Surprisingly, around 50% of adults lack an estate plan. This is particularly worrisome for single Baby Boomers. If you die without having a will or estate plan in place, your assets are distributed to your closest living relatives, no matter your intentions. Make an estate plan now to protect your assets and address how you want your estate divided, whether it’s to your family or to support a charity or cause you strongly believe in.
Everyone Needs an Estate Plan
Everyone, regardless of their financial worth, should have a detailed estate plan in place. It's essential for aging Baby Boomers to understand all the options and concerns that must be addressed.
Estate planning doesn’t have to be complicated or expensive. You can easily create a legal will online in minutes. If you have questions or a complex situation, an experienced estate planning attorney can help guide you as you make these important decisions. For example, you may wish to create either a will, a trust, or both. Also, include documentation of funeral and burial wishes.
Long-Term Care Should Be Part of Your Plan
Addressing your potential long-term care needs is another crucial aspect of estate planning. Medicare doesn’t cover everything. Medicaid typically fills the gap but has very strict requirements regarding income and financial resources. You may wish to establish a Medicaid Trust to protect your assets and avoid having them counted against you for eligibility purposes.
Along with naming an executor for your estates, you should also name a Medical Power of Attorney or create an advanced medical directive that details your wishes if you become ill and can’t make decisions about your healthcare.