By: John Sadler, Attorney at Law
As we move into our golden years, there are aspects of these years that we sometimes do not like to think about. What distinguishes us as humans from other living beings is the knowledge that we will eventually die. At the same time, no one likes to dwell on the prospect of his or her own death. However, in postponing the planning for your demise you run the risk that your intended beneficiaries -- those you love the most -- may not receive what you would want them to receive whether due to extra administration costs, unnecessary taxes or squabbling among heirs.
This is why estate planning is so important. No matter how small your estate may be, it allows you, while you are still living, to ensure that your property will go to the people you want. It permits you to save on taxes, court costs and attorneys' fees; and it affords the comfort that your loved ones will not be burdened with red tape and financial confusion.
All estate plans should include two important estate planning instruments: a durable power of attorney and a will. The first is for managing your property during your life, in case you are ever unable to do so yourself. The second is for the management and distribution of your property after death. Another vehicle to consider is a revocable (or "living") trust. This us used to avoid probate and to manage estates both during ones life and after they're gone.
An overlap to Estate Planning is Elder Law. Elder law not only deals with estate planning but other issues that face the elderly, such as home care, long term care insurance or social security or disability benefits.
The Liz Moore Senior Team understands the special needs of those who are downsizing, and we have a variety of resources to help you with auctions, estate sales, consignment, de-cluttering and every phase of getting your home ready to sell. Be sure to ask us about our free e-book for seniors interested in downsizing!You can reach us at 757-873-2707 in Newport News and 757-645-4106 in Williamsburg. Just ask for the Liz Moore Senior Team!