It’s beneficial to begin estate planning at an earlier age. However, if you didn’t do so, you can still draft your estate plan documents at an older age.
It’s almost never too late to create a plan, but your experience may be different. Here is what you should know:
It may feel overwhelming
Chances are, at an older age, you have more assets and a big family, possibly children and grandchildren. Accordingly, your estate planning process may feel overwhelming. Nonetheless, working with specialists can make your work more manageable.
An appraiser can help you get the accurate values of your assets. A financial advisor can help understand the best moves to make. And a tax specialist can help you reduce tax liabilities on your estate. It also helps to work with an attorney to understand the processes in-depth.
You may need to consider incapacity
A testator should have testamentary capacity (be at least 18 years old and of sound mind). Since you are beginning estate planning at an older age, you may need to consider your incapacity more than someone who drafted their plan earlier in life.
Old age may not come with incapacity, but it’s a risk factor. Therefore, you should create your plan before you lose the right to do it. Even though it’s never too late to begin estate planning, you should do so when you are healthy and have the required mental capacity.
Further, it may be best to complete a mental assessment conducted by a psychiatrist or psychologist. A report from a physician confirming your mental capacity can protect your wishes.
It’s possible to start estate planning when you are old, but the experience may be different. It will help to get legal guidance to make informed decisions.