The time has come to set up an estate plan. You have put it off long enough and now that you are old enough to collect Social Security you realize that you can’t put it off any longer. You may be married and you may intend for your spouse to inherit your assets and make decisions for you if you become incapacitated. However, regardless of your spouse’s age and health, you should have a backup plan in place in case your spouse predeceases you.
Here’s What You Should Consider
Before you create your estate plan, you want to think about:
- Who should inherit your assets? This may be an individual, multiple individuals, a charity, or multiple charities, for example.
- Who should make healthcare decisions for you if you can’t make them yourself? This may be a relative, such as niece or nephew, it could be a friend, or it could be someone else whom you respect and trust. You should talk to that person before executing a healthcare proxy to make sure that he or she would be willing to do this for you.
- Who should make financial decisions for you if you can’t make them yourself? This may, or may not be, the same person whom you name as a healthcare proxy. However, the same considerations apply.
These decisions may require more thought and be even more significant if you do not have a child whom you would want to inherit and make decisions on your behalf.
These Things May Not Be Unique to Senior Citizens Without Children, But They Are Important
There may be other senior citizens who do have children and who for one reason or another do not want to include their children in their estate plan. There may be younger people who do not have kids and who need to make the same considerations as older people without kids.
Regardless of your specific situation, it is important that you create the estate plan that meets your unique needs. Please read our FREE pamphlet, The Ten Things You Must Know Before Creating (or Amending)Your Will or Trust, and browse our website to learn more about how to do just that.