A lot of people fail to plan their estate not because they don’t want to, but because they feel it is too early. There is this huge misconception that estate plan is strictly for the older generation as they prone to those life-threatening sicknesses.
When it comes to estate planning, there is no such thing as “too early.” Provided you are eligible to make an estate plan, and you have a few assets you would love to transfer to certain individuals after your death, it is best you contact an estate planning attorney make a plan.
You can always update your estate plan if you acquired a new house, a car, business, or got divorced. An estate planning attorney can help you update your estate plan, so, there is no excuse as to why you shouldn’t make that plan early.
Why it is never too early to make an estate plan
Around 55% of Americans die without creating a will or an estate plan. In addition, 72% of those who have begun the process often fail to update their will. When it comes to creating an estate plan, or updating your current plan, there exist no better way to make choices than to acknowledge the facts.
Here are a few reasons why you need to plan your estate
Protection for family, children and assets
Many of us expect to live long to see our children grow. However, sometimes an unfortunate incident may occur, jeopardizing our plans. In the event that you become incapacitated or worse, pass away without a plan and your children are all minors, the courts will step in and designate a legal guardian who you may not really like. However, if you create an estate plan and set up your will, you will be able to designate a legal guardian for your little kids in preparation for unexpected.
You secure your property from unintended beneficiaries
One of the main reasons why you need to create an estate plan is to ensure that when you pass on, all your assets go to the individuals designated to receive them (your beneficiaries). If the unexpected occurs, and you haven’t created an estate plan, your assets will be distributed based on the intestate law of the state you reside in. Therefore, a child or a sibling who you wouldn’t want to inherit your asset might get a percentage of your estate after your demise.
You lessen your beneficiaries’ tax burden
For a lot of parents one of the main reasons they work so hard is so that they can transfer their assets to their children after their demise. However, when they eventually kick the bucket, their assets may be subject to federal and state taxes. A competent estate planning attorney can ensure that your assets are transferred to the right individuals while reducing the effect of taxes on their inheritance.
Bottom line
It can be too late to create an estate plan. However, it can never be too early to create an estate plan. With that said, if you are yet to create an estate plan, there is no better time to do so than right now.
Creating an estate plan at the early stages of your life is one of the best ways to secure your future and that of your loved ones. You will surely sleep well because you know that regardless of what happens, your estate plan has your back and that of your loved ones.
Our estate planning attorneys in Queens can help you
Estate plan is important for everyone. It brings peace of mind for the future, and the best time to plan is now.
You shouldn’t wait until you are ready to be put in a nursing facility before making plans. You have to plan long before that time (at least 5 years) in order to save your assets and protect your loved ones. Our Queens estate and elder law attorneys can assist you.
Our attorneys are proficient in elder law and estate planning and will help you strategize towards Medicaid eligibility, appropriate gifting, incapacity, tax, and asset transfer among others.
Call us today for expert assistance. Your first consultation is free.