A senior might be ready to retire, or they may simply be planning their complete retirement. Either way, their current situation means that estate planning is a necessity.
According to the U.S. Census Bureau, almost 11 million individuals—over the age of 65—reside in New York state alone. With such a high concentration of seniors within its borders, it’s no wonder that New York also has some of the best services for seniors and those nearing retirement age.
With this many individuals living so close together, it’s important to understand why estate planning is so essential to those who are retiring or plan on doing so soon. Here are some reasons why estate planning is important for seniors and how you can do the same:
Why is Estate Planning Important for Seniors?
When you pass away, your loved ones may suddenly find themselves in a very difficult financial situation. This is why it’s important to establish a will, as well as a plan for your funeral and burial.
If you don’t plan and leave proper instructions, your loved ones may have to assume the burden of paying for your funeral and burial expenses. This is why it’s crucial to plan.
Other reasons why estate planning is important for seniors are protection from caregiver abuses, protection for your beloved pets, asset protection, assuring the health and well-being of your loved ones, as well as protecting your family members from any potential lawsuits that may arise.
Protection from Caregiver Abuses
One of the many reasons why estate planning is important for seniors is to protect them from caregiver abuse. Many individuals place their loved ones in the care of nurses or other hired caregivers.
Unfortunately, it isn’t uncommon for these individuals to abuse the trust of their senior clients. When you are in the process of estate planning, it’s important to designate a trusted individual who can monitor the situation and provide your loved one with the care that they need.
Seniors who have their estate in order can also place restrictions on the individual who will be responsible for their care. For example, seniors living with a disability can place certain conditions on their caregivers.
This means that if the caregiver neglects their duties, they may be in violation of the contract and be held accountable.
Protection for Your Beloved Pets
Seniors are often accompanied by their furry friends. If you are currently in the process of estate planning and have a beloved pet, it’s important to include them in your will. If you don’t have a will, your loved ones may have to decide what happens to your pet.
This can be a difficult decision, especially if your family members don’t pet owners. If you include your pet in your will, you can choose the best possible home for them and ensure their well-being. This can also include bequeathing funds to cover any associated expenses such as food, grooming, and veterinarian care.
Another reason you need to know why estate planning is important for seniors is asset protection. When you plan for your retirement, you probably have some financial goals in mind. You may also have loved ones and family members who depend on you financially.
To protect the money, you’ve earned and keep it out of the hands of potential creditors and judgment holders, you should consider a trust fund. This can help you protect your assets so that your loved ones aren’t negatively affected by outside forces.
Assuring the Health and well-being of Your Loved Ones
When you are in the process of estate planning, you can also assure the health and well-being of your loved ones. This can be done by providing funds for their care in the event of a sudden illness or accident.
When you are aging, you are more susceptible to illness and injury. Even if you are healthy now, it’s important to plan for the future. Having funds readily available for your loved ones’ medical care can ease the burden on their shoulders. This can allow them to focus on healing and to get better rather than stressing about their finances.
Finally, when you are in the process of estate planning, you can also conclude that it’s important. When it comes to aging, several different factors may be influencing your decisions.
You may be feeling the pressure of retirement, you may be caring for elderly loved ones, or you may be dealing with a combination of the two. When you are in the process of retirement, it can be easy to put off estate planning. However, you don’t want to put it off for too long.
When you put in the time and effort to create a will and plan for your funeral and burial, it can save your loved ones from a great deal of unnecessary stress and worry.