Estate planning is a difficult legal topic. No one wants to think about the time in their life when death has arrived, and their property and possessions will be given out to friends and family members. However, one of the most responsible steps that a Tucson resident can take to protect their end-of-life wealth and care is to prepare their estate plan early.
“Early”, however, is a relative term. An estate plan can be modified to accommodate changes in a person’s life, and only adults can prepare and execute valid estate plans. Early planning for estate purposes means preparing one’s estate planning documents when they have the capacity to do so.
Estate planning and testamentary capacity
Estate planning is founded on the protection of a person’s wishes and desires for their estate when they are no longer alive. Through an estate plan a person sets out instructions for how their wealth should be divided up and used for their beneficiaries. However, if an estate planner lacks the capacity to understand what they are doing when they begin to create their documents, their estate plan may not be accepted as valid.
Therefore, it is important to begin an estate plan before a person loses the ability to understand the consequences that their estate planning decisions will have. An estate planning attorney can provide a reader with more information on this important part of preparing wills, trusts, and other testamentary documents.
Estate planning before the unexpected
Many people live their lives without encountering serious setbacks or unexpected events, but accidents and illnesses can happen and throw people’s lives off course. Having an estate plan in place before these tragedies strike can set a person up to have their future protected. Documents like living wills and powers of attorney can provide guidance and authority to others to ensure that a person’s medical care and financial concerns are managed in the event they cannot attend to them themselves.
There are many reasons to create an estate plan early. Now is a good time for Tucson residents to evaluate how they want to see their estates managed and distributed at the ends of their lives.