There are people who think that things will take care of themselves as the years pass, but the reality is that each of us must take responsibility for our own futures. There is more to planning for the latter stages of your life than simply anticipating your Social Security check and drawing up a last will.
You will eventually have to fund your retirement years if you do in fact expect to retire, and Social Security, even if it still exists in its present form by the time you retire, is probably not going to be enough. So if you want to be truly prepared you must anticipate your expenses and devise a plan that enables you to meet them comfortably.
There's also the possibility of incapacity. Approximately four out of every ten people who reach the age of 85 are suffering from Alzheimer's disease according to the Alzheimer's Association. Alzheimer's causes dementia, which can make it impossible for its victims to render sound financial, personal, and medical decisions. If you were to become incapacitated without making any advance plans, the court could appoint a guardian of its choosing to act in your behalf and you would become a ward of the state. This is a possibility that can be circumvented through the execution of the appropriate durable powers of attorney.
Of course there is also the matter of your legacy. Do you have specific things in mind that you would like to be able to do for your family members as your final act of giving? Do you perhaps have the desire to give something back to your favorite charitable organizations? If you do, these intentions will have an impact on your budgeting for the period of time that precedes your passing.
Because of all the different matters that must be addressed, it is a wise idea to tap into the expertise of an experienced estate planning attorney who has a thorough understanding of retirement and estate planning. He or she will advise you appropriately so that you can be sure that all of your bases are covered as you enter the latter portion of your life.
Estate planning lawyers frequently emphasize the fact that estate planning is something that people of all ages should take seriously. Of course we would all like to live long and healthy lives, and the average lifespan is in fact over 78 years in the United States at the present time. So of course estate planning is going to become more and more relevant as you reach an advanced age, but there are people who pass away before their time.
Catastrophic illnesses sometimes strike, and accidents take the lives of younger people. In fact, younger drivers are more likely to be killed in accidents than older ones for the most part. Being prepared for all eventualities is important, and too many people simply don't take the proper precautions.
We all recently heard the terribly sad news about the death of British singer Amy Winehouse. She enjoyed remarkable success during her relatively brief career, capturing multiple Grammy awards while single-handedly revitalizing the British music scene. Though she appeared to be troubled, her talent was unmistakable and she will surely be missed by her fans and music lovers around the globe.
According to reports that are circulating in the British newspapers, Amy Winehouse did indeed have a solid estate plan in place unlike many other celebrities whose affairs were in disarray after their deaths. The overall value of the Winehouse estate is estimated at approximately $16.4 million, and the heirs to this estate are going to be her parents and her brother.
It was particularly important for her to engage in careful estate planning because she had an ex-spouse named Blake Fielder-Civil who may have been in line to inherit her fortune had the necessary documents not been executed, especially in light of British laws that favor former spouses.
The tragic death of Amy Winehouse underscores the reason why it is important to have a current estate plan in place regardless of your age because you just never know what the future holds.
Have you ever wondered about the lives of your ancestors? Many of us have and it is not uncommon for people to spend considerable time and money trying to trace back their roots with varying degrees of success. When you are planning your estate you prepare to pass down things of monetary value to your loved ones, and there is no doubt that remembering your family in this way is very meaningful to them. But you and you alone have another valuable gift that you can choose to give to your loved ones and even the generations yet to come.
This gift is the story of your life, and passing it along can have immeasurable worth to your family in may different ways. Your early memories will paint a vivid picture of where the family came from culturally, ethically, and economically. When you recount stories about your grandmother and they are eventually read by your great-granddaughter, think about how fortifying that is to the fabric of your lineage. In addition, when you write about your personal experiences over the years they will invariably inform your family about the times within which you lived and your perspective on them as an objective participant. Historical accounts such as these are telling, authentic, and hard to come by.
These are great reasons to include your memoirs in your estate, but there is another that probably trumps those. You represent something different to each of your family members depending on your relationship to them. They may never have had a chance to see you as are you truly are in your own mind and your own heart. Your loved ones may find it impossible to imagine you as a child, or as a teenager. When you pass along your life story they get to see you in a more complete light, and opening in this way is as cathartic for you as it is meaningful to your loved ones. Now you have a way of passing on the values as well as the valuables.
