6 Reasons to Start Estate Planning Early
Estate planning is not something that most people want to think about, let alone do, as most of the time, estate planning involves planning for what happens after you pass away. This is understandable, but it doesn’t always have to be the case. Trusts can be used and accessed while you are still alive. In either case, you can prepare yourself and your family for how your assets should be distributed with a trust. Reduce the chance of disputes, taxes, and more by taking the time to do it now, and potentially avoid having to make significant changes in the future.
If you’re unsure of why it’s good to start estate planning early, we can help. At The Law Offices of Diron Rutty, LLC, our team of estate planning attorneys understands the importance of early planning and is here to guide you through the process.
What Does Early Estate Planning Entail?
Early estate planning is a proactive approach to organizing your assets and defining how they’ll be distributed after your passing. It’s a comprehensive process that can involve:
- Creating wills
- Setting up trusts
- Establishing powers of attorney
The goal of estate planning is to ensure that your assets are transferred to the intended beneficiaries, estate taxes are minimized, and any potential legal complications are alleviated. Ultimately, estate planning provides you with peace of mind knowing that your loved ones will be taken care of according to your wishes.
#1. Protecting Your Assets and Family
One of the main benefits of early estate planning is protecting your assets and ensuring they are distributed according to your wishes. Without a proper estate plan in place, including trusts and powers of attorney, your assets may be subject to probate court. Even if you have a will, the probate court can potentially distribute your assets in a way that does not align with your desires.
#2. Minimizing Estate Taxes
By starting your estate planning early, you have more time to take advantage of tax-saving strategies. Your beneficiaries don’t have to be the only ones to enjoy the benefits of the tax breaks estate planning gives you from both federal tax and New York state taxes.
#3. Planning for Incapacity
Being incapacitated means you are no longer capable of making decisions, either because of a mental, physical, or communicative incapacity. This can mean you were injured or unavailable to communicate your needs.
While no one wants to think about becoming incapacitated, it’s important to plan for the possibility both for your medical and financial choices. Through early estate planning, you can establish powers of attorney and advance healthcare directives to designate someone to make financial and medical decisions on your behalf if you are unable to do so.
#4. Making Changes as Needed
Life is constantly changing, and your estate plan should reflect these changes. By starting your estate planning early, you can make updates and adjustments as needed without feeling rushed or pressured. Life events that would necessitate making a change include:
- Birth of a new child
- Birth of a new grandchild
- Death of a beneficiary
- Disownment of a beneficiary
#5. Ensuring Your Wishes are Honored
Perhaps most importantly, early estate planning allows you to ensure that your wishes are honored after you pass away. This includes not only how your assets are distributed, but also who will take care of your minor children, pets, and/or any charitable causes you wish to support.
#6. Peace of Mind
Finally, starting your estate planning early can bring a sense of peace of mind. Knowing that you have a well-thought-out plan in place for the future can alleviate stress and allow you to focus on enjoying life.
Contact the Estate Planning Attorneys at The Law Offices of Diron Rutty, LLC for Help
As estate planning attorneys, we at The Law Offices of Diron Rutty, LLC strongly encourage everyone to start their estate planning as early as possible. The benefits to both you and your loved ones should not be ignored. Don’t wait until it’s too late – start planning your estate today. Your future self and family will thank you for it.
So, don’t wait any longer – start your estate planning early and ensure that your wishes are carried out exactly as you intend. Contact us today to schedule a consultation and let us help you protect your assets, reduce taxes, and secure the future of your loved ones.