The Importance of Early Estate Planning for the Elderly
Many people assume that having an estate plan is not necessary unless something happens, such as a serious and incapacitating illness or injury. However, when such a major life event happens, it is usually too late to create an estate plan. This is because you must be of sound mind in order to draft estate planning documents and make these important decisions.
If you are an older adult, the time to start estate planning is now, even if you think it is not needed. Being proactive about early estate planning - before something happens - is the best way to protect your interests, your estate, and your family. Consult with a Santa Ana estate planning lawyer as soon as possible about your options.
With the COVID-19 pandemic still raging across the United States, too many people are being reactive when it comes to estate planning. Perhaps they get a positive COVID test, and it raises concerns about whether they might survive. In this situation, even if you have time to create a comprehensive estate plan prior to possible complications and hospitalization, you might not be in the right mindset to do so.
If you plan ahead of time, you will have a clearer mind that is not plagued with worry about your survival rate of coronavirus or any other type of illness. You can take your time and carefully consider exactly what you want your estate plan to entail. Doing so under stress and fear can cloud your judgment, so you want to take the opportunity to create or update your estate plan while you are in good health.
Components of an Estate Plan
The earlier you start estate planning, the more time you have to ensure that your plan includes all the necessary elements. This is where the advice and guidance of an experienced estate planning lawyer in Santa Ana comes in.
Some components of estate plans you might want to consider include:
- Last will and testament - This is the foundation of most estate plans, and it helps make the probate process easier on your family and ensure your estate administration reflects your wishes.
- Living trust - Many people choose to form a living trust, which can keep property out of probate and give you greater control over how your estate is distributed, among other things.
- Power of attorney and advance health directive - These are important documents in the event you become incapacitated but do not pass away. These documents designate individuals to take over your financial and legal affairs, as well as your healthcare and daily care decisions.
There are additional aspects of estate planning you might discuss with an attorney, as well.
Contact a Santa Ana Estate Planning Attorney for More Information
If you need to create a fresh estate plan or update an existing one, do not wait any longer to consult with the Law Offices of Roshni T. Desai. Contact us online or call 714-694-1200 to learn how our Santa Ana estate planning lawyer can help you proactively plan for the future.