Regardless of the kinds of
assets that your senior has, it’s necessary to devise an estate plan to make
sure that their property and personal belongings go to the right people when
that individual is no longer around. Though it may not always be a comfortable
topic, the discussion is an important one for your elderly loved one and your
entire family. When it comes to estate planning, keep these tips in mind:
Focus on who gets what
Carefully comb through your
senior’s possessions and make sure they get specific about who gets what. This
includes any cars, jewelry, and other items. This is especially important if
your senior has a specific plan in mind for how they would like to see their
property distributed. Elder care professionals recommend having this
conversation early on so there is time to clarify wishes and ensure that
everything happens exactly as your elderly loved one would like.
Get it in writing
In order to ensure that
everything plays out according to plan, it’s important that your senior
constructs a will. Without a formal will in place, the state can dictate what
happens to that senior’s belongings. A will enables the elderly individual to
place restrictions on division of property (for example, certain items will not
be passed to a grandchild until they reach a certain age). Consider consulting
with a professional when it comes to writing a will in order to ensure that the
document is legally binding and thorough.
Make sure to update the document as necessary
If your senior hasn’t
looked at their will in years, it’s important to have them give it another
glance. Things can change over time, particularly if your elderly loved one has
acquired or sold possessions. Make sure that they update the will regularly so
that it adequately reflects their wishes.
Choose the right executor
An executor is someone who
is responsible for distributing the senior’s assets and taking care of any
outstanding debts. It is a significant responsibility, particularly if the
estate is complicated. A senior can select a family member or a professional,
such as a CPA, to handle this task. Though the subject matter may be
uncomfortable, proper estate planning is essential in ensuring that your
elderly loved one’s wishes are executed exactly as they would like.