Top 5 Estate Planning Tips for Seniors

Most of us know that estate planning is so important to do, yet less than half of Americans have a will, leaving children and grandchildren scrambling to deal with unnecessary complexity upon the passing of a loved one. If you do not have an estate plan, or if you haven’t reviewed it in years, following these 5 Top Tips for Seniors is a great starting point.

1. Educate Yourself

An estate plan is more than just a will. Financial Powers of Attorney and Advance Healthcare Directives state your wishes if you are incapacitated, and appoint a trusted agent to help you if needed. Retirement Plans and Life Insurance have important beneficiary designation forms. Trusts and other tools may also add value to your plan. Talking with a qualified estate planning professional can help you make an informed decision on what would make sense in your situation.

2. Think Strategically

Before writing a will, it is important to compile information about all of your assets and debts, determine those people who will inherit and help administer your estate, and most importantly, decide on what you want your legacy to be. The answers to these questions will shape your plan.

3. Plan for Medical Care

One of the most common concerns for seniors is spending all of their money on medical care or an assisted living facility, leaving nothing behind for their loved ones. Fortunately, proper planning can maximize the amount of money to be protected for future generations.

4. Share Your Plan

While it is uncomfortable to discuss your estate plan with your loved ones, there is nothing more important. Whether it’s letting your children know who should get Grandma’s wedding band or favorite piece of art, making known your wishes if you are in a terminal condition, or simply sharing a list of all of your assets, now is the time to have this important conversation.

5. Don't Forget to Take Care of Yourself

You have worked so hard during your lifetime that you deserve to enjoy your retirement! We all want to be able to pass assets on, but more important is making sure that you can live as you wish and do those things you’ve always wanted to. Is there a vacation you’ve always dreamt about? Are there meaningful charities that you want to support? Is there a piece of art that makes you happy? Don’t put yourself last.

The Law Office of Andrew Gavrin provides free initial consultations and is happy to provide more detail on these or other topics, and answer all of your questions. You can find more information at GavrinLaw.com or by contacting Andy Gavrin at andy@gavrinlaw.com or 484.416.5740. The information provided in this article does not, and is not intended to, constitute legal advice; instead, all information, content, and materials are for general informational purposes only. Note that information may not constitute the most up-to-date legal or other information.