Estate planning is important for adults of all ages; however, it becomes a more pressing concern during the golden years. As a senior, now is the time to ensure you have certain legal documents in place to express your final wishes. This may seem like a daunting task, but an estate law attorney can help craft a plan that properly protects you and your loved ones. Here are a few essential tips for getting started.

A Senior’s Guide to Estate Planning

1. Evaluate Your Estate

Before you can decide how your property should be distributed after you’ve passed away, you must take inventory of your estate. This includes all the tangible items you intend to leave to friends and family members, such as jewelry, artwork, real estate, and vehicles, and intangible assets like retirement accounts, life insurance benefits, and stock investments. It will be easier to get your affairs in order once you have a good idea of everything you own.

2. Draft a Will

A will allows you to leave detailed instructions as to how you want your assets to be managed and indicate who you’ve chosen as the executor of your estate. This is the person in charge of making sure your wishes are carried out.

In the absence of a will, estate law requires your possessions to be passed down according to intestacy rules. This document can also address your desired funeral arrangements, giving you the opportunity to include meaningful requests and alleviate your grieving family members from the stress of making these decisions.

3. Appoint Powers of Attorney

Designating a financial and health care power of attorney is a vital part of estate planning. This gives someone you trust the authority to make important financial and medical decisions on your behalf if you’re unable to communicate them on your own. They can pay your bills, transfer money, handle real estate transactions, and make choices regarding end-of-life care.

4. Talk to Your Family

It’s a good idea to sit down with your loved ones and explain the contents of your estate plan. This will give them a better understanding of your wishes and can help prevent any surprises that could potentially lead to conflict after your passing. They should also be given contact information for your estate law attorney so they can easily gain access to documents in an emergency.

If you have yet to begin the estate planning process, turn to Kratovil Law Office, PLLC for guidance. Backed by 40 years of legal experience, these attorneys have in-depth knowledge of estate law and will assist you in creating a plan that meets your unique goals for the future. Serving residents throughout Jefferson County, WV, they’re available to advise clients in a variety of areas to get the best estate planning results. Call (304) 728-7718 to schedule a consultation, or visit their website to learn more about what they do.