When is it Too Late to Draft an Estate Plan?

You may have thought about creating a will, trust, or other important aspects of an estate plan. If the thought has crossed your mind many times in the past but you still have not yet formalized your wishes, you are not alone. Putting off estate planning is very easy to do, as it is a task many people do not feel comfortable doing. Sometimes, people also think that they have to amass a certain amount of wealth before they create a plan, or they believe they are too young and that they will draft an estate plan when they are older.

Although it is very easy to procrastinate when it comes to estate planning, there are several good reasons why you should not. Below, our New Port Richey estate planning lawyer outlines when it may be too late to draft an estate plan.

Benefits of Creating an Estate Plan 

It is typically advised that adults create an estate plan as soon as possible. Due to the fact that most elements of estate plans become effective only once you pass away, it is usually never too late to create or change your estate plan during your lifetime. Drafting an estate plan has many benefits for not only your loved one, but you, as well.

Proper estate planning can allow you to outline how you would like your property distributed upon your death. With the right tools in place, estate planning can also help your loved ones avoid the probate process, which can be long and costly. Additionally, you can also include advance directives within your plan that stipulate your wishes in the event that you are ever unable to make decisions for yourself. All of these are important elements of an estate plan, regardless of your age when you draft these important documents.

Is it Ever Too Late to Draft an Estate Plan? 

During your lifetime, it is really only too late to draft an estate plan if you lose mental capacity. To create the most important documents within an estate plan, such as a will or trust, you must have the mental capacity to do so. This means you must understand the nature of what you are doing, who you are giving property or authority to, and how it will impact you and your loved ones. If there is a dispute about whether you had the mental capacity to draft legal documents, it could result in your wishes not being fulfilled.

It is also true that no one knows what will happen in the future. A sudden car accident or illness could render you unable to make decisions on your own. In this case, if you have not created advance directives or other documents that outline your wishes, it will also be too late to do so. The medical treatment you do or do not receive, and what happens to your finances, will be out of your control and up to a doctor, judge, or guardian.

Our Estate Planning Lawyer in New Port Richey Can Draft Your Documents 

Estate planning is something most people should not put off. At Messina Law Group, P.A., our New Port Richey estate planning lawyer can advise on the documents you should include in yours and make sure they are executed properly. Call us now at (813) 492-7798 or contact us online to schedule a consultation and to get the legal help you need.

Sources:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html