Estate Planning for the Elderly
April 10, 2013 By Law Office of Douglas A. Oberdorfer, P.A.
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Estate planning is a complex process that requires strict attention to detail.
One of the most tragic mistakes a person can make when preparing for their future is to neglect their would-be beneficiaries, and die intestate. While creating an estate plan is an important tool that everyone should consider, it is of the essence when it comes to the aging population. If you put it off for too long, you may lose the chance to put in writing what will be given to each of your beneficiaries – they may not receive what you intended, and there could be an excessive amount of financial burden and arguing amongst the surviving family.
Your estate is comprised of everything you have accumulated over the years, from your finances, to your property, car and personal possessions. An estate plan can not only outline and make arrangements for what will happen to all that you own in the event of your death, it can dictate what will happen to you and who will be in charge of your estate if you become too ill or old to handle your own affairs, as well as how your after-death arrangements will be paid for. Most importantly, a complete estate plan will strategize to care for the multifaceted needs of your family.
First you will need to create a will or living trust. In it you can name a personal guardian for any children that you may have who are under 18 years old, and the distribution of assets to your beneficiaries after your death. You will also need to name durable powers of attorney for your health care and finances. In the unfortunate event that you become incapacitated and unable to handle daily financial matters or make healthcare decisions, this person (or these people) will be appointed to make decisions for you, instead of having a court intervene to make those important choices.
If you choose not to draft a will or a living trust that contains valid instructions regarding what will happen to your estate when you die, your property and assets will generally to your spouse or your closest heirs. It will become a matter for the state to decide. Because the state is only concerned with the payment of any debts, they will usually fail to consider what may have been in your best interest.
Even if you have taken the steps to create your estate plan, as you get older it is crucial that you continue to update it on a regular basis, and with each natural event in your life. If you created your will or living trust many years ago, there is a chance that one or more of your beneficiaries has passed away or is no longer mentally competent. Perhaps you have gotten a divorce since you last updated it, or named your durable powers of attorney people who are no longer able to make the commitment to make your decisions for you. If you have named payable-on-death beneficiaries for bank accounts, vehicles or savings bonds be sure to check those as well.
ABOUT THE AUTHOR: Douglas A. Oberdorfer, P.A.
Jacksonville Estate Planning Attorney Douglas Oberdorfer will effectively and efficiently plan for the future of your estate.
Copyright Law Office of Douglas A. Oberdorfer, P.A. - Google+
More information about Law Office of Douglas A. Oberdorfer, P.A.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
Your estate is comprised of everything you have accumulated over the years, from your finances, to your property, car and personal possessions. An estate plan can not only outline and make arrangements for what will happen to all that you own in the event of your death, it can dictate what will happen to you and who will be in charge of your estate if you become too ill or old to handle your own affairs, as well as how your after-death arrangements will be paid for. Most importantly, a complete estate plan will strategize to care for the multifaceted needs of your family.
First you will need to create a will or living trust. In it you can name a personal guardian for any children that you may have who are under 18 years old, and the distribution of assets to your beneficiaries after your death. You will also need to name durable powers of attorney for your health care and finances. In the unfortunate event that you become incapacitated and unable to handle daily financial matters or make healthcare decisions, this person (or these people) will be appointed to make decisions for you, instead of having a court intervene to make those important choices.
If you choose not to draft a will or a living trust that contains valid instructions regarding what will happen to your estate when you die, your property and assets will generally to your spouse or your closest heirs. It will become a matter for the state to decide. Because the state is only concerned with the payment of any debts, they will usually fail to consider what may have been in your best interest.
Even if you have taken the steps to create your estate plan, as you get older it is crucial that you continue to update it on a regular basis, and with each natural event in your life. If you created your will or living trust many years ago, there is a chance that one or more of your beneficiaries has passed away or is no longer mentally competent. Perhaps you have gotten a divorce since you last updated it, or named your durable powers of attorney people who are no longer able to make the commitment to make your decisions for you. If you have named payable-on-death beneficiaries for bank accounts, vehicles or savings bonds be sure to check those as well.
ABOUT THE AUTHOR: Douglas A. Oberdorfer, P.A.
Jacksonville Estate Planning Attorney Douglas Oberdorfer will effectively and efficiently plan for the future of your estate.
Copyright Law Office of Douglas A. Oberdorfer, P.A. - Google+
More information about Law Office of Douglas A. Oberdorfer, P.A.
View all articles published by Law Office of Douglas A. Oberdorfer, P.A.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
