Title: Estate Planning for Senior Citizens: Significant Things to Know
1Estate Planning for Senior Citizens
Significant Things to Know
Estate planning is the most crucial task for
senior citizens, despite the level of assets or
wealth. With a proper estate plan, your assets
can be easily distributed after your death.
Besides, you can reduce stress and difficulties
both for your closed ones and your own peace of
mind. It is also better to consider what would
happen before you pass on, in case you become
incapable of handling your own affairs. This
article will help you establish a proper estate
plan. Finances for the Future Discussing
post-death financial arrangements is not the most
common topic, and some people, in particular
with few beneficiaries, question why they should
plan their estate at all. But, the fact is, even
the straightforward States can be bound up in
court for two years and may be confronted by any
individuals. Well-organized plans ensure that
your assets are distributed well without any
complications.
2- Types of Estate Planning
- There are some different types of plans deal with
estate matters. You can choose any plan according
to your preferences and the complexity of your
property. Lets have a look at the types of
Estate Planning - Will
- Will is known as the most common and easiest
document that has been used for centuries.
Basically, it is a record of a persons plan
which is used as a legal document to distribute
his/her assets after his death. If an individual
is still living, wills do not make plans for
dealing with finances. - Trusts
- Trusts are more complex documents that set an
individual to manage arrangements after the
person has died. If the decedents family
involve step-children and divorces or if the
estate is extensive and includes complicated
assets like patent dividends, copyrighted
materials, and stock portfolios, the trust will
a better way of organizing the estate. - Living Wills
- Instead of dealing with property and assets,
Living Will deals with the medical power of
attorney issues for the decedent. Setting a
living will is a process of record a persons
wishes in case of disability or mental
incompetence, providing another person the power
to make medical decisions on his/her behalf
legally. - Planning Tips
- Estate Planning is not an easy task. But with
some proper steps, its easy to establish a good
plan for both the grantor and his or her
nominees. You need to consider following tips
while planning your estate