If you are between the ages 60 and 78, you are part of the baby boomer generation. You may have been ahead of the curve and already established your estate plan. But if you did this a considerable amount of years ago, it may be worth circling back and possibly modifying it wherever you see fit. While this may seem counterintuitive to getting this done early, it may turn out to be well worth it. With that being said, please follow along to find out why it might be in your best interest to update your estate plan as a baby boomer and how a proficient Broward County estate lawyer at The Probate Lawyers can help you in doing so.
As a baby boomer, why is it in my best interest to update my estate plan?
When you were younger, you may have had different concerns when it came to your end-of-life planning. Also, since establishing your initial estate plan, you may have experienced a lot of life and changed as a person, making it not entirely relevant anymore. Without further ado, below are examples of why it may be best to update your estate plan:
- You may have gotten a divorce and even remarried since establishing your initial estate plan.
- You may have welcomed new sons-in-law, daughters-in-law, and grandchildren into your family over the years.
- You may have allocated many more significant, complex assets over the years.
- You may have lost touch or physically lost the individuals you planned to name as your executor, trustee, guardians, etc.
- You may have come into many digital assets that were not around when you initially established your plan (i.e., cryptocurrency).
As a baby boomer, what tools might I prioritize in my estate plan?
When updating your estate plan, you may want to figure out ways how to incorporate your new beneficiaries, such as your grandchildren. With this, your best bet may be to establish a revocable or irrevocable living trust, which your minor beneficiaries may inherit when they turn 18 or otherwise reach a mature age. You may be able to fund this trust with the significant assets you have collected over the years. In a way, this also helps with your long-term healthcare planning, which is something you should consider more seriously as you get older in age. This is because the funds within this trust may be left untouched when the time comes to pay your outstanding medical bills.
Handling your digital assets may be a whole other animal, so to speak. We recommend working closely on this with a professional. In the meantime, you may start by writing down information on how to best access your digital assets (i.e., where your digital files are located, what your passwords are for your social media accounts, etc). In conclusion, at The Probate Lawyers, we share the same goal as you, which is likely to establish a valid and enforceable estate plan. So please do not hesitate to work with a talented Broward County estate lawyer from our firm today.
