Your parents have always handled their own financial affairs, but as they age, you may worry that they could fall prey to some of the schemes con artists use to swindle the elderly out of their life's savings. This is not an irrational fear. Next Avenue notes that in the 65+ age group, one in five has become a victim of fraud. The average amount stolen, one study reports, is $30,000, but one in 10 lose $100,000 or more.
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.
Whether you are finally getting around to creating your estate plans or revising and updating them in Duluth, part of your goal should be to prevent disputes. Not everyone is going to agree with your final instructions. A poorly written will and estate plan can open the door for your loved ones to contest it. A contested will often comes at the expense of the estate.