Wednesday, March 21, 2018

4 Ways the Elderly Can Plan Their Estate and Write a Will

No matter your age or your health, it is a good idea to plan what will happen to your assets when you pass away. Doing so will make things easier on your family in the event of your death. Here are four ways the elderly can plan their estate and write a will.

Start Early

When it comes to your will and estate planning, it never hurts to start early, but it can be a problem if you start too late. You do not want to leave this world and leave behind no guidance for your family and other beneficiaries regarding what you wanted. 

Start thinking about your estate planning early. You can always alter your will later if you change your mind.

Consider Everyone’s Wishes

When planning what will happen to your estate upon your death, you need to consider who will get your assets and how they will be distributed. This also includes charities as well as certain items you want to go to specific people. 

You should not discount your own wishes, of course. If you want to be cremated, for example, you should make that clear. You should also plan to leave enough to cover funeral costs and a headstone and burial plot if you wish to be buried.

Meet with an Estate Planning Attorney

An estate planning attorney is your best option for crafting a will. Although you can draft your will yourself and it will still hold legal weight, a professional estate planning attorney can ensure your will conveys the exact meaning you intend in addition to holding up in court. 

They will inform you of all relevant inheritance laws and take your desires into account so your wishes will be carried out.

Consider a Living Will and Power of Attorney

A living will takes effect while you are still alive. It outlines what care you do or do not want to receive at the end of life. Power of attorney designates someone close to you whom you trust to make medical decisions on your behalf in the event you are incapacitated. 

In some states, the living will and power of attorney are combined into the same document. You should also consider a living trust, which ensures your beneficiaries won’t have to go through probate court to claim what you left them.

Planning your estate and writing your will are not what you likely want to think about. However, it’s very important so you get the end of life care you desire and your beneficiaries get exactly what you want to give them. You can rest in peace knowing your affairs are in order.

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