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Did you wait too long to make an estate plan?

On Behalf of | Jan 19, 2022 | Estate Planning

Many people spend their working years without thinking about estate planning. The need to do so may seem far in the future, or the subject of death is uncomfortable for them to address.

However, years go by quickly. If you are someone who waited to plan, you may wonder if it is too late to start now.

What is estate planning?

An estate plan is a comprehensive outline of how you want to distribute your assets after your death. It can help manage details such as your desired allocation of property to your heirs and your wishes regarding necessary medical procedures and end-of-life care.

An estate plan gives directions with legal documents that address handling your finances, paying your bills, or making health care decisions if you become incapacitated. This process provides a map that makes life much easier for your family because they know what you want.

When is it too late to make an estate plan?

Unless you lack the competency to make decisions, it is never too late to begin planning your estate. Older adults benefit from detailing their wishes, helping to care for their family’s interests down the road. Regardless of your age, making a plan now versus having no formal strategy is a much better option.

Preparedness offers your loved ones many advantages and gives you peace of mind. You have worked and earned income for many years. Creating a legally sound estate plan is the most suitable way to ensure the people you love can benefit from your efforts.