Is it Too Soon to Have an Estate Plan? 4 Reasons Why It’s Not Too Early

Picture a couple signing their Last Wills and Testaments. What does that couple look like? Are they in their later years, perhaps sitting in hospital beds surrounded by loved ones? Or do you picture a young couple with a baby bouncing on the father’s knee? If you’re wondering whether it’s too soon to have an estate plan, the answer is a resounding no. Estate planning is crucial for adults of all ages, not just those approaching their elder years.

Understanding Estate Planning

Estate planning is not merely about distributing assets after one’s death. It involves making decisions about healthcare, guardianship for minor children, and outlining your wishes in case of incapacity. It encompasses creating wills, trusts, durable powers of attorney, and healthcare directives. These documents ensure that your preferences are honored and your loved ones are protected, regardless of your age or health status.

4 Reasons to Start Estate Planning Early

1. Preparation for Unexpected Events: Life is unpredictable. Accidents, illnesses, or sudden changes in circumstances can happen at any time. Having an estate plan in place means you are prepared for the unexpected, ensuring your family isn’t left to make difficult decisions during a crisis.
2. Control Over Your Assets: An estate plan allows you to control how your assets are distributed after your death. Without a plan, state laws will determine the distribution—which may not align with your wishes. Early planning helps avoid disputes among family members and ensures that your assets go to the intended beneficiaries.
3. Guardianship for Children: For parents of minor children, an estate plan is essential. It allows you to designate a guardian who will take care of your children if something happens to you. Without this, the courts will decide who will raise your children, which may not align with your preferences.
4. Healthcare Decisions: In the event that you are unable to make healthcare decisions for yourself, having a healthcare proxy and living will ensure that your medical preferences are respected. This also eases the burden on family members who might otherwise have to make these tough decisions without knowing your wishes.

Flexibility and Peace of Mind

One of the greatest advantages of starting your estate plan early is its flexibility. Estate plans are not set in stone; they can and should be updated as your life circumstances change. Major life events like marriage, the death of a loved one, the birth of a child, the purchase of real estate, or the acquisition of other significant assets are all reasons to review and adjust your plan.

It’s never too soon to have an estate plan. Whether you’ve experienced a significant change in your life or if you’re simply looking to protect your family and assets in case the unexpected happens, our attorneys at Mulhall Withrow are here to help. Contact our office at info@MulhallWithrow.com or give us a call at (781) 381-5287 to begin the estate planning process.