When Is the Time to Create Wills and Trusts? Now!

When is the right time to put together an estate plan? While many people assume that they don’t need to think about estate planning until later in life, this isn’t the case. If something were to happen unexpectedly and you didn’t have an estate plan in place, this could make things unnecessarily difficult for your family. For most people, preparing an estate plan is not an overly complicated or stressful process, and having a plan in place can give you the peace of mind that the future is not completely out of your (or your loved ones’) control.

3 Important Reasons to Prepare an Estate Plan Today

Why is it important to have an estate plan in place? Here are three reasons to create a will and trust regardless of your age, health, financial standing and family circumstances:

#1 Something Could Happen Unexpectedly

The first reason to have an estate plan regardless of your present circumstances is that something could happen unexpectedly. While we all hope that this will never be the case, the reality is that serious accidents and unexpected illnesses can—and do—happen. If you were to become incapacitated or die prematurely, having an estate plan would ensure that your family has the guidance it needs in a very difficult time.

#2 Estate Planning Isn’t Just About “Preparing for Death”

Another reason to consider wills and trusts now (as opposed to later) is that, contrary to popular belief, estate planning isn’t just about “preparing for death.” There are several reasons besides preparing for death to have an estate plan, including:

  • Appointing a guardian for your children if you become incapacitated due to a catastrophic injury or illness;
  • Making your own decisions about medical care if you need treatment while incapacitated; and,
  • Protecting your assets during your lifetime (i.e., by placing them in an irrevocable trust that puts them beyond the reach of creditors).

These are just examples. When you sit down with an estate planning lawyer at Rendigs, your lawyer will walk you through everything you need to consider so that you can make informed decisions about your estate planning needs.

#3 If You Don’t Have an Estate Plan, This Will Leave Several Important Questions Unanswered for Your Family

Finally, and perhaps most importantly, if you don’t have an estate plan, this will leave several important questions unanswered for your family. For example:

  • Who will make decisions about your medical care (if you are incapacitated)?
  • Who will be responsible for administering your estate after your death?
  • Who will care for your children, and how will your assets be distributed among your family members?

When a person dies or becomes incapacitated before they have a chance to prepare an estate plan, the answers to these questions (and others) are determined by state law—and this rarely results in an outcome that anyone desires.

Speak with an Estate Planning Lawyer at Rendigs in Confidence

We provide personalized estate planning services for people of all ages and all walks of life. To discuss your estate plan with a lawyer at Rendigs, please call 513-381-9200 or request an initial consultation online today.