PLAN EARLY!!!
Estate planning is one of those tasks that is easy to delay. Life gets busy, and it can be uncomfortable to contemplate illness or death. But when it comes to protecting yourself and your loved ones, early planning isn’t just wise—it’s essential.
There are several compelling reasons to start the estate planning process now rather than waiting for a crisis. First, some of the most effective strategies for asset protection—especially in the context of long-term care planning—require a significant lead time. If you want to shield assets from being consumed by the cost of skilled nursing care, many strategies must be implemented at least five years before you apply for Medicaid. Waiting too long can limit your options and increase your financial exposure.
Second, incapacity can happen at any age. While it becomes statistically more likely after age 65, strokes, accidents, or sudden illnesses can render anyone unable to manage their own affairs. Having a comprehensive estate plan, including a fully funded Revocable Living Trust, ensures that your financial and healthcare decisions can be handled seamlessly without court intervention. A trustee typically has more comprehensive and recognized authority than an agent under a power of attorney, making it easier for your chosen representative to manage your estate.
Third, waiting to plan can increase the emotional and administrative burden on your family. In the absence of a clear plan, loved ones may struggle with uncertainty, conflict, and time-sensitive decisions during moments of crisis. Early planning gives you the opportunity to clearly articulate your wishes, select trusted individuals to act on your behalf, and avoid unnecessary stress or disputes.
Planning early is not about pessimism—it’s about responsibility. It puts you in control, allows you to take advantage of the full range of legal options, and most importantly, it spares your family from avoidable difficulty. The best time to create your estate plan is before you need it. The second-best time is today.
