When a lot of folks come around to the idea of getting an estate plan, they are often looking for a way to leave gifts to their loved ones while also limiting the wait times, taxes and fees often associated with these gifts. Trusts are one of the most well used tools to accomplish that goal.

… As an adult you should know that a living will would allow you to give permission to whomever you choose to make medical or financial decisions on your behalf if something were to happen to you. These documents would also make it very easy for them to gain access to records or even to pay your bills in the event that you are temporarily unable to do so yourself. Not really the sexy part of adulthood I know, but it is a very important act of self-care.

Seniors you definitely need an estate plan. Okay, so that statement might feel like a no brainer, but humor me for a few sentences.

I mentioned in my last post, Choosing a Guardian Part 1, the difficulty caretakers face when thinking of planning for the future of their legal dependents, specifically who will care for them and what resources are available to them after death. These considerations often are further complicated when the children you are caring for, are not related to you by blood. These folks are not your biological relatives, but they depend on you and are what I will call your “Dependents by Grace.”

When thinking of creating a simple estate plan, that is creating a last will and testament, health care directive and a power of attorney over your finances, one of the most daunting considerations is who will care for your children or other legal dependents.