgeable, seasoned estate planning attorneys.

Contact our experienced New York firm

The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.

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