It is never too early to create an estate plan. However, putting it off too long can lead to catastrophe should you pass away without clearly detailing your wishes. Statistics for older people remain around 30 to 40 percent of those 50 through 64 need to take the much-needed proactive steps.
Dying or even becoming incapacitated without a will or estate plan denies you countless options to ensure that loved ones are provided for long into the future. Family members are left to interpret your preferences, potentially creating conflict in the midst of confusion.
Facing reality
Admittedly, no one wants to consider a time when they are no longer around. Yet, the harsh reality should actually be a motivation to put wishes into writing on a formal estate planning document. The first step is having what may be difficult conversations with family members. Yet, these talks are of paramount importance, no matter how awkward and uncomfortable it may be.
In the end, full disclosure can provide peace of mind when it comes to medical care, funeral plans, and subsequent asset distribution. The roadmap can give relief and the steps to take.
While a will involves complex legal issues, the document can be written at any time. Even if you are hospitalized for an illness, putting pen to paper provides a window as to where you want your assets to go. Validation of the document occurs when elderly loved ones sign their name on the record. From there, steps can be taken to formalize the paperwork into a formal will.
Equally as important as drafting a will is updating it when certain circumstances change. What applies now may not apply in the future.
Nothing can stop the process of grieving after a loved one dies. However, having a document in place that clearly details their wishes represents peace of mind that can alleviate the pain, if just for a short time.
