The future is never predictable, which is why estate planning is such an important part of life. No one can choose exactly what will happen to them, but you can establish a plan that will save your loved ones a tremendous amount of stress and legal struggles. Anyone with assets would benefit from estate planning, and you can start at any stage in your life. It’s not easy to consider the inevitable, but there are at least 3 reasons why you need an estate plan if you are over the age of 65.
As a senior, there is no denying that you’ve lived through many experiences and challanges. You know there are more and new challenges to come. Everyone hopes that their final years are full of love, health, and good fortune, but the reality is that after 65, you are more susceptible to illness and losing your ability to care for yourself. Dementia, such as Alzheimer’s disease, is common in people over the age of 65 and affects mental functioning. There are about 55 million people worldwide that suffer from dementia, and at least 10 million more are diagnosed every year. Although you can slow the progress of dementia, there is no cure. Making an estate plan while you are still of sound mind is the best way to make sure that your wishes are met.
Decisions for Long-Term Care
Age comes with wisdom but also often comes with aches and pains. There is a greater chance that illness comes with some physical restrictions. Have you discussed how you would like to be cared for with the rest of your family? Topics like long-term care should also be included in your estate plan to protect your best interests. You need to outline exactly what your twilight years will look like. Do you want to live in a long-term care facility, or do you want to live with family and utilize at-home care? Without an estate, you are leaving these choices to others or the court in the event that you can’t make those decisions for yourself.
Selecting a Power of Attorney and Executor
Although your estate may have many stakeholders, there are key individuals who will play a big part in carrying out your wishes. Just telling someone that you expect them to be in change is insufficient. Creating an estate plan while you are still of sound mind allows you to make the choice of who will be your power of attorney. This person makes sure everything that happens to you and your estate, while you are alive, is in your best interest. After your passing, you will need an executor to carry out your wishes. There are many crucial decisions and actions to be taken to minimize costs, taxes and family disputes.
Creating An Estate Plan
You deserve to age with comfort and dignity. If you haven’t yet established your estate plan, it’s never too late to get started. Mannor Law Group is an estate planning & elder law firm that helps clients prepare for the future of their family and themselves. For more information about our services or to schedule a consultation, call (810) 645-8426 or visit our website and fill out the contact form.