Creating a Last Will and Testament and establishing your overall estate plan are two important actions you must not put off for too long. This is because, to say the least, you may leave your loved ones in an emotionally and financially stressful predicament if you do not do so before the time of your unfortunate death or a time when you no longer have the mental capacity. So, without further ado, follow along to find out the most appropriate time to start will planning and estate planning and how a proficient Putnam County wills attorney at the Law Office of Andres D. Gil, PLLC can help you prepare for this significant process ahead of you.
When is it appropriate to start my will planning?
First of all, according to New York State estate law, you may start your will planning any time after your 18th birthday, so long as you are of sound mind and memory. By meeting these requirements, it is believed that you can understand exactly what you are doing during the will planning process and the consequences of all your decisions. Besides being of a certain age and mental capacity, likely the most appropriate time to start your will planning is when the following circumstances are also true:
- You own a house or another real property, which you may like your beneficiaries to inherit at the time of your unfortunate death.
- You have an established career, in which you may want your beneficiaries to receive employer-provided benefits at the time of your unfortunate death.
- You may have accumulated significant savings or investments, in which you may like your beneficiaries to receive their payouts at the time of your unfortunate death.
- You may have children, adult dependents, or pets, in which you want a trusted individual to take physical/financial guardianship at the time of your unfortunate death.
When is the best time to kickstart my estate planning?
The same requirements for when you can start will planning in New York State apply to your overall estate planning. But the common rule of thumb is the sooner, the better.
For example, you may want to incorporate an advance healthcare directive into your estate plan so that an “agent” can make healthcare decisions on your behalf at a time when you lose your decision-making capacity. So, it is in your best interest to establish this legal document when you are still perfectly healthy. That is, before you lose your decision-making capacity for healthcare and estate planning decisions alike. This may be especially important if there is, let’s say, a history of dementia in your family.
We understand just how delicate this situation may be for you. If you need an emotional support system that doubles as a legal support system, look no further than the Law Office of Andres D. Gil, PLLC. Retain the services of a talented Putnam County estate planning attorney today.