Today a considerable segment of the population is over 65, and many people have substantial assets. Unfortunately, it is common for healthy seniors to put off planning for their futures because they feel they still have plenty of time. They may think that it is not essential, dislike the idea of thinking about dying, or just think legal arrangements are too complicated to understand. Attorneys can explain seniors’ options in simple terms and help them make plans that protect their assets, dictate their care as they get older, and guarantee that after their death, the property is divided as they wish.
A Lack of Planning Creates Chaos
Ideally, seniors who have worked hard all their lives should be relaxing and enjoying life. The reality is that many become sick and the center of family squabbles surrounding their care and wishes. Without financial planning, they do not have the money for health care. According to Forbes, The American Society of Oncology reports that nearly half of patients use exhaust a big chunk of their savings on health costs.
These issues and many others can be avoided if seniors plan, and attorneys can help them do that. It is easy to research and contact law firms online. For example, interested parties who go to this site can reach legal professionals who specialize in issues like probate, wills, and trusts.
Professional Planning Solves a Range of Problems
When senior citizens consult firms like CunninghamLegal, experts evaluate estates and recommend the best arrangements for clients’ needs. In many cases, attorneys help clients solve a series of problems. These arrangements are usually part of a complete plan that addresses areas like:
Distribution of assets: Ensuring that property is willed to the desired parties
Legal expenses: Ensuring that assets are not used to pay for court processes
The Value of Living Trusts
Attorneys often help seniors plan by creating living trusts, according to realtimecampaign.com. Per The National Consumer Law Center, a living trust takes effect while a grantor is still living. The grantor is the person whose property is the subject of the document. In a living trust, a grantor transfers property and assets into the trust. In most cases, grantors can change the terms of their trusts as long as they are competent.
Living trusts are not the same as living wills that are designed to express grantors’ wishes about being kept alive if they become incapacitated or terminally ill.
Lawyers Provide Help With Wills
Attorneys also help seniors plan for the future by assisting with wills. A will is a document that spells out how a person’s assets will be divided after their death.
Without a will, an estate goes into probate, and the courts will distribute the deceased person’s assets depending on state law. This highlights the importance of Estate Planning: Remaining at home as a senior citizen.
Seniors must plan to ensure they have the resources to support them as they age and to ensure their last wishes are carried out after their deaths. Established attorneys can assess seniors’ needs and help them make the best arrangements. In many cases, lawyers can draw up living trusts and wills that meet clients’ requirements.