If you have been postponing the setting up of an estate plan for 30 years – have you waited long enough?
Going forward - time is not your friend: for folks in their 60s or 70s, waiting any longer to set up Powers of Attorney, Wills and a Trust, and transferring their assets in Trust, could involve two main risks: (a) physical or cognitive impediments / incapacity may occur at anytime and prevent one from being able to sign legal documents, and (b) legal services won't get any cheaper, nor will court costs.
If you have assets to your name exceeding $150,000 in gross value, and if you don't have a Power of Attorney or a Health Care Directive in place, your loved ones could be facing the harsh reality of dealing with your affairs in court, rather than privately – in the event of incapacity or death.
The price to set up a comprehensive estate plan pales in comparison to the legal costs and court fees to do the same – via Probate Court.
If you've waited long enough – it's time to make your Estate Plan a true priority.
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