The cold and darkness that comes with winter’s shorter days provide a time for reflection and planning. This is true as we settle into the winter of our lives. As we age, questions related to estate planning take on a more defined tone; many are no longer “if” but “when”.
As you approach the winter of your life, considering your family, your assets and your wishes can provide challenging questions which become less so with planning. As you reflect on your life, consider your natural beneficiaries: spouse, children, grandchildren, as well as your community, charities, and other local organizations that are a part of your life. Families are messy creations. Consider the highest and best use of your assets. Perhaps certain individuals will receive money or assets outright, while others have it held for their benefit. Should you give money and assets to family members before death, or should you wait for after death to have assets transferred?
In the winter of our lives, reality needs to be addressed. As our physical limitations increase with age, our need for help also increases. At least half of the population will need some sort of care from outside of the family. From in-home helpers to moving to a skilled nursing home, it is important to understand your options and the costs. By planning in advance of need, costs can be reduced and family assets protected for future generations.
One of the most significant issues with aging is having someone to turn to for decision making. At some point, even if you will not be in a nursing home, the time will come when you no longer want to balance your check book or make your health care decisions. Aging happens. Ignoring it will not make it go away. Having the right person steer the ship as you reach your winter is essential to a graceful aging process. Now is the right time to decide who you want to take on that role and have open discussions with them about your wishes.
Time for reflection, for review and recollection is important not only to you, but to family now living, and those yet to come. Use this time of your life to reflect on what has been important to you, and on what you would like to leave as your legacy. Make that known through your estate planning documents.
In winter you plan for ice and snow. As you approach the winter of your life take time to reflect and begin planning while you have the capacity to do so in an informed and confident manner. As you approach the task, let me recommend a free initial consultation with one of our friendly estate planning attorneys. We can help guide you through the process, answer questions, and provide guidance on issues you may have overlooked. We’re a phone call away at 847-253-8800.