When is the best time to start my estate plan?
The answer is NOW. As with most items on our list of things to do, the best time is act is in the present as opposed to pushing the task off to the next day or the next weeks.
Many people think that estate plans are only for older people or married people with large “estates” to pass on to their children and grandchildren. Nothing could be further from the truth.
Honestly, if you are over the age of 18 and have assets in your name, you need an estate plan.
If you do not draft an estate plan describing how to distribute your assets, the state you live in will draft your estate plan for you.
There are laws in each state that say where your assets should go if you do not put an estate plan together for yourself.
Your assets will be distributed to those individuals who are alive and considered your “descendants” at the time of your death. Your by-law descendants may be the individuals that you want to receive your assets when you pass away, but they also may be the exact people that you DO NOT want to receive your assets upon your demise.
The only way to ensure that your assets are distributed in the manner that you want is to sit with a licensed attorney to assist in the estate planning process.
You also want to put together your estate plan when you are mentally and physically healthy. If you are not mentally healthy, it may be too late to assemble an estate plan. Say, for instance, you are suffering from Alzheimer’s. At that point, you are not mentally capable of indicating how your assets should be distributed, and it is too late for you to have a say in that process.
If you are not physically healthy, the last thing you want to think about is how your assets should be distributed. Your energy should be focused on how to recover, not thinking about who gets your house, bank account or cars if you pass away.
If you are married with minor children, it is important to put your estate plan in place. You want to be sure that you have an estate plan that names who should be listed as the guardians of your children if you pass away. You want to be sure that you are in control and name the people who would take care of your children if you are not here to take care of them. You do not want it left to the court to decide who should take care of your children. You also do not want your family members fighting over who should be named guardians of your minor children. By putting the required documents in place now, you are in control and you have a plan in place for the care of your children if you were to pass away.
If you are single, you want to be sure that you name the individuals who should receive your assets after you pass away. Again, you want to be in control of the persons or entities that receive your assets upon your demise.
If you have a blended family, it is important to put together an estate plan tailored to suit your family’s needs. You want to put together this estate plan shortly after your new marriage so that your assets are distributed in the manner that you intend. You want to be sure that assets go to your children in the manner that you wish, not a new or second spouse in full. There are instances where children are unintentionally disinherited with blended families. These situations can be remedied by drafting a well-thought-out estate plan.
There are things that happen in life that may cause us to put off putting an estate plan together. Sometimes, when we receive a negative diagnosis, that may cause you to delay the estate planning process. You may also have had several people to pass away in your life. These types of losses may cause you to procrastinate with your estate plan.
Life is always going to happen to each of us. We cannot allow life’s bad news to hinder our estate planning. If anything, these bleak life occurrences should remind us that life is short and that we should do what is necessary today, including preparing an estate plan.
If you do not have an estate plan in place, contact a licensed attorney in your state to assist with drafting a solid estate plan. You want to be sure that your estate plan is in a well-thought-out set of documents that outlines how you want your assets distributed after you pass away.
If you live in the District of Columbia, Maryland or Virginia, please contact the Hill Law Group at (301) 244-9040 to assist with your estate planning needs. We would be happy to help with your needs for an estate plan.
