However, keep in mind that your assets will be distributed according to the Alabama Intestate Succession Laws if you don't have an estate plan. Who you designate as the beneficiaries of your estate is entirely up to you. These are the people or organizations who will be receiving those assets as stated in your will and trusts, which we'll talk about in just a moment. ![]() Once you have all your assets listed out alongside their individual values, you'll want to make a list of beneficiaries. The value of tangible assets is also essential if these items need to be sold to cover debts or other financial responsibilities. ![]() Tangible assets are typically items worth more than $100, and intangible assets are essentially brokerage accounts, 401k plans, IRA assets, savings accounts, and so on.įor the tangible items that have value and meaning, it's a good idea to document them with photos so that there's no confusion over what the item is when it comes time for its distribution. One of the first things you want to get sorted out is the value of your assets, both tangible and intangible. Again, of course, it's all circumstantial, but you would have more to plan for in this instance.Ĭonsider this your "senior estate planning checklist" in terms of the primary considerations that should go into your estate plans: Evaluate Your Assets and Beneficiaries Planning your estate as a senior is pretty similar to how you would design it earlier on in life, with very few exceptions.įor example, you likely won't have any minor children to care for as a senior unless you're the current guardian for minor grandchildren due to unfortunate events. In that case, you'll want to consider reviewing it with your Huntsville attorney to ensure that it's up to date and reflects your current wishes and health. However, suppose you already have an established estate plan in place. Ultimately, estate planning makes things easier for yourself and the loved ones you leave behind. To ensure your affairs can be managed should you become incapacitated, mentally or physically To safeguard the rightful and organized distribution of money and assets for a blended family To ensure that any minor children receive continued care and support To ensure the continued care and support for family members with special needs Generally speaking, the following are the most important reasons for planning your estate: It's also a way to minimize the taxes and fees associated with your estate and assets after you've passed on-which will undoubtedly become the responsibility of your spouse or immediate family in terms of payment. However, estate planning also means planning for your affairs and responsibilities to be managed should you become sick or injured and unable to take care of them for yourself.Īdditionally, having an estate plan with wills and trusts doesn't just make it easier to distribute your assets among family and friends. Of course, you must consider the people you'll be leaving behind and the inheritances, assets, or family heirlooms you want to be passed down, as well as your funeral plans. This is because estate planning isn't just planning for an expiration date. However, it's just as important for seniors to have a comprehensive estate plan set up as a family with young children or a "wealthy" individual with a list of assets. The Importance of Estate Planning For SeniorsĪccording to a recent survey, the number of middle-aged and aging adults with their affairs in order, i.e., an estate plan, has dropped by up to 25% over the past two years. In this article, we will talk about the importance of estate planning for seniors and which elements need to be considered. However, others believe that you have to have accumulated a certain amount of wealth throughout your life to need an estate plan. Most individuals assume that having a life insurance policy is enough to help take care of their affairs after passing. ![]() Estate planning is especially crucial for aging adults to ensure they can maintain their current quality of life while also ensuring that their needs will continue to be met as they reach their golden years. As we continue to grow older, estate planning in Huntsville, AL, becomes more and more critical.
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