Seniors and Estate Planning

Seniors you definitely need an estate plan. Okay, so that statement might feel like a no brainer, but humor me for a few sentences. As you age you become acutely aware of what is important in your life. You appreciate the many opportunities you have had over the years, and quite often want to maximize the time you have left to live. To be quite honest people of any age can feel this way, but when you mature into a proper silver top, these types of thoughts take on new, and often more, significance. But, unfortunately, many seniors do not have even simple estate plans, meaning a will, a health care directive, and a power of attorney for their financial matters. Quite often preparing one has been an idea, or an intention, but then ultimately it’s put off and forgotten about. The problem is as you age the likelihood of you needing others to help manage your care or affairs if you are sick or otherwise unable, tends to increase. Without a will your home and other possessions will be governed by the laws of your state, usually referred to as intestacy laws. This simply means that whatever you own and have will pass to your next of kin. Now, maybe that’s just fine with you but you may your change your mind about that by the end of this post.

First the state, i.e. the probate judge, will identify your heirs. The usual order is first your spouse, but if you are unmarried then next are your children. If your children are not adults they will need guardians and the court will assign someone from whoever it, the court, deems is in the best interest of those children. Their inheritance will be placed in some sort of trust overseen by some other person or group who the court deems is best. If your children are adults they will likely receive in equal shares your home and/or possessions. If any of those adult children have disabilities this inheritance may cause them to lose their Federal and/or State disability benefits and medical care, and in either situation if you do not have a will your heirs will have to pay taxes, and likely your debts if you have any, from whatever they should inherit. Which means when all is said and done, the state may end up in possession of all of your things. I could go on and on but I will not.

As a senior one of the most immediate concerns when you do not have an estate plan is who is authorized to make medical and financial decisions for you? Living wills, i.e. health care directives and power of attorney over financial matters, are a legal way to insure that you are deciding who you would like to make medical and financial decisions for you. Let’s face it, all relatives are not made equal, and in fact for some of you, you might honestly prefer a friend or other intimate partner to be your designee, not out of malice but because they perhaps know you better than your blood relatives. There’s so much more to discuss on this topic but this post is already gone long.

So, silver tops, it’s time to stop putting it off. You definitely need an estate plan.