Starting Your Estate Plan Early: Why it is Crucial Before a Health Crisis
Starting an estate plan before a health scare is crucial for several reasons.
- It provides peace of mind by ensuring that your affairs are in order, allowing you to maintain control over your assets and make decisions about your healthcare and financial affairs.
- Planning ahead also avoids the need to make rushed decisions during a health crisis, helping to ensure that these decisions reflect your true wishes without the added pressure of time constraints.
- Additionally, a well-prepared estate plan can help minimize family conflicts and ensure that all legal documents are sound and reflect current laws.
Let us look at the steps to get started:
Steps to Start Your Estate Plan
- Assess Your Assets: List all assets including properties, investments, and personal valuables.
- Consider Your Family’s Needs: Think about the needs of your dependents and how best to support them.
- Draft a Will or Trust: Decide who will inherit your assets and in what proportions. Also, choose an executor/trustee to manage your estate.
- Establish Power of Attorney: Appoint someone to handle financial and legal matters if you are unable to do so yourself.
- Living Will and Healthcare Power of Attorney: Specify your healthcare preferences in situations where you cannot make decisions yourself. Choose a health care power of attorney to make decisions on your behalf.
- Review Beneficiary Designations: Ensure that designations on policies like life insurance and retirement accounts are up to date.
- Communicate with Family: Discuss your plans with your family to ensure there are no surprises and everyone understands your wishes.
- Consult with Professionals: Engage an estate planning attorney to ensure all documents are properly drafted and legally binding.
Taking these steps early can secure both your future and that of your family, ensuring your wishes are both known and respected. If you have not yet started on your estate planning, now is the perfect time to act. Contact Wilson Law for guidance through the process. We will work with you to tailor a plan that meets your specific needs and goals. Call us at 866-603-5976 or complete our contact form. We will get in touch to schedule a consultation.
