Estate planning for seniors is very important. Creating a comprehensive estate plan is critical for all adults, but especially seniors. While no one wants to think about passing away, an estate plan is important so your family and friends can carry out any final wishes you have.

Estate Planning for Seniors

Estate planning for seniors is very important. Your estate includes everything you own: your home, car, bank accounts, retirement accounts, etc. It also includes any rights or licenses you have, for songs you may have written or patents you may hold. Also included in your estate is everything you owe. This includes mortgages, credit card debt, vehicle loans, etc.

Many people like to leave a legacy for their family and friends. Sometimes this includes money. If you wish to leave a financial legacy, you must know that your debts generally will be paid before your heirs see any money.

Will, Revocable Trust, or Irrevocable Trust?

There are many different options to protect your assets and ensure they get passed down with your intentions. A will may work for some individuals, while others will require a trust. For those that require a trust, some will want an irrevocable trust while others will want a revocable trust. Whatever your goals are, it is likely that they can be achieved – a local attorney can help you figure out what is best for your situation. A trusted attorney can also explain other avenues that may be available to you, but recommend why you should or shouldn’t opt for certain documents.

More than Money

However, an estate plan is about more than money. A full estate plan will include instructions on how family and friends should proceed if you become incapacitated. You will want to select people to act as your power of attorney, healthcare surrogate, and even have a living will.

Need Help Creating an Estate Plan for Seniors?

If you need to update or create your estate plan, contact a local attorney today. At Wildoner Law, PLLC, we help clients throughout the state of Florida, and often do a lot of our work remotely.