Estate planning needs can vary based upon what stage of life people are at. Baby boomers in Florida should take the time to review their estate plans or to create them if they do not already have them in place. People in this age bracket can face unique issues that require thorough thought in order to avoid family disputes, negative tax implications or problems with will execution.
USA Today highlights the importance of considering an estate plan part of an overall financial plan. When drafting estate planning documents, concerns can extend beyond simply identifying heirs or listing who will receive what upon death. Medical concerns or the potential need for long-term care during life should also be addressed. This might include the development of a health proxy or power of attorney so that it is clearly delineated who will make important decisions on the part of another person if needed.
According to Forbes, other life issues can also impact wills or trusts of baby boomers. At this point in life, a person may have significantly more assets than what were included in an earlier version of a document. On the flip side, asset losses or simply the choice to bequeath some assets early may result in a smaller overall estate portfolio. Additionally, changes in relationships may warrant changes in an estate plan. Marriages, remarriages, divorces and more can all contribute to these situations.
Regular reviews of estate planning documents should take place as people move through life. This can help to preserve assets, provide appropriate care when needed and keep intact one’s wishes both during life and after death.