An estate plan gives seniors peace of mind
Creating a will or estate plan is essential for everyone, but especially important for seniors.
Of course you don’t want to think about your older adult passing away, but eventually, it will happen to all of us.
On the practical side, it’s important to remember that your older adult most likely has final wishes that they’d like to have fulfilled.
But 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 an estate plan, your older adult will have the peace of mind that their assets and belongings will be distributed in the way they wanted.
We explain what an estate is, what an estate plan is, and share a straightforward free guide that explains how to get started with estate planning.
What is an estate?
An estate includes things your older adult owns like bank accounts, the home, the car, and any other assets in their 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 paying the mortgage and other major debts before the beneficiaries get anything.
What is an estate plan?
An estate plan goes beyond distributing a person’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 the legal documents and tasks can be confusing, so we found a straightforward guide to estate planning from RocketLawyer that explains the basics in plain language.
The 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.
Recommended for you:
- 7 Sources of Free Legal Services for Seniors
- Caregiving Legal Basics: Essential Documents and Tasks
- 5 Smart Tips for Hiring an Elder Law Attorney
By DailyCaring Editorial Team
Image: Redbrick Mortgage Advisory
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