Millions of seniors have never discussed estate planning, end-of-life decisions or long-term care with their loved ones. However, as seniors age, their families often have to make difficult decisions about their care, finances and healthcare.
In most cases, these families are most concerned with ensuring that they follow their loved ones’ wishes. The best way to do this is for seniors to create an estate plan. These are reasons seniors should consider creating a comprehensive estate plan.
They gain peace of mind
Most people have very clear ideas about how they want their assets and debts treated after they pass away. Therefore, when they complete a probate plan, including a will and/or trust, they gain peace of mind that their executors will distribute their assets according to their desires because their executors or trustees follow their asset distribution directions. The beneficiaries should receive protection from fraudulent lawsuits and may even avoid probate court along with its costs.
They protect themselves
Financial and healthcare powers of attorney handle the senior’s finances and healthcare decisions if they cannot make them themselves. Their living wills and life care plans discuss their chosen healthcare and life support.
They protect their assets
Wealthy individuals often create estate plans that protect their personal assets from lawsuits, taxes and failed businesses. However, many seniors also need expensive long-term care, but care facilities can confiscate and sell seniors’ assets to pay for their care. Building a comprehensive estate plan with a trust can protect those assets because they are no longer in their names.
Although these conversations are difficult, sit down with your family and create a comprehensive estate plan to protect your assets, beneficiaries and yourself, and regularly update your plan to reflect any changes in your desires, assets or debts.