5 Estate Planning Tips for Boomers
If you're a baby boomer, then you should already have an estate plan. But if an estate plan has been on your perpetual "to do" list that has never gotten done, here are 5 tips to get you on your way now:
Create a will. This most basic estate planning tool is one that, unfortunately, gets neglected all too often. No matter how wealthy you are - or aren't - you need a will, especially if there are still minor children in your household.
Create a durable power of attorney. You need to designate someone to handle your finances for you in case you become incapacitated, and a durable power of attorney is the way to do it. Your choice should be someone competent and trustworthy, who will act in your best interest and respect your wishes.
Create a living will and advance medical directive. Creating an advance medical directive allows you to name a trusted relative or friend to make medical decisions for you in case you are unable to do so yourself. A living will spells out your wishes for end-of-life care. If you want to have the final say in these matters, you need to have these documents in place.
Title your assets correctly. No matter what your will states, the assets in your retirement accounts, bank accounts and life insurance policy will pass to those designated as beneficiaries for those accounts. This is why it is important to be sure your accounts are updated with current beneficiary designations.
Check with family. Do you know if your parents have a will or estate plan? Ask the question and if the answer is no, ask how you can help get them organized.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0041.