By Laurie E. Ohall, Florida Board-certified Elder Law Attorney
If you’re a senior or a boomer, you might be wondering, “If I’m planning to have a blast with my savings during retirement, do I need to bother with an estate plan?” It’s a question many ask when they decide to enjoy their hard-earned money while they can. But as any experienced estate planning attorney will tell you, yes, you absolutely still need an estate plan. Let’s talk about why an estate plan does a lot more than just handle the cash you leave behind.
It’s Not Just About Your Savings
Estate planning isn’t just for dividing up what’s in your bank account. It’s about making sure that if you can’t make decisions for yourself, there’s a plan in place. Without it, your spouse could hit roadblocks while trying to talk to banks, or your children could get stuck if there’s a medical emergency and the doctors need a family member’s say-so.
Making the Tough Decisions Easier
What if you get really sick and can’t tell the doctors what you want? That’s where having an estate plan is a lifesaver. It lets your family step in and make those hard choices quickly, without getting tied up with the courts or government red tape.
What About the House?
Owning a house is pretty common, right? But when you’re not here anymore, that house has to go to someone. Without a plan, figuring out what to do with your house, especially if it’s gone up in value, can be a nightmare for your children. They could end up in the middle of a long, expensive court process or arguing among themselves about what you would have wanted and your intentions for the property.
An estate plan is like leaving a guidebook for your family; it tells everyone what you want for yourself (if you are incapable of making financial and health care decisions) and who you want to get what you own. That way, you can rest easy knowing you’re not leaving your loved ones with a bunch of problems to sort out.