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Estate Planning For Seniors

Things To Know About Estate Planning For Seniors

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Estate Planning For Seniors

Estate Planning For Seniors

As per the recent statistics, about sixty percent of Americans have no will. Even though it is more likely for older people to have wills, these wills can be incomplete, outdated, or old. Estate planning is the act of drafting a will and dedicating what you wish to do with your assets after your death and it can feel like a morbid thing to do. This might be because you do not wish to acknowledge the reality that is awaiting all of us, or it might be because you do not know where to begin.

Estate planning can be one of the best gifts that you can give your loved ones as it can make sure that your loved ones need not spend months in probate court after your death. You may plan your estate before moving into a senior living facility or after moving into one. As per the opinion of experts in senior living, the best time for estate planning might be before moving into a senior care home. Shared below are a few things you should know about estate planning for seniors.

What Is An Estate?

Some elderly adults resist estate planning as they are not wealthy. However, an estate need not be a huge bank account or a massive home. Estate is just the legal term for the assets that we leave behind after our death. Some examples of items that can be considered your estate are:

  • All your possessions from furniture and jewelry to cookware and even photo albums.
  • Your cars and your pets.
  • All your investments.
  • Benefit plans like life insurance.

Why Is A Will Necessary?

In case you die without a will, it is the court that decides who gets what. In usual cases, all of your possessions will be divided among your children or will go to your closest relatives. But, when you die without a will, your loved ones will be forced to struggle with financial problems. For instance:

  • Your loved ones may need to wait for months or years to get their inheritance.
  • Your loved ones can lose money hiring a lawyer.
  • Your loved ones might not be allowed to enter your home until the probation of the will.

With the right help, it is relatively simple to write a will. Therefore never neglect this while planning your retirement life.

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