Estate Planning: Answering Common Questions of Senior Citizens

As we age, planning for our future becomes increasingly important. A recent study revealed a concerning trend: the percentage of people aged fifty-five and older who have created a will has dropped from 60% to 44%. While the thought of creating or updating an estate plan might seem daunting, having a proper plan can address many concerns seniors face. We’re here to help you navigate this essential process.

Who Can Help Me If I Am Unable to Manage My Own Affairs?

According to the U.S. Census Bureau, around 69% of individuals aged eighty-five and older have at least one type of disability. This statistic highlights the importance of planning for the possibility that you may need assistance managing your financial and medical affairs as you age.

financial power of attorney allows you to designate a trusted person (an agent or attorney-in-fact) to handle your financial matters – like signing checks, paying bills, and filing taxes – if you are unable to do so. Without this document, a court will have to appoint someone to manage your finances, which can be time-consuming and costly during a crisis.

medical power of attorney empowers a trusted person to make healthcare decisions on your behalf if you cannot do so. Without it, your loved ones may face delays and added stress as they seek a court’s assistance to make decisions for you.

Can Someone Help Me If I Am Out of Town?

Many seniors are traveling more now, whether to visit family or explore new places. However, life doesn’t stop just because you’re away. A financial power of attorney can give your agent the authority to manage your financial affairs while you’re out of town.

Though it may feel daunting to let someone else handle your finances, remember that you can still manage your affairs if you’re able. If you ever feel uncomfortable with your agent’s decisions, you can revoke their authority. This way, you can travel with peace of mind knowing someone is looking after your financial interests.

How Do I Protect My Loved Ones After I Am Gone?

While we all hope for longevity, it’s essential to acknowledge that we won’t be here forever. Fortunately, you can still have a positive impact on your loved ones’ financial futures after your passing. One effective tool is a trust, which allows you to manage the distribution of your assets according to your wishes.

A trust can hold the money and property you wish to leave behind and can be set up as a revocable living trust or included in your will. You can designate a trustee to oversee the assets and dictate how and when your beneficiaries receive their inheritance. Here are a few options for structuring the distribution:

  • Outright distribution: The trustee can distribute all assets to your loved one without conditions.
  • At certain ages: You might specify that your loved one receives portions of the inheritance at specific ages.
  • After reaching milestones: You can require your loved one to achieve certain goals, such as completing a degree, before accessing their inheritance.
  • Trustee discretion: If you’re concerned about your loved one’s ability to manage money, you can allow distributions only at the trustee’s discretion, providing protection from creditors or other issues.

Enjoy Your Golden Years with Confidence

We want you to embrace your golden years with joy and peace of mind. Addressing your estate planning needs is a crucial step toward living a fulfilling life. If you’re ready to learn more about how we can help you and your loved ones, please reach out to us today. Together, we can create a comprehensive estate plan that reflects your wishes and ensures your family’s future is secure.

At Cheever Law, APC, we don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love, starting with a valuable and educational Life & Legacy Planning Session. This will allow you to get more financially organized and make the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan.   

To learn more about our one-of-a-kind systems and services, contact us or schedule a no-obligation 15-minute introductory phone call today.