Senior Spotlight: Estate Planning Is Not Just For The Wealthy

"I hate the words estate planning. It's just planning."

Welcome back to the Bobbi Decker Senior Spotlight! As I was scrolling through my favorite publications related to older adults this week, an article on Next Avenue really struck a chord with me, and I think it may hit home for you too. This week, we are going to touch on why everyone needs an estate plan, but before we do, please note that this article is intended for informational purposes only. *Please, please always consult with your estate attorney, tax planning professional and financial advisor.

"It's not always all about money. It's about planning to make things easier for the transfer of your assets and to reflect what's important to you should anything happen."

Pam Kreuger, Co-Host of  the “Friends Talk Money” podcast stated the above in the recent release ‘Estate Planning Basics You Need to Know’ and I could not agree more! Too often, people think that estate plans are only for the wealthy, are only about assets and are only needed if there are multiple parties involved. But as Kreuger points out, "I hate the words estate planning. It's just planning."

Please remember that who your money and property go to is only one piece of an estate plan. Not only does it pertain to the transfer of your assets, but also lays out instructions for your wishes, as well as details on your health and financial decisions/preferences if you are unable to do so. Items such as advance directives, lists of medications and doctors, HIPAA release forms and insurance ID cards are just as important in many ways and need to be accounted for within your estate plan.

On that note, estate plans are important not only in the event of one’s passing, but to carry out one’s wishes while they are alive but unable to communicate (as often in the event of a serious accident or stroke). In these instances, a durable health care power of attorney, financial power of attorney and living will are needed at a minimum.

Since we are at the end of the year, we would also like to encourage you to check in with your estate planning professionals with regards to any changes to your state laws in the coming year pertaining to taxes and estates, as well as to address any changes in your beneficiaries or assets.

This is all just barely even the tip of the iceberg when it comes to estate planning. Unfortunately, we see families struggle often with the emotional, financial and familial struggles of not having a completed and updated estate plan. The best gift you can give yourself and your loved ones this year is to prioritize planning no matter how much (or little!) money you have, how many heirs you intend to include or what your health status is today. The resources below can give you an idea of the types of professionals you should work with and what resources are available as a starting point. These may not be the most updated nor relevant resources for your situation so please consult with an estate planning professional before making any changes or decisions. 

Estate Planning Basics You Need to Know / Next Avenue

What to Know About Making a Will in the Age of Coronavirus / New York Times

The Ultimate Guide to Estate Planning / AARP

Moving To A New State? If So, Make Sure Those Estate Plans Have Been Updated / CNBC