Baby Boomers and the Truth about Estate Planning

 Posted on September 17, 2012 in Estate Planning

Estate planning for baby boomers is becoming increasingly important.  The reality of the situation is that people are living longer yet they often don't continually update their wills, trusts and other important financial planning documents to reflect the changes they experience.  Just as you would continue to see the doctor every year to make sure your body is in top health, make it a priority to visit your estate planning attorney every couple of years to keep up with changes in laws, taxes and other situations in life.

Most people experience changing priorities and changing friendships throughout their lives.  When you are younger, you should have different goals than when you are advanced in age.  If you have young kids, it is important to guard their futures with the proper estate planning concerning guardianships and trusts.  When those kids have their own families, you may reconsider how you're planned your estate and eliminate protective devices you have detailed in your plan.

Another important thing to consider when planning your estate is health directives.  There are accidents which change people's lives all the time.  Death is not your only worry when planning your estate; you must also consider when you are unable to make your own health decisions.  Having a clear plan in place is important if you want your wishes followed throughout your life given any new circumstance.

There are many reasons why updating your estate plan is important.  Always keep in mind the legacy you want to leave behind to your family, or a charity, or other important things in your life.  If you are interested in drafting a will, setting up a trust, or reviewing your current estate planning documents, please do not hesitate to contact an experienced estate planning attorney in Wheaton today.  It is never too late to start planning for your legacy.