As a baby boomer, you have a ton going on in your life. Between caring for your elderly parents, raising a family, and working, taking time out of your day to plan your estate can seem undoable. However, it’s important to ensure you have a comprehensive plan in place to help protect the assets you’ve worked your whole life to sustain. If you’re unsure why estate planning is imperative for baby boomers or what you should keep in mind when planning, you’ll want to continue reading. In addition, you’ll discover why connecting with a Medina, Ohio estate planning lawyer is recommended over trying to do this yourself.
What Should Baby Boomers Consider When Estate Planning?
Like anyone planning an estate, certain things often apply to some parties more than others. As such, boomers may have more specific estate planning needs. Generally, one thing to keep in mind is ensuring that you are planning for your own future. Many parents enter estate planning ith the intention of helping their children first and foremost. While this is admirable, taking the time to consider all possibilities, including unseen medical issues, is critical to ensuring you have the funds necessary to help you in the future.
Something you may not have considered is your digital assets. Unfortunately, many in older generations fail to keep their digital assets in mind when planning an estate. However, like your tangible property, digital property has value, so ensuring you include it in your plan is critical. As such, you’ll want to ensure you take inventory of things like online bank accounts, digital storefronts, cryptocurrency, and social media accounts to include in your plan. Be sure to leave usernames, passwords, and answers to security questions so these assets can be managed effectively.
Can I Complete This Process Without an Attorney?
Taking the time to meet with an estate planning attorney is something many write off as a waste of time or money. As such, they may find “DIY” estate planning kits online. While these may seem like a good deal, it’s important to understand that states often have different requirements. Additionally, while creating a Will or Trust without legal guidance, you may make errors that invalidate some or all of your plan, leaving your assets and Beneficiaries in the hands of the state.
Though it is not legally required to have an attorney guide you through creating an estate plan, it is in your best interest to do so. As such, when you need help, the team at Krause Law is ready to assist you. We understand how difficult these issues can be, which is why we are committed to helping you navigate these complicated times. When you’re ready to start planning your estate, our team is here. Contact us today to learn how we can assist you.
