Start Estate Planning Early
It might surprise you, but the ideal time to start estate planning is the
minute you turn 18 years of age and can sign legal documents. Start
estate planning early, because it can become too late.
For example, if you become incapacitated and don’t have a
comprehensive estate plan in place, which includes incapacity planning,
you can’t avoid a guardianship proceeding. A guardianship means that
the court both eats away at your assets and takes over your finances.
Being incapacitated (or dead) also means that you can’t execute a will
to appoint guardians for your minor children or an executor to settle
your estate. Again, the court will intervene and take over, choosing
who raises your children and who settles your estate.
If you’re incapacitated or dead, you can’t determine who gets your
assets, provide asset protection for inheritances, avoid disqualifying a
special needs beneficiary from governmental assistance, prevent your
evil son (or daughter)-in-law from taking your child’s inheritance in a
divorce, save federal estate taxes, benefit your favorite charity, or leave
State law determines who gets your assets if you die without a will or
What if you don’t have a living will? What decisions will be made on
your behalf? What burden will that cause? Will your family fight? Will
there be court battles? Will you be hooked up to life support machines
for years and years?
If you want to control your health care decisions and what happens to
you, you need a living will, health care power of attorney, and a HIPAA
release. Otherwise, either the courts or state law will decide who
makes health care decisions on your behalf, and it may not be the
person of your choosing.
Do your estate planning early; don’t wait. If you don’t yet have a
comprehensive estate plan in place, consult with a qualified estate
Experienced estate planning attorneys Forest Hills NY of Davidov Law
Group offers estate planning and business planning resources to
residents of Forest Hills NY. To learn more about these free resources,
please visit http://www.davidovlaw.com today.