Whether you refuse to switch from cable to streaming or can’t get behind the influx of QR code menus at restaurants, you’re not alone. As a baby boomer, you have a lot on your plate, from caring for your parents to parenting your own children. However, it’s important to take time to care for yourself and the assets you’ve worked hard to secure throughout your lifetime. As such, the following blog explores what you should know about estate planning for the baby boomer generation and why connecting with PA wills, trusts & estates attorneys is in your best interest during these complex matters.
How does estate planning differ for me as a baby boomer?
Whether you have an estate plan in place or not, it’s important to understand how your needs have changed over the years. While in your 30s you may have been focused on ensuring the best for your minor children, they are likely entering adulthood, meaning your plans may have shifted from establishing guardianship for minor children and creating educational trusts to planning your estate effectively to ensure there is little confusion regarding your wishes for your assets and beneficiaries.
In addition to ensuring your estate plan reflects your current wishes and needs, it’s important to understand that estate planning can also help ensure you receive the care you need. Unfortunately, getting older often includes health issues and the need for medical care. Creating an estate plan allows you to set funds aside to help cover the cost of medical treatment while also ensuring that your wishes regarding medical care are adhered to.
Finally, estate planning allows you the opportunity to plan for digital assets. Unfortunately, many are unaware of the importance of estate planning for these assets, but failure to plan properly can impact how your estate is handled. This includes any online banking accounts, social media profiles, cryptocurrency, or online stores you operate.
Should I enlist an attorney to help me plan my estate?
When looking online, you may find several websites touting their DIY estate planning kits for a cheap price. While these may seem enticing, it’s important to consider that estate planning is an incredibly complicated matter. As such, making one error while completing the documents can result in your plan being deemed invalid. Additionally, you’ll find that some of the language in the document may not be state-specific, meaning certain terms of your estate plan may not be honored.
If aspects of your will, trust funds, or medical power of attorney are deemed invalid, they will not be adhered to. As such, it’s imperative to ensure that you take the necessary steps to plan for the future by connecting with an experienced estate planning attorney. At Friedman Schuman Layser, we understand that estate planning can be overwhelming. That’s why we’re dedicated to helping you achieve the best outcome possible for your needs. Connect with us today to learn more.
