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.
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