Estate planning can feel confusing and overwhelming for anyone, but for seniors, this task can seem especially challenging. According to Merrill Lynch, only 18% of people over the age of 50 have completed their estate planning. Avoiding estate planning can put seniors in a vulnerable position. It can also put their families in a difficult position as well. Let’s look at some important estate planning questions you should ask.
 

How Can Estate Planning Lawyers Help Me?

An estate planning lawyer will help you prepare vital financial and personal documents for end-of-life planning. This often includes a will, final arrangements, and in some cases, custody details of minor children or adult dependents. When you work with a professional lawyer to complete these tasks, you can rest assured that they have been done correctly and legally.

Who Needs an Estate Planning Lawyer?

There is a misconception that estate planning lawyers only provide services for someone who has significant assets. The truth is that everyone can benefit from these services. Estate planning isn’t just about money. It’s about putting all of your personal affairs in order and legally appointing individuals to handle your estate after you pass.

Although everyone could benefit, some individuals have more of a legal urgency than others to hire an estate planning lawyer. In our experience, this would include people with children or who are legally responsible for adult dependents. In the event of their death, custody of minors or dependents would need to be legally assigned. To have full control over how this is done, you would need to have these details already settled with an attorney before your passing.

If you live in a state that has its own estate or inheritance taxes, it’s helpful to work with an estate planning attorney to ensure that you navigate these taxes legally and beneficially. If you are at risk for incapacity, for instance, if you have an early diagnosis of Alzheimer’s or dementia, it’s a good idea to have your estate planning done as quickly as possible. It will be good to have this settled before your condition worsens.

These are just a few things you should know about estate planning. If you’re comparing reliable estate planning lawyers, please contact us today at Schmidt & Schmidt S.C. We look forward to hearing from you!