Solomon, Steiner & Peck, Ltd.
Call today for a consultation:
216-245-0185 / 866-642-0932

When is the right time for estate planning?

Many people believe that estate planning only benefits old, rich people. However, this is a common misconception. Most people, regardless of age or net worth, can benefit from creating a personalized estate plan.

A young adult may want an unmarried significant other to inherit his or her property or may want to name an alternate decision-maker in case of a medical emergency. Parents may want to select a guardian for minor children or protect a child’s inheritance. Older adults may want to leave assets to a charity or keep the details of an estate out of public record. A personalized estate plan can help you reach a wide variety of goals.

What can happen without an estate plan?

Because you can probably benefit from an estate plan during all stages of your adult life, it is usually best to begin drafting your estate plan sooner rather than later. If something unexpected causes incapacitation or death, it will be too late to create an estate plan. Also, if you become legally incompetent, you will no longer be able to sign legal documents, like those in an estate plan.

Without certain estate planning documents, you may not be able to choose what happens if you become incapacitated or pass away. Some unintended consequences of not having an estate plan can include:

  • Receiving unwanted medical treatment
  • Leaving no assets to a significant other you are not married to
  • Passing on assets to unworthy family members
  • Letting a stranger decide who will care for your minor children
  • Allowing family members to wonder what your wishes were

Estate planning is rarely urgent, but it is an important task to complete because when it is time to use your estate plan, it will already be too late to create one. Creating an estate plan as early as possible can help you embrace the choices available to you and provide peace of mind. However, it may be important to note that once you create your estate plan, you must update it periodically, so that it always reflects your current wishes and situation.

No Comments

Leave a comment
Comment Information

2005 BBB Torch Award Recipient Recipients of the 2005 BBB Torch Award Honoring Business of Integrity

  • ASNP
  • CMBA Green Certified 2107-19
  • member of the national eldercare matters Alliance
  • NAELA
  • Golden opportunities
EMAIL US FOR A RESPONSE

We are here to help. Contact our attorneys today.   

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Mayfield Heights Office
6105 Parkland Boulevard
Suite 140
Mayfield Heights, OH 44124

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Mayfield Heights Law Office Map

Independence Office
6100 Oaktree Blvd.
Suite #200 - Park Centre 1
Independence, OH 44131

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Westlake Office
PS Executive Centers
1991 Crocker Road
Suite 600
Westlake, OH 44145

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Mentor Office
5966 Heisley Road
Ste 201
Mentor, OH 44060

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Review Us