5 Reasons Why It's Important to Get an Estate Plan Sooner Rather than Later

People push off creating an estate plan for a variety of reasons, either because they do not want to talk about death, feel they are too young or have too little money to need one, or they just have not gotten around to it.  However, there is an affordable plan for everyone and the longer you wait the more you put yourself and your family at risk. Below are just five reasons why you should have an estate plan, regardless of your age or financial situation:

1.     Preparing for unforeseen accident or sudden illness:

Estate plans are not just about wills, death and wealth, they can also protect you in cases of accidents and/or unexpected medical emergencies. Someone is more likely to survive an accident or illness than they are to die from it. If you do become incapacitated, important decisions about your medical care, finances, paying bills, making deposits, and/or your children need to be made in a timely manner. Not only should you appoint someone you trust to make these important decisions, you should appoint one or two backups in case your original appointee cannot act. Without appointing a Health Care Proxy Agent or an attorney-in-fact under a Durable Power of Attorney, your family may not have the authority to make immediate decisions. A costly and sometimes lengthy legal proceeding to appoint a Guardian and/or Conservator to act on your behalf is required to obtain this authority. Both are relatively inexpensive and could avoid that costly procedure entirely.

2.     Protecting your children:

One of the most difficult decisions to make is who to take care of your children if you are unable. This decision is not only for single parents but married parents should also prepare in case both become victims of the same accident or illness. Although a difficult decision to make, not naming a guardian takes it completely out of your hands. The court does not know your family dynamic and relationship as well as you do and might not choose a suitable family member.

3.     Avoiding family conflict & ambiguity in your wishes:

You might know your wishes but members of your family may not, or they may not follow them. Not only can ambiguity prevent your actual wishes from being carried out, but heated family arguments may develop over what they believe you wanted.

I am sure many of you reading this can relate to some drama between family members. A Family may distrust one’s spouse or significant other in ascertaining their wishes. There may be different religious beliefs within the family. Parents may be divorced and each side of the family distrusts the other. The possibilities are endless.

These hostilities only become magnified when important issues such as your children, your medical care, your finances, your business, or what to do with your remains becomes involved. These ambiguities could unnecessarily tear your family further apart, create sides, and force your loved ones into intense and costly legal battles with each other. By making your wishes clear, it helps to not only preserve your wishes, but avoid family turmoil.

4.     Eliminates unneeded stress while your family deals with crisis:

If you suffer a significant accident or die unexpectedly, the stress and anguish on your family could be crippling. It is a lot better for them if you make your wishes clear now, rather than force them to handle it immediately after something happens to you. If you are sick, your family wants to be by your bedside. If you pass, your family wants to grieve. During this time of crisis, the last thing they want to do is to repeatedly go to court and figure out your assets and estate.

5.     Peace of mind:

At some point or another, whether it is this year or decades from now, you will either die or possibly become incapacitated. Depending on your financial situation, you can afford at least some protection. Whether it is merely setting up a health care proxy and power of attorney to developing a more complex plan with multiple trusts. It is all up to your own discretion. If you circumstances change you can always update your estate plan. After signing all the documents, people never regret spending the money and relish the immediate sense of relief. Acting now allows you to live your life with some extra peace of mind.

If you would like to learn more about your estate planning options, visit my website at www.matthewcummingslaw.com and schedule a free consultation by calling (781) 828-4711 or emailing: mmc@matthewcummingslaw.com.