WHEN IS IT A GOOD TIME TO START YOUR ESTATE PLANNING?

There is no guarantee from one day to another. Things happen that we do not expect and/or did not plan for.  No one can predict where they will be financially, medically, and/or socially in two years or two months.   

So, when is the right time to start your estate planning? As soon as you can. Why? The documents that make up your estate plan must be done while you are alive and have the legal capacity to execute them. If you are incapacitated for any reason and do not have any valid estate planning documents; your decisions will be made either by your next or kin or in some situations by a person selected by a Court.

What should be in your estate plan?

Most estate plans include a Health Care Proxy – this allows another person to make your health care and end of life decisions if you are unable to do so for yourself. Some people have very strong feelings and beliefs about being kept alive by a machine when there is no hope for them to return to their ‘normal’ life.

Most estate plans include a Power of Attorney – this allows another person to step in your shoes and handle your financial matters while you are incapacitated. They would be able to pay the mortgage payments, the light bills and school expenses so there is no interruption, which could cause more headaches for you and your family.

Most estate plans include a Last Will and Testament – this document goes into effect after your death. This allows you and not the state to decide who gets what and how much. This document makes sure that your wishes are fulfilled and that you are able to ‘take care of’ your loved ones when you are no longer present to do so. In this document you can also name people you want to take care of your minor children. You are also able to make sure that specific people do not benefit from your death if you so wish.

It is never too early to start thinking about an Estate Plan. Anyone over the age of eighteen (18) years of age who has the legal capacity to enter into a contract should consider having an estate plan.

Have questions or concerns about your estate planning? Contact us to discuss further:

E.M. Curran Legal LLC

10 Tower Office Park
Suite 406
Woburn, MA 01801
Phone: 781-933-1542
Fax: 781-933-1549