When is it too late to create a New York estate plan?

On Behalf of | Jul 24, 2024 | Estate Planning |

Estate planning procrastination is relatively common. Many people dislike contemplating their death or how their health might decline as they age. They might put off creating an estate plan for years because they find the process unpleasant.

Unfortunately, some people wait too long and end up in a scenario where they may not have direct control over their legacies. People may tell themselves that they may begin the estate planning process once they can no longer live independently or when they face major medical challenges.

How long is too long to wait when it comes to the creation of an estate plan?

Testators may eventually lose their capacity

New York state law allows adults of sound mind and body to create an estate plan at any point. However, people facing major medical challenges or age-related decline may eventually lose the necessary capacity to draft impossible documents.

For someone to retain their testamentary capacity, they generally need to be aware of their personal resources and the people they intend to name as beneficiaries. They also typically need to understand how the documents they draft might impact their loved ones.

Those attempting to contest a will after someone’s passing based on a lack of testamentary capacity typically need compelling evidence that shows someone had the gun to struggle with their awareness of their circumstances, resources and relationships.

Delayed planning can potentially minimize the benefits of a plan

It is also worth noting that delays in estate planning might do more than render an estate plan unenforceable. Delays can also diminish the protection someone receives from addressing elder law matters, like long-term care costs.

Planning years before benefits are necessary is typically the best option for someone hoping to avoid a penalty when they apply for Medicaid benefits. As a general rule, planning as early as possible is usually preferable to waiting until the last minute to establish estate planning and elder law documents.

Older adults in New York who create and then occasionally update their estate plans can move forward with their golden years more confidently. Their documents can provide protection if they require support, and their loved ones will be less likely to fight over their resources successfully. Taking the time to create an estate plan early can be a wise move for those nearing or past the age of retirement. Those worried about their health and finances may find planning early to be particularly beneficial.