CLA Estate Services Explains the Importance of Estate Planning to Seniors

Many older adults avoid estate planning in the mistaken belief that they don't have enough of an estate to worry about. In fact, an estate plan does far more than determine how to distribute your assets after your death. CLA Financial Services, headquartered in Frisco, Texas and operating nationwide, helps seniors understand the importance of estate planning and assists them with tools and advice to help preserve and protect the assets they've worked hard to accumulate.

Most people believe that a will is all the estate planning they need. While a will is important, it is only one of several estate planning options. A will can specify how you wish your assets to be distributed, but there are other - and often better - ways to ensure that your assets go to your heirs in the way that you intend. In addition, proper estate planning can help with more than estate distribution. Understanding the basics of estate planning can ensure that your goals are met even if you aren't able to make your wishes known.

There are a number of events and happenings that can affect your estate planning. One of the biggest roadblocks is Guardianship. In the event you become incapable of handling your own affairs, whether through dementia, Alzheimer’s or other incapacitation, you need someone to take over the handling of your affairs. Without proper planning, this usually takes place through a court approved Guardianship whereby a judge appoints someone to take over your affairs. Unfortunately, Guardianship can be a costly endeavor and may be reviewed by the judge every year. However, with proper planning, a Guardianship proceeding can be completely avoided.

Senior estate planning and asset financial advice is not just for those with substantial assets. Proper utilization of wills, revocable living trusts, irrevocable life insurance trusts, etc. offer benefits to people of all means in helping protect their assets while they are living and ensuring that their wishes are carried out after they pass away.

CLA Estate Services Helps Educate Seniors About Estate Planning

Have you made your New Year's resolutions yet? If you're among the many retirees and seniors who haven't considered what will happen to your estate in the future, consider resolving to learn more about the importance of estate planning and the many tools available to help you organize and plan for the future. CLA Estate Services is committed to educating seniors about their estate planning options. CLA Financial Services include seminars and informational programs offered in cities around the country with the sole purpose of explaining the basics and the importance of estate planning for seniors.

Factors to Consider in Estate Planning

If you haven't thought about estate planning, you're not alone. People avoid the subject for many reasons. Some are uncomfortable considering their own mortality. Others mistakenly believe that estate planning is only important for the wealthy, while still others believe that they've already taken care of it all by having a conversation with a family member or writing out a will. Representatives of CLA Estate Services have heard nearly every reason imaginable, but in the end, most people simply don't understand the importance of having an estate plan. A Complete Estate Plan not only includes contingencies to pass your property to your heirs upon your death, it also includes ensuring you have the control over your assets in the event something tragic happens and you are no longer able to care for yourself. A Complete Estate Plan also includes a financial plan to protect your assets while you are living, protect your spouses upon your death and leave a legacy to your children.

Protect Your Assets from Unnecessary Costs

Some people assume that if you write a will, your family will avoid probate and your assets will be transferred smoothly, efficiently and according to your wishes upon your death. Unfortunately, it's usually not that simple. Most, if not all, states require that wills must be probated before any assets can be inherited. This involves submitting the will to a probate court for his approval. The probate process can be relatively easy or it can be very complicated. Many utilize attorneys to help them through the process. While the future cost to probate a will is an unknown, a study indicated that it can range from 3-5% of the value of the estate. Did you know that with proper planning, probate and the costs related thereto are avoidable?

Retain Control.

As we are living longer, mental and catastrophic illnesses are a very real concern for many people. Most of us have dealt with an aging parent or relative whose mental abilities have diminished to a point that they are no longer able to care for themselves. Once this occurs, another person has to be empowered to handle the affairs of the incapacitated person. Many believe that a Power of Attorney will address this issue, but they would be sadly mistaken. Many financial institutions do not readily accept Power of Attorneys, especially if they were signed several years ago. In many cases, a relative, usually a spouse at first, has to obtain a Guardianship through the legal system in order to care for that person. Guardianships can be very stressful and costly events and have to be done every year. With proper planning, this can also be avoided.

Ensure that Dependents Are Cared For

If someone you love is dependent on you to pay for and arrange for their care, an estate plan can help ensure that care continues uninterrupted even if you're unable to make decisions, sign checks or make important arrangements. Unless you make those arrangements in advance, there's no guarantee that others will be as diligent as you've been.

Reduce Stress on Family and Loved Ones

One of the most important purposes for estate planning is to reduce stress on your family at a time when they'll already be dealing with grief and confusion. Your estate plan can prevent family difficulties by outlining your wishes for your care and the disposition of your assets rather than leaving it up to your loved ones to try to figure out what you'd want them to do.

If you haven't considered what will happen to your assets in the future or who will be responsible for your care if you should become incapacitated, a CLA Estate Services’ seminar can help explain the details and provide you with the asset financial advice you need to start making your plans. Don't let another year pass you by without doing all you can to protect your family in the future.