Estate Planning Basics for Seniors

estate planning basics

An estate plan gives seniors peace of mind

Creating a Will or estate plan is essential for your older adult. Of course you don’t want to think about your senior passing away, but they most likely have final wishes they’d like to have fulfilled.

However, there’s no way for you or anyone else to carry out those wishes if you don’t know what they are. That’s where an estate plan comes in. With estate planning done, your older adult will have the peace of mind that their assets and belongings will be distributed in the way they wanted.

 

What is an estate?

An estate includes things your older adult owns like bank accounts, the home, the car, and any other assets in your senior’s name. It also includes any rights and licenses they have. For example, a song they wrote or a patent they hold.

It also includes everything your older adult owes. Their estate will need to take care of the mortgage and other major debts before beneficiaries get anything.

 

What is an estate plan?

An estate plan goes beyond distributing your senior’s assets and paying their debts. It also includes their healthcare decisions and other key documents.

An estate plan typically includes a:

 

Simple guide explains estate planning basics

All this legal stuff can be confusing, so we found a straightforward guide to estate planning from RocketLawyer that explains the basics in plain language.

This guide covers many important questions, including:

  • What’s better: a Will or a Trust?
  • What happens if someone leaves behind debt?
  • How do you change or update an estate plan?

You’ll also get a clear overview of the entire estate planning process, an explanation of how each document works, and tips to help you decide what’s right for your older adult.

 

Next Step  Understand the basics with the Estate Planning Guide at RocketLawyer

 

You might also like:
What Happens When Someone Dies Without a Will?
What Is a Living Will and Why Do Seniors Need One?
What is a Power of Attorney and Why Do Seniors Need One?

 

By DailyCaring Editorial Team
Image: Your Consultants

 

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