Orange County, California, is known for its picturesque oceanfront towns and equally breathtaking real estate. However, as many of the area’s residents enjoy the wonderful assets they have access to in such a locale, many put off planning for how those assets will remain protected once they are no longer with us.
Fortunately, an estate planning attorney from OC Wills & Trust Attorneys in Orange County, California, can help seniors find a better approach to securing their futures. Our firm can guide you through the process and work to ensure you are able to create the best possible outcome for yourself and the ones you love. Contact us today for a free consultation, and we’ll begin crafting the right estate plan for your needs.
Considerations for Seniors Who Are Estate Planning
Estate planning for seniors is far more than a matter of deciding who will get your money or your property after you pass away. In fact, depending on your desires, the execution of an estate plan could very well begin while you are still living.
Ultimately, every estate plan will be unique to the person creating it. However, there are some common considerations and estate planning basics that an experienced estate planning lawyer can help you identify to ensure all needs are taken care of:
Ongoing and Long-Term Care
As you age, you are likely to need some form of ongoing medical care, but have you considered who will pay for and provide that care? Depending on your family’s circumstances, you also may need to think about whether you will need long-term care. Insurance plans can help pay some of these expenses, but even with policies in place, you still need to consider just how you will cover potential out-of-pocket costs.
Plan for End-of-Life Care
It may seem unnatural, but you really can put a plan in place for everything you might experience from now until the end of your life. There may be certain treatments you want to avoid, for instance, such as dialysis or ventilators. Perhaps you’d prefer to have an order in place that prevents doctors from conducting aggressive procedures in the event that your breathing stops. In any case, it is never a good idea to wait until the end of your life to decide how you want to be cared for during that time.
Responsibility in Case of Incapacitation
In the event that you become incapacitated and are unable to speak or make decisions for yourself, you need to be able to appoint someone to step in on your behalf. And the best time to identify that person is right now. Whomever you give such authority to will be able to make financial and medical decisions on your behalf, ensuring your wishes are carried out every step of the way.
Asset Distribution
If you own property that you want to be distributed to certain loved ones in the wake of your passing, an estate plan can help you make sure that happens. Whether it is a multigenerational piece of jewelry or your family’s rental home, your assets are too precious to leave their distribution to chance.
Dos and Don’ts for Senior Estate Planning
With all of the factors above in mind, it’s clear that estate planning for seniors, while beneficial, can be a complex process. Therefore, you should have the proper guidance from a knowledgeable source as you work out what will be best for you.
Here are a few tips for getting the most out of this process:
- Take inventory of all of your assets so you know what you’re working with
- Don’t forget to assign transfer-on-death beneficiaries to keep your financial accounts out of probate
- Compile and monitor your debts, so you know who may be able to claim your money or assets once you’re gone
- Don’t neglect an advanced medical directive to ensure your wishes are followed
- Weigh your options for wills and trusts, as there are multiple types
Most importantly, you don’t want to wait any longer to start estate planning than you need to. Getting started now means being at peace about your future.
Contact an Orange County Estate Planning Attorney From OC Wills & Trust Attorneys Today
As a senior, it can be scary to think about what the future may hold, but estate planning can help you ease those concerns. With a solid estate plan, you can help your loved ones avoid conflict, confusion, and the court system after your passing. You’ll ensure that your wishes are carried out exactly as you want them to be. If you need help regarding estate planning for seniors, contact an Orange County, CA, estate planning attorney at OC Wills & Trust Attorneys for a free consultation and learn how you can start gaining peace of mind today. You’ll benefit from immense professional knowledge about the law, how it applies to your situation, and how you can use it to your advantage.
