Everyone has a lot to consider when making their estate plan, but there are some issues that many baby boomers can expect to encounter as they develop a plan for what happens to their assets and what their heirs will receive. Fortunately, a Washtenaw County estate planning attorney from our firm can tell you more about what to expect and how to protect your assets for the next generation.
What Should Be Top Priority for Baby Boomers When They Make an Estate Plan?
There are a few issues that are sure to come up when baby boomers are making an estate plan. Everyone’s situation is different, but people in this age group should be thinking about:
Asset protection: There are estate planning tools like trusts and family LLCs that can protect assets and make it easier to pass them onto the next generation. It’s important to figure out what kind of arrangement works best for you and your heirs.
Long-term care: You may be active and healthy now, but it’s important to plan for a future where you might need home health aides or a nursing home. Elder care has become incredibly expensive, so finding ways to pay for this care while preserving your assets for your heirs is a key part of many estate plans made by baby boomers.
What happens when you’re incapacitated: Your mental acuity and sharpness cannot last forever. Your estate plan needs to address what happens when you are unable to make decisions for yourself. What kind of medical care do you want? Who should make your financial and medical decisions? A baby boomer’s estate plan should address all of these matters.
How Has the Internet Changed How Baby Boomers Make Estate Plan?
Fewer and fewer people keep track of their checking, savings, or investment accounts via paper statements these days. If you have online accounts that provide access to important financial information, you need to make that a part of your estate plan. Baby boomers who forget to leave instructions about how to access important accounts or deal with their digital footprint can make things more difficult for their executors and heirs.
Baby boomers also have access to digital estate planning tools, like software that can help you write a will, that earlier generations might not have had. This can make it tempting to write an estate plan all by yourself, but you may want to consider talking to a seasoned estate planning attorney even though these tools make this seem like a simple process.
Do I Really Need an Estate Planning Attorney?
We do recommend working with an attorney when you make your plan. There are many types of estate planning tools available to you, but which ones are the best fit for your particular situation can be tough to determine on your own. An experienced attorney can help you make the most of these tools and protect your assets for the next generation.
Meet With Our Team Today
So if you have any questions about this process and what kinds of unique challenges baby boomers might face, contact Collis, Griffor & Hendra. We can schedule a consultation and tell you more about how our team can be of assistance.
