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There are many reasons someone may put off estate planning until they are elderly. They may believe that it is not important or even that they have nothing they could give their surviving relatives and friends. However, even if you have not accumulated a great deal of wealth in your life you likely still have important heirlooms you could give to loved ones. It is also important to write in bigger ticket items like any property you may own. Creating a will can even get other affairs into order. If you are interested in estate planning and would like to speak with trusted estate planning lawyers about your estate, please contact a law office now.
What are the important things to keep in mind while planning my estate?
There are certain things you should remember as you plan your estate.
- Creating Durable Powers of Attorney. This is not a comfortable thing to think about but it is very important. You can create a living will or durable powers of attorney in case something happens to you, whether you are physically or mentally incapacitated in some way. If you are no longer able to handle daily decisions (like your finances or healthcare), you should consider durable powers of attorney. When it comes to personal matters like your health, you want the government to stay out of it. When you create a living will, you can use this to detail the exact kind of care you wish to receive at the end of your life.
- Creating a Simple Will. A will does not need many frills or fancy items on it. Whether you have expensive property or a few items you want to go to specific people, creating a simple will can ensure your items go where they need to. Additionally, any children you have under 18 may not go to someone you trust if you do not detail their guardians in your will.
- Creating a Living Trust. On the other hand, you may choose to create a living trust. This is a great option if you do not want your items to go through the probate process after you pass away. Not only is this time-consuming for the people you are gifting items to but it can even be costly. At any point, you can revoke a living trust (until your passing or incapacitation) and your successor trustee would take over.
Creating an estate plan is no simple task and doing so without a lawyer may end up costing you and your loved ones more in the long-run. If you are interested in seeing how an estate lawyer in Phoenix, AZ can help you with your estate planning needs, please give a law office a call.
Thanks to Kamper Estrada, LLP for their insight into estate planning and where to start if you’re elderly.