What are the Most Important Estate Planning Documents for Seniors?

POSTED ON: June 9, 2022

When it comes to death and disability, your will alone might not be enough.

What are the Most Important Estate Planning Documents for Seniors?

Thinking about death is unpleasant. However, when it comes to guarantees in life, it’s one of the few. A properly prepared estate plan can take some of the uncertainty out of your money’s future.

Estate planning needs differ a lot between individuals. However, most Americans can benefit from having these four documents in place, says The Ascent’s recent article entitled “4 Estate Planning Documents Everyone Should Have.”

  1. Last will and testament. A will directs the disposition of your assets and allows for specific bequests, such as a gift of sentimental value. For those with minor children, guardianship is established in the will in the event both parents die.
  2. Financial power of attorney. Powers of attorney typically spring into effect upon incapacitation. This document lets someone represent an incapacitated person in certain financial matters. For example, just because you are incapacitated does not mean you get out of filing your tax return!
  3. Healthcare power of attorney. This document gives an attorney-in-fact the right to make healthcare-related decisions for you, in case you become incapacitated. Rights given to an attorney-in-fact through a healthcare power of attorney include speaking to medical professionals about your care, deciding on treatment—even deciding to stop your treatment in a vegetative state. Appointing an attorney-in-fact is a big decision, and a large responsibility for the attorney-in-fact. As a result, it’s important to establish a living will to guide their decision making.
  4. Living will. This is also called an advance directive. This document provides guidance to both healthcare professionals and those appointed as attorneys-in-fact. Supplementing an estate plan with a living will can ensure that your final wishes are known and executed and can prevent a great deal of agony for those making decisions regarding your health care.

Some states allow individuals to draft and execute estate documents. However, it’s still always advisable to hire a legal professional.

Keep in mind that with blended families, the husband and wife may want to have a “joint will”, which althogh not allowed by law, can be obtained by a joint living trust.  A joint living trust in such cases (and in cases where the client wishes to protect assets and avoid probate) is actually a more important document than a Last Will and Testament.  Each case is different depending on the family situation and the wants and needs of the cleint.

An experienced attorney will speak with you about your personal and financial circumstances and draft your documents in accordance with your needs and wishes.

BOOK A CALL with me, Ted Vicknair, Board Certified Estate Planning and Administration Specialist, Board Certified Tax Law Specialist, and CPA to learn more about estate planning, incapacity planning, and asset protection.

If you liked this article, “What are the Most Important Estate Planning Documents for Seniors?” read also these additional articles: Can My Hands Tell Me about Liver Problems? and What Foods Can Help Prevent Dementia? and How Important Is a Good Night’s Sleep? and Using an Intentionally Defective Grantor Trust to Transfer Assets

Reference: The Ascent (May 13, 2022) “4 Estate Planning Documents Everyone Should Have”

Success Stories