Estate planning is not confined to the elderly or individuals with substantial assets, although it is a common misperception

Individuals aged 18 to 54 are among the largest group that have not undergone any form of estate planning, which represents a large segment of the population in the United States. Many adults, in this age group in particular, presume that it is not necessary to consider estate planning involving a will, trust, or other ancillary instruments that normally are part of the estate planning process such as a power of attorney and health care proxy, until much later in life. For some, it is too late when the time arrives. The notion that “I don’t have enough assets to make it worth it” is one of the most common reasons that individuals do not want to pursue or consider any form of estate planning.

However, in actuality, starting an estate planning at a young age in New York provides significant benefits and peace of mind.

Cost and Simplicity

Creating an estate plan can avoid some of the pitfalls that result in waiting until later in life. Young individuals typically have fewer assets and less complex financial circumstances, which makes the estate planning process more straightforward, and which can be reviewed and updated periodically in the future as life circumstances change, such as marriage, children, or the acquisition of significant property later in life including by means of inheritance, marriage and divorce.

Protection for Loved Ones

No matter the age group, an individual does not have to wait until the golden age and/or have significant assets before engaging in estate planning for the protection of family members and dependents. Estate and ancillary instruments can involve designating guardians for minor children, beneficiaries for property, and ensure that decisions about healthcare and finances are made by trusted individuals that are nominated.

Control Over Financial and Healthcare Decisions

Estate planning is not solely about distributing assets to the beneficiaries named in a will, for instance, after death. During life, you may also designate someone who will make financial and medical decisions if you become incapacitated. Powers of attorney and health care proxies provide a clear plan for decision-making by trusted individual(s), reducing confusion and preventing potential conflicts among family members, and most important delay.

Flexibility for the Future

Starting estate planning early provides flexibility in the beginning of the thought process and earlier is truly better. Most individuals who have not engaged in or considered estate planning earlier in  life have procrastinated later in life, that is, until an emergency or some other sudden circumstances make it a necessity that is rushed and may be chaotic. Early planning also reduces the risk of errors or omissions that could create complications later when an illness results in rushed or even urgent estate planning, which may not represent the testators intent if they had time to consider their estate planning, or in the event of issues with losing capacity due to age, medical condition, or other reason, results in estate planning instruments being open to attack.

Peace of Mind

One of the most important benefits of early estate planning is peace of mind. It is truly a milestone. Knowing that personal, financial, and health care decisions are properly documented is relief in the notion that careers, families, and personal goals have been considered without being ruled by unforeseen events.

Benefits of an Estate Planning Attorney

A qualified estate planning attorney in New York can guide you through the process efficiently and answer any questions in relation to estate planning Attorneys assist in drafting legally valid wills, establishing powers of attorney, creating healthcare proxies, and, if necessary, setting up trusts. Professional guidance ensures an estate plan that reflects one’s intentions.

Be Proactive With Estate Planning

With so much word of mouth, articles, chats and social media surrounding us, it is comforting to know that there is solid ground to seek professional guidance. Tully Rinckey’s trusts and estates attorneys can guide you in planning for your future. Estate planning is simply a responsible and proactive decision, and delivers peace of mind. By beginning the process early, there is a stronger foundation and education for the future, including for those life-changing circumstances that happen to all of us.

At Tully Rinckey PLLC, our lawyers can offer guidance and help you prepare your estate planning documents, or make modifications to the ones you already have. Our attorneys have years of experience in estate planning, and are ready to provide competent, compassionate, and affordable service. Call 8885294543 for a consultation with a Tully Rinckey attorney today.

Jillian R. Falt, Esq., an Associate in the firm’s White Plains office, handles a diverse array of family and matrimonial law matters. Her family law practice includes pre- and post-nuptial agreements, separation agreements, equitable distribution, spousal support, child support, post-judgment modifications and enforcement, family offense matters, and child custody and access. She represents clients in all aspects of settlement, litigation and the negotiation and drafting of agreements.