It is too easy to dismiss the urgency of estate planning when you feel fine. However, estate planning is not just about your future; it is also about your financial and physical health. It does not matter if you are close to retiring in the Duluth area or have several more years to go, it is important for you to create and update your estate plans to reflect the state of your current wishes.
Here is why it is better for you to make estate plans now and update them when major life events happen.
Your medical care could cost your heirs their inheritance
Long-term care costs more than most people have put back for retirement. If your assets are not in a trust, they will probably have to be depleted before you qualify for benefits that help with the expenses. Not only that, you do not have the guarantee that you will live to a ripe old age before needing a caregiver, although the older you are, the greater the likelihood of developing health and cognitive issues that can destroy the comfortable life you have now. For example, you could suffer a fall that gives you brain damage and permanently disables you. As you age, you only become more prone to fall accidents and serious injuries.
When life events happen that force you to rely on your family and loved ones to maintain a decent standard of living, you want to have plans in place to help lessen the responsibilities and financial strain everyone experiences.
You can make medical decisions ahead of time
If you did sustain brain damage in a fall, who would decide what care you get? Adding a health care power of attorney in your estate plan allows you to make decisions for your own care, including who will be in charge of speaking to medical providers on your behalf. Your relatives are then no longer in the position of fighting over what medical and health care needs are best for you.
You also do not want them fighting over your possessions and mismanaging your money after you are gone. Estate plans can prevent issues that might make a serious ailment or your death harder for your loved ones to recover from. Because there are many estate planning tools for you to consider, you might find it beneficial to speak with an attorney to learn how to use them to maximize the protection they can offer.