Estate planning is unique in that it touches people at every stage in life, from a newborn infant to a 90-year old great-grandma.
Estate planning for minors may seem fairly simple. Children don’t need Wills and powers of attorney. What do they need, then? Well, they need parents who have taken the time to put together comprehensive estate plans.
In addition to preparing a Last Will and Testament that names a guardian for their child, parents can use durable powers of attorney, trusts, and other estate planning tools to provide for their offspring.
Adults over the age of 18 are less likely than older adults to have real estate and large savings accounts. Still, if they accumulate personal property, have bank accounts, and have definite ideas about medical treatment, they need to visit with an attorney to find out their options.
This age group sometimes seems to get it from both sides: They may have both minor children and senior citizen parents to worry about. They are sometimes referred to as “the sandwich generation”. One of the most important things they can do is set up their estate plans so that their loved ones are taken care of if something happens to them. With careful planning, they can address their own potential long-term care or incapacity issues.
Seniors are more likely to have estate plans than any other age group.
The issues most likely to be faced by the elderly include:
- Long-term care
An up-to-date Will is a great first step, but there are other helpful documents. A power of attorney can save an elderly person from going through a guardianship or conservatorship. Medical powers of attorney and Living Wills allow individuals to state their preferences for medical treatment if they are not able to communicate. An attorney with elder law experience will be able to advise on other vital topics like how to pay for long-term care.
There is no one best age to take care of your estate planning.
Maybe you have an older parent facing elder law issues. Maybe you are looking ahead to your own future. Or you need to provide for young children. Either way, it’s important to know what rights and protections are available. Schedule a consultation with one of our attorneys and find out where you stand. Our phone number is 256-251-2137, or you may use the Contact Form on our website. We have offices in in Anniston and Birmingham, but also assist clients in communities like Hoover, Vestavia Hills, Irondale, and Calera.