When Should I Create an Estate Plan?

When Should I Create an Estate Plan?

Estate planning is one of the most important things someone can do. When you create a comprehensive estate plan, you help ensure your assets are handled as you wish once you pass on. Additionally, estate plans can also help you while you are alive, which is a huge part of why so many people draft them.

Your age is nearly irrelevant. It is never too early to establish a solid estate plan that can help prepare for the worst. Whether you are just starting out in the world with your first job, or you are approaching retirement, it is always good to have a working plan in place. If you are interested in learning more about the process and importance of creating an estate plan, please read on. Here are some of the questions you may have:

Why should I start estate planning now?

Estate plans have many benefits, including eliminating the need for probate, reducing your estate taxes, protecting your beneficiaries by maximizing the payout they receive upon your passing, or even establish trusts, guardians, and powers of attorney. These are all extremely important issues that most of us are concerned about, though few of us address in a timely fashion.

Will I need an attorney to create an estate plan?

Though there are methods available to go it alone, anyone with any real knowledge of estate law will tell you that this is a bad idea. When you decide, for example, to draft your will alone or using an online kit, you open yourself up to a slew of legal troubles down the road. One simple misphrase is all it takes to throw a monkey wrench into your estate plan.

Additionally, powers of attorney are designed to protect your rights by appointing someone you trust to act on your behalf, should you become incapacitated at some point in your life. Obviously, this is a rather gloomy part of estate planning, and naturally, people would simply rather not think about it. However, everyone should create powers of attorney to ensure their interests remain protected, should the time come where they need to use it.

Lastly, though perhaps most importantly, estate plans can appoint guardians to care for your child, should you pass away unexpectedly. All good parents want the best for their children. This is why you must appoint someone you know and trust to care for your child if you are no longer around to do so yourself.

If you are interested in creating an estate plan, do not hesitate to reach out to our knowledgeable, compassionate estate planning firm.

Contact our experienced Maryland firm

The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.

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