5 Estate Planning Tips for Baby Boomers

5 Estate Planning Tips for Baby Boomers

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As people age, they need to think of their long-term future. Not only that, once we get into old age, we should consider our family and what happens to our assets when we die.  Of course facing  issues such as death is never easy,  but it’s essential to plan wisely so our family and loved ones are taken care of. It is wise to plan and make the right choices. With this in mind, here are five estate planning tips for baby boomers.

Legal counsel:

This should be your first course of action when you begin estate planning. Estate planning is a complex subject that requires help from trained professionals. Trying to develop a successful estate plan on your own will lead inevitably to huge headaches and could result in numerous errors, resulting in an estate plan that is null and void. Luckily, there are plenty of lawyers in Newmarket and other cities who can help you plan your future.

Health care:

Now, more than ever, it is crucial to have a health care that covers a host of issues. This is harder than in the past. But, with some research, you should have no trouble finding a solid and reliable plan. Remember, as you age, you will face more health issues which will result in more tips to the doctor. have This will necessitate the importance of acquiring good insurance.

Distributing money:

If you are like most people, you will have money when you are in old age. In fact, most baby boomers are sitting on a pile of cash. For this reason, if you want to pass the money to your heirs, you should set up a living trust. With this, you can decide who gets how much money. To make this easier, you should hire a qualified lawyer who can draft everything up for you in no time.

Burial:

As we age, many forget about their inevitable death and burial. This is unwise as most kids will not know what to do or where to turn. For this reason, before you get too old, you should setup your cremation or burial arrangement’s. In fact, with so many baby boomers getting older, it is wise to do this now as you will get in while the costs are low.

Take inventory:

You must remember that many items in your house might be worth a lot of money. To avoid giving them away or unfairly distributing your antiques, you should take a full inventory of your house. This includes not only writing down your possessions, but taking photos and possibly even video.  Taking photographs and video of your possessions will eliminate any doubt or confusion as to what belongs to who. When doing so, you will have an easier time dealing with your living children when they discuss what they want to inherit.

Planning your estate  may not seem like something that requires your immediate attention, but it’s something that will pay huge dividends for your loved ones down the road. If you are a baby-boomer, now is the time to take action and plan for your long-term future. you need to plan for your long-term future.  Armed with these 5 tips you’ll be able to plan for your long-term future confidently.

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