Why Estate Planning Is So Important As a Senior

As you get older, you run the risk of being unable to make your wishes clear when it comes to your estate planning. Many people procrastinate because they don't know where to start on the process. You may even be afraid that if you sign a power of attorney form over to a child, you may end up stuck in a nursing home. These are all valid concerns. This fear can be mitigated by meeting with an estate planner, and putting your wishes down on paper. Build in a contingency plan for how you want your affairs handled if you become incapacitated.This needs to cover instances in which you develop both a mental or a physical incapacitation. For example, if you develop Alzheimer's, or if you have a protracted illness that leaves you unable to live without the aid of a machine. You can decide how you want to be cared for in the event of a debilitating condition. This will allow you to not worry about being taken advantage of by whomever you decide to leave in charge of your affairs. Estate planning involves more than just end of life care. It also allows you to decide how your assets will be divided after you're gone.

What Is Estate Planning

Estate planning is the process by which you decide how you want your affairs handled when you're gone. It gives you the power to make these decisions while you're still of sound body and mind. You can make the choices about who you want to inherit your estate and other items. This allows your inheritors to avoid a lengthy legal process. You can even decide to donate your assets or certain items to charity. You're able to designate heirs who wouldn't have inherited otherwise. It's a legally binding contract stating your wishes for your estate and all that it entails.Another aspect of estate planning is to designate a guardian for younger children. Most seniors don't have a need for this part of the plan. There are instances in which some seniors may have the care of grandchildren. This can be a useful clause for those instances. It can give you piece of mind knowing that you've planned for every eventuality. Many people typically refer to this process as having a will set up. The difference is that a will only goes into effect after your death. Estate planning encompasses other aspects, such as how you want to be cared for if you become incapacitated.Next