As we age and our lives change, so do our estate planning needs. The plan that was most effective for your family 10 years ago, may be not be as ideal today. One area that frequently comes up as an area of importance later in life is the issue of long-term care. You may have specific goals or wishes that concern your quality of life and financial well-being as you enter the final stages of life. An estate plan modification can help you to meet these goals.
Eight Steps for Modifying Your Estate Plan Due to Aging
As part of the estate planning update process, your attorney may advise you to take several steps. The following is an overview of actions to take as you update your estate plan due to aging:
- Add or update a revocable living trust.
- Update your will if your original choices for backup executors or personal representatives are no longer available.
- Keep your advanced directive current. This important document addresses your choices for end-of-life care. As we age, these choices may change over time.
- Consider meeting with an attorney who can discuss with you various options for asset protection planning if you do not have long-term care insurance.
- If it is affordable and available, consider meeting with an insurance advisor to discuss long-term care insurance.
- Update your durable power of attorney to ensure that your named attorney is still available.
- Review your current life insurance holdings to ensure that they are still adequate.
- Consider planning for funeral or burial services.
While these are some of the common steps that apply to an estate planning update for an aging individual, every situation is unique and requires its own customized action plan. We have helped countless clients just like you to ensure that their current estate plan is brought up to date. To learn more about the experiences of our other clients, we encourage you to view our client testimonials page today.