National Estate Planning Awareness Week
This year, National Estate Planning Awareness Week is October 19 through 25. It’s an important time to remind you why an estate plan is an essential element of your financial well-being.
Even during a pandemic that continues to cause the deaths of nearly 1,000 Ameriacans each day, most people put off the responsibility of estate planning.
In fact, a 2020 survey conducted by Caring.com shows that fewer Americans have created an estate plan than in previous years. According to Caring.com’s annual survey on estate planning and wills, the number of adult Americans that have a will or another type of estate planning document decreased by nearly 25 percent since 2017.
More alarmingly, Caring.com’s 2020 survey also showed that older Americans are less likely to have a will than in 2019. Caring.com’s survey summary said, “Compared to 2019, the number of adults ages 35–54 who said that they have a will decreased by more than 25%. Among those age 55 or older, there was a decrease of 12 percentage points, or approximately 20%.”
If you or an elderly loved one still haven’t created an estate plan, this important task should have a high priority—especially during the coronavirus pandemic.
According to the CDC, eight out of 10 COVID-19 deaths reported in the United States have been for adults age 65 and older. CDC data shows that people 85 years of age or more run the greatest risk of dying from COVID-19.
The Law Offices of Adam Tobin, elder law attorney in Massachusetts, can help you get your affairs in order and create the estate plan that’s right for you and your needs.
Why You Need an Elder Law Attorney to Develop an Estate Plan
An elder law attorney represents and advocates for the elderly and their loved ones. Elder law attorneys are trained in legal matters that affect older people, giving them greater knowledge about the legal rights of senior citizens as well as the laws that protect their rights.
An elder law attorney helps seniors plan wills, draft estate plans, and navigate other legal matters. General practice attorneys can also provide these services, but they do not focus on a specific age group or population. Hiring an elder attorney means that seniors and their loved ones receive legal assistance that focuses on their particular needs.
The estate planning process does not need to be difficult. Many people put it off because they believe it will be time-intensive and difficult to complete.
For those who have less complicated finances, the process can be rather simple. You will need an elder law attorney who works with estate planning to make certain that all the criteria are met to make your will and other documents legally binding.
An experienced elder law attorney like Adam Tobin is a specialist who can help guide you in the types of vehicles that will work best for your own finances and ways to protect assets for those who inherit.
How to Get Ready to Meet with Your Elder Law Attorney
A best practice is to have all of your documentation available at your initial meeting. If you are missing some paperwork or information, we can give you a list of things you’ll need to finalize all of your plans.
Here are some things you will want to bring with you:
A List of Your Assets
These will include your home, any other properties, and your bank accounts, stocks, and retirement accounts.
Life Insurance Policies
You should have any life insurance policies on hand.
Information on Liabilities
Your estate planning also includes paying off any of your final debts before disbursing to beneficiaries, so it’s important to include this information as well.
Lists of Any Financial Advisors
If you work with financial advisors or companies for various accounts, have that information on hand.
Information on Beneficiaries and Executors
If you already have an idea of who you’d like to name as your executor and the beneficiaries you currently want listed, bring that information with you. Make sure you have accurate names and addresses.
Overall Goals
You don’t need to have everything completely planned out. Your elder law attorney is there to help you find the best ways to plan your estate for your purposes. But you should have a basic idea of things you’d like to cover, such as your will, advanced medical directives, and ways to format your finances to best take care of your needs as you age.
Estate planning does not need to be overly difficult to complete in most cases. Once you’ve completed the process, you can be confident that you won’t have to struggle with unforeseen events toward the end of your life. You’ll have the comfort of knowing that your family will be protected, too. Contact us to get started today.
