A new movement is making headway with seniors today. Record numbers of Baby Boomers are participating in triathlons, traveling the globe, starting their own companies from scratch, creating new social circles and in general being much more active than their own parents and grandparents. But that’s not all these seniors are doing. The Demand Institute surveyed over 4000 Baby Boomer households (50-69 year olds), and found an interesting pattern emerging.
Seniors are shifting away from the stereotype of downsizing to a condo in Florida or heading into retirement communities; they are instead moving towards “aging in place”. Today’s seniors are planning to stay in their own homes much longer, or even by newer, larger homes as they age.
With this new trend comes new ways to look at retirement, estate planning, elder care, and guardianship. You can stay independent as you grow older! But part of embracing independence is planning ahead.
Regardless of whether you plan to stay in the same home you’ve owned for 30 years, buy a brand new one, or move to a retirement community, it’s a great idea to properly prepare your estate.
When you create an estate plan, you’ll name your professional advisers, children, beneficiaries and fiduciaries, as well as your assets, liabilities (debts) and income. Taking the time to put all of this information into a legal and accurate document will help your loved ones follow your plan after your passing. Your family won’t be left guessing what your plans were for your possessions – or your funeral!
But estate planning can encapsulate so much more than just assigning assets to certain people. An estate plan can also include health and medical directives, including what should happen if you’re injured, enter a coma, or if your mental faculties begin to deteriorate. You can still be in charge of what happens to not only your things, but you!
It’s easy to plan ahead and put your information together with the help from your local estate planning attorney. And when you visit Shawn for your estate planning needs, you’ll get the added bonus of keeping all your information up to date each year with his personalized Infinite Legacy℠ Program.
If you haven’t already created a will or trust, or if you need your old document updated, feel free to call our West Michigan offices at 616-777-5291, or Contact Us here. We’d love to help you continue to keep and enjoy your independence, no matter your age.
