Tips for Late Life Estate Planning

Categories: estate planning

Late Life Estate Planning

In an ideal world, we would all have our life estate planning taken care of when we are in our twenties. As many of us know, this doesn’t always happen, and because life is busy and we often neglect these, life estate planning gets put on the backburner until later in life.

Don’t worry though if you didn’t start your life estate planning until late. Here are some tips to get you started on late life estate planning.

  • Have your will or trust prepared. You might think you don’t need a will or trust, but no matter where you are at in your life, it’s crucial that you have one. Make sure you have wills or a trust prepared for yourself and your spouse. You don’t want to leave behind the complications that come with not having a will or trust in place when you die.
  • Inventory your assets. If you started life estate planning later than others, you likely have a long list of assets and liabilities. It might seem tedious, but you will need to inventory your prized possessions to determine the actual worth of your estate.
  • Determine who gets what. You might have a long list of family members, or you might not have any. In any event, you need to designate who will get what in your estate once you pass away.
  • Select an executor or trustee. It’s important to have someone carry out your wishes. Make sure you select someone who is younger than you are and in better health. Also, make sure they are familiar with you and your family and can manage your estate for you when you die.
  • Work with an estate attorney. It might seem like an easy enough task to take care of your life estate planning yourself. However, preparing trusts and taking inventory of your assets and liabilities can become overwhelming. An experienced estate lawyer can help you throughout the process and make sure everything is taken care of correctly and according to the law.

Disclaimer: This Article Is Not Legal Advice.

Never rely on an article for legal advice as the law frequently changes, information may not be accurate, there may be exceptions to a rule, and reliance may be detrimental. Always consult one of our experienced attorneys for competent, current, and accurate legal advice.

Crooks, Low & Connell, S.C. Wisconsin Qualified Life Estate Planning

No one really likes thinking about the task of life estate planning and if you have had to put it off for some time, it might seem even more overwhelming. However, it’s important that you have a plan in place for your loved ones once you pass away. The attorneys of Crooks, Low & Connell, S.C. know how difficult this process can be and are ready to help you through it. If it’s time to get your life estate planning in order, let us help. Call our offices in Wausau, WI at (715) 842-2291 or complete our online contact form today to schedule a consultation.