While most baby boomers are eager to make sure their retirement plans are in order, USA TODAY recently reported that too few are accounting for an estate plan, which can result in stress and conflict for surviving family members.
A New York-based wealth adviser told USA TODAY that an estate plan is usually at the bottom of baby boomers’ to-do lists, if it’s even on their lists at all. Instead, as baby boomers are living longer, healthier lives, they are focusing more on having enough money to do what they want during retirement.
Most baby boomers put off estate planning because they do not think it’s an urgent issue. The problem is that once death does come, passing away without an estate plan in place can lead to real complications for your family, including tax burdens and disputes that pit loved ones against each other.
The good news is that it’s possible to avoid this disastrous outcome by meeting with an experienced estate planning lawyer who can walk you through the simple steps of creating a will and estate plan. The main issues that should be addressed include your property and financial assets, your children, and your end of life care.
- When it comes to addressing your property and financial assets, you will want to make sure that you can pass your estate down to your heirs with as little as possible going to taxes.
- When it comes to your children, you will want to make sure that any minor children are properly taken care of in the case of an unexpected tragedy.
- For your end of life care, you will want a plan in place that sets out how you want to be cared for and who should be allowed to make decisions on your behalf if you are left incapacitated due to injury or illness.
Baby boomers and their families benefit greatly from having these important issues resolved in even a basic estate plan. Don't put off these important issues any longer.