A survey that was conducted to gauge the inheritance planning preparedness of Americans asked a series of specific questions. In so doing, they found that most individuals who are not prepared know that this is an important responsibility.
Many of them have not acted because they think they can always do it later when they are old and gray. Obviously, senior citizens are more likely to pass away, but anything can happen to anyone at any time, and there is another consideration that is often overlooked.
Alzheimer’s Disease
As you start to get older, Alzheimer’s disease will be looming in the background. The Alzheimer’s Association tells us that the disease strikes about 13 percent of all seniors. This figure exceeds 30 percent for those 85 years of age and older.
People with dementia are going to become unable to make sound decisions. This specific disease alone is enough to get your attention, but it is not the only cause of cognitive impairment. Plus, some elders become incapacitated due to complications caused by other conditions.
Legally Binding Estate Planning Documents
Let’s say that you try to create a will after you have been diagnosed with Alzheimer’s disease. You have been estranged from one of your children, and they have treated you very poorly. After careful consideration, you decide to disinherit this child.
The individual in question could challenge your estate after your passing. They could contend that there is no way you would have left them out in the cold if you were of sound mind. Their legal counsel would invariably introduce your Alzheimer’s diagnosis as evidence.
This is one example of the potential fallout, even if you are still capable of understanding what you’re doing to a large extent. On the other side of the spectrum, Alzheimer’s and other conditions can be so severe that there is no way that you could even attempt to create a plan.
Protect Your Interests
When you take action and put a plan in place while you are capable of doing so, you go forward with peace of mind. There will be no open windows of opportunity for disgruntled parties, and your own true wishes will be carried out.
A lot of people make a big deal out of estate planning when it’s really a simple matter. All you have to do is connect with an attorney and explain your objectives. Recommendations will be made based on the circumstances, and a plan will be created to suit your unique needs.
Ongoing Adjustments
Aside from the general idea that there will be time to do it later on, there is another contributing factor. You may put the matter on the back burner because you know things are likely to change over the years.
This is true, and that’s why estate planning lawyers emphasize that this is an ongoing process. Your initial estate plan will be devised based on the circumstances at that time. As the years pass, adjustments can be made to reflect your current situation at any given time.
Attend a Complimentary Learning Event!
If you would like to make an initial connection with our firm before you schedule a consultation, we have some great opportunities coming up in the near future. We are hosting some seminars that are being held at very comfortable locations in our service areas.
There is no charge to attend these events, and we get a lot of positive feedback from participants. You can see the dates and obtain more information if you visit our Special Events Page.
Need Help Now?
Learning is great, but at some point, action is required. If you are ready to put a plan in place, call us at 860-548-1000 to schedule a consultation at our Westport or Glastonbury, CT estate planning offices. There is also a contact form on this site you can use to send us a message.
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