Is It Ever Too Late To Create An Estate Plan?

Preparing your estate planning documents is a task that many people easily put off for another day. In many cases, this is often because people think they do not need a plan just yet, and that there is still plenty of time to create one. Many people think they are too young to need an estate plan and will wait until they retire, or they do not believe they have enough wealth to need an estate plan. While there are many reasons people delay creating an estate plan, doing so comes with certain risks. So, is it ever too late to create an estate plan?

Can You Wait Too Long to Draft an Estate Plan? 

Generally speaking, it is never too late to create an estate plan. In most cases, there is always an opportunity to create an estate plan, or update an existing one. Estate planning can ensure your loved ones receive your property after you pass away as you intended, help your family members avoid the long and costly probate process, guarantee you have advanced medical directives in the event of your incapacity, and more. All of these elements are important, regardless of your age when you create your plan.

That being said, there are instances when it may be too late to create an estate plan. For this reason, it is always important to draft an estate plan as soon as possible.

When is it Too Late to Create an Estate Plan? 

The only time it is really too late to create an estate plan during your lifetime is if you lose testamentary capacity. In order to create an estate plan, or make changes to your current plan, you must show that you have the testamentary capacity to draft and sign legal documents. In Florida, testamentary capacity specifically requires you to have the ability to understand: (1) the nature and extent of your property; (2) your relationship to the persons who were, or should be, the natural objects of your estate; and (3) the effects/process of a will.

No one can predict the future and so, it is important that you do not procrastinate with creating your estate plan. For example, a car accident may render you unable to make decisions on your own. If you have not created an estate plan or advanced directives outlining your wishes, you may receive medical treatment you do not want, or disputes could arise within your family regarding the treatment you receive.

For this reason, it is critical that you draft an estate plan, including advance directives, as soon as possible. You can include a power of attorney, healthcare surrogate, or other advance directive that instructs individuals to make certain decisions on your behalf, and in the manner you chose. You can only create these documents if you still have testamentary capacity and so, it is critical that you do not wait until it is too late.

Call Our Estate Planning Lawyer in St. Petersburg Today 

There are many reasons to start your estate planning today. At Legacy Protection Lawyers, LLP, our St. Petersburg estate planning lawyer can advise on the documents you need and draft them so disputes do not arise and your wishes are respected. Call us now at 727-471-5868 or contact us online to schedule a consultation and to get the legal help you need.

Sources:

floridabar.org/public/consumer/consumer003/

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html