Everything Baby Boomers Need to know about Estate Planning

Everything Baby Boomers Need to know about Estate Planning

What is a Baby Boomer

Baby boomer is a term used to describe a person who was born between 1946 and 1964. The baby boomer generation makes up a substantial portion of the world’s population, especially in developed nations. It represents 21.19% of the population of the United States of America, as of 2019 figures. They have had and continue to have a significant impact on the economy. As a result, they are often the focus of marketing campaigns and business plans.

Facts Baby Boomers Need to Know about Estate Planning.

1. Evryone Needs an Estate Plan.

These are critical documents that everyonerich or poor, young or old should have. In truth, everyone needs a plan to protect and disburse their property, big or small in value, as the future is impossible to predict.                    

2. Estate Planning doesn’t have to be scary, complicated, or expensive for you.

Many people are overwhelmed by the prospect of making a legal will and other documents, but they shouldn’t be. You can go to FreeWill and make a fully valid legal will at no cost and most people need less than 25 minutes to finish. If you have a more complex estate, you can use FreeWill to get your affairs in order and find a local lawyer to finalize the documents.

3. You can Estate Planning to change the world.

Many people on FreeWill include gifts to a charity or cause that has been important to them in their lifetimes. So far, people have remain so committed. For most, a charitable gift in a will is the single largest gift they will ever make. And it’s a way to know that you’ll make a massive positive impact for decades to come.

4. Have a plan for your kids and pet

If you have children who are minors, picking a legal guardian is one of the most important parts of your plan. Explicitly naming a guardian can keep your family out of some very messy decision making and make sure that you’re the final decision maker on this crucial decision.

If you have pets, you may want to choose a guardian for them as well. In many cases, people choose to allocate some money to go to the pet’s guardian to make sure they are cared for should anything happen to you.

5. Don’t just share your stuffs, share your values too.

If you are leaving your prized stamp collection, or family photo album to someone, you may want to include a note about what it meant to you and why you decided to share it with them. Many people also choose to write a “legacy letter,” detailing their core values and life lessons for subsequent generations. Families cherish these letters.

6. Do it now, update it often.

Many people think wills are set in stone, but it’s best practice to update them every few years as your assets and life circumstances change. Good times to consider updating your will include: when you move, buy a new house, get married or divorced, or have a new child; on FreeWill,  you can save your documents and update them whenever you wish.

7. Powers of attorney are a must have.

A power of attorney is a legal document that allows for a trusted person, such as an adult child, to act on your behalf. This can be restricted to financial areas or to health care decisions, or be all encompassing. It is a must have document as it can help to protect you against uncertainty in times of incapacity.

Considerations for baby boomers

Estate planning is not just about passing family wealth onto the next generation. Common considerations include the following:

Family keepsakes

Personal keepsakes and family mementoes often mean more to family and close friends than assets of value. Talk to your children to ascertain what means most to them.

Long-term health care needs

Increased longevity and rising health care costs should be major considerations when establishing your estate plan. Many individuals will need long-term care, the cost of which can quickly deplete a lifetime of savings. While federal aid can help, take care while setting up an estate plan so that entitlements to Medicaid benefits are not in jeopardy.

Special needs

If you have a child or another relative with a disability or special needs, it is important to include them in your estate plan. A special needs trust can ensure that your family member has adequate care once you are no longer around.

Other provisions

Providing for a favorite charity can also be accomplished through estate planning and more Americans are providing for their pets through special provisions in wills and trusts. The practice is not just for the rich and famous anymore and, usually, money is left to a caretaker to cover food and veterinarian.

 Get help

If you would like to learn more about the necessity of estate planning, any one of our estate planning attorneys would be happy to assist you.

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