More than 10,000 Baby Boomers turn 65 years old every day.
It is an astonishing statistic that underscores the importance of planning for one’s future, and beyond. We know just how important Florida estate planning is for you and your family.
This is just one of the reasons why this October, as we celebrate National Estate Planning Awareness Week with the National Association of Estate Planners, we want to share seven facts every Baby Boomer should know about estate planning with you.
1. Everyone needs a plan.
The Baby Boomer generation currently ranges from 55-75 years of age, making them perfect estate planning candidates.
In truth, everyone needs a plan to protect and disburse their property, big or small in value, as the future is impossible to predict.
2. It is not hard. People are often overwhelmed by the process of creating legal documents, especially when they evoke emotions and involve long-term financial concerns and complex legal issues. We want you not to worry, and instead leave the crafting of the plan to us. After all, that is what estate planning attorneys do.
3. A plan can protect your children, and grandchildren. Estate planning involves the transfer of wealth to family members, but a solid plan can also designate guardians for minor children and dependent grandchildren. Explicitly naming a guardian, along with a secondary option, may be one of the most important decisions you make for your family.
4. Yes, your pets can be included.
Many Boomers consider their pets as beloved family members.
Providing financial support and selecting a pet guardian can absolutely be part of an estate plan.
5. An estate plan is more than just a will. People have different ideas of what comprises an estate plan. While is true that wills are a common feature, other documents and agreements are often involved, such as trust agreements, advance health care directives, and even burial and funeral instructions.
6. Powers of attorney are a must-have. A power of attorney is a legal document that allows for a trusted person, such as an adult child, to act on your behalf. This can be restricted to financial areas or to health care decisions, or be all-encompassing. It is a must-have document as it can help to protect you against uncertainty in times of incapacity.
7. Do not wait, and update often. The best time to create an estate plan is right now, especially for Older Americans. Updating it periodically or after significant family events, like a marriage or the birth of a grandchild, is critical.
Bear in mind without a current plan, there is no guarantee your wishes can or will be followed. We encourage you not to wait to contact us to ask your questions. We are your local law firm, here to help you with your estate planning and elder care needs.