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Don’t Wait Until You’re Sick to Create an Estate Plan

Sowards Law Firm

In the wake of the pandemic, rising inflation, mass shooting tragedies, and other events, more people recognize that they need to plan for the future. Yet while financial planning has been at the top of many Americans’ minds, a vast majority of people have stalled in creating an estate plan.

According to a new study completed by Caring.com, a mere one in three people has an estate plan in place. Worse yet, more than 40 percent of those without a will report that they wouldn’t create one until they had encountered a serious health concern.

Why Is It Important to Make an Estate Plan Sooner Rather Than Later?

It is dangerous to wait until you have a health issue before creating an estate plan. Without one, you could potentially lose control over your money, property, health care, and, in some circumstances, the guardianship of your children. In addition, your loved ones may not receive the assets, property, or sentimentally valuable items you would have wanted to pass down to them after your death.

Depending on what health condition or acute injury may unexpectedly befall you, you may be unable to speak, understand others, or advocate for yourself. Part of the purpose of advance planning documents, such as a health care directive, is to maintain your bodily autonomy and express your wishes when you cannot.

Bottom line: The reason for creating an estate plan is to put protections in place not only for you, but also for your loved ones.

Barriers to Advance Planning

Despite understanding the need for estate planning, with 64 percent of people saying they believe it is important, most have not made it a priority. In the 2023 study, Americans reported procrastinating on creating an estate plan for the following reasons:

  • 35 percent do not believe they have enough money or assets to leave behind
  • 14 percent said that inflation’s negative effect on their assets has made estate or financial planning less of a priority for them
  • 15 percent reported that they did not know enough about estate planning, so they felt too intimidated to start
  • 42 percent stated they want to begin estate planning, but simply have not gotten around to it

When Should You Create an Estate Plan?

Every American adult should have an estate plan, and it is virtually never too early to go about setting one up.

In fact, once a child turns 18 and legally becomes an adult, they are entitled to make their own decisions regarding their medical care, finances, and education. In gaining legal authority over those parts of their lives, they should consider setting up an estate plan.

For high school graduates, the months prior to moving away to college can be an ideal time to look into getting these kinds of documents in order. At first glance, this may seem overboard to some, but keep in mind the wide diversity of family structures.

For example, perhaps a young person would want their property to go to a younger sibling, rather than a stepparent. Similarly, an individual might want the grandparent who raised them, not a parent, to assume decisions over their medical care in the event of an accident.

In the Caring.com survey, 69 percent of the study respondents said they believe that people should have an estate plan before they reach age 55. Despite that, less than half of Americans 55 and older have at least one estate planning document.

Many Americans Will Wait to Make an Estate Plan Until It’s Too Late

Many Americans are at risk of waiting until their health is compromised to seek estate planning advice or draft any documents. According to the study’s findings:

  • 41 percent of respondents said they would not worry about creating a will unless they received a medical diagnosis or had a health scare
  • 21 percent would wait until retirement age
  • 22 percent said they would not create an estate plan unless they bought a home
  • 20 percent want to wait until they are married or have children
  • 14 percent would create an estate plan if their employer offered the benefit

Although each of the above reasons may seem valid, it is important to be prepared before any of these life events occur. Otherwise, it may be too late to act.

What Are Some of the Key Estate Planning Documents?

Among the most important documents you may consider securing include:

  • a will, through which you can specify who will receive your property and who will become guardians of your minor children after your death
  • an advance directive, in which you name a person who will carry out your wishes regarding your medical care if you are incapacitated
  • a power of attorney, which gives you the ability to name someone you trust to act on your behalf in certain situations if you are unable to do so

Additional Resources

To learn more about the key types of documents you should look to establish as part of your estate plan, check out the following articles:

Please feel free to reach out to Sowards Law Firm at (408) 371-6000 or info@SowardsLawFirm.com with any questions or concerns.

Client Reviews

I recently had the pleasure of working with Sowards Law Firm to create my estate plan, and I couldn’t be more satisfied with the experience. My company has a legal help portal where I discovered Sowards Law Firm, and I’m so glad I chose them. From the start, the entire process was incredibly smooth...

Prashant Joshi

They made it pretty easy for us to set up the legal entity we needed. Everyone we talked to was knowledgeable, professional, and considerate. We had to work around a difficult schedule, and the folks at Sowards made it work.

John Brawn

Everyone at Sowards Law Firm was extremely kind, helpful, and professional in helping me manage all of the legal work required after my husband passed away. They explained everything clearly, and focused on what would be the best options for me in the future. I’m grateful for their assistance and...

Lyn Savage

I have been working with Sowards Law Firm for all my estate needs and their service is impeccable, with the upmost professionalism. They walk you through scenarios in detail so that you can make informed decisions. I highly recommend this team.

Debra A

They made it SO EASY! Everything was explained and explored in regards to figuring out how to organize and structure. Very thoughtful and thorough. I will definitely recommend them, and have sent all of my clients their info to get their affairs in order.

Cindy Selleos

I used Sowards for my Estate planning needs. The firm provided excellent advice, and made the process very easy to complete in an expeditious manner. Each person that I interacted with was professional, friendly and competent. I have confidence that this multi-generational law practice is a solid...

Karen Bryant

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