Regardless of age, estate planning is important as soon as you acquire property. It becomes even more critical after your 50s because you don’t want the fruits of your labor to go down the drain. Unfortunately, most people are hesitant about discussing this crucial matter. As a result, 60% of Americans do not have estate plans or wills. Moreover, only 53% of those between 50 and 64 have a will. That underscores the urgent need to proactively engage in estate planning to protect your estate and your loved ones’ financial well-being. Here are four estate planning tips for after your 50s.
1. Review and update your estate plan regularly.
If you own an estate, it’s advisable to have a will or an estate plan. But don’t end there; review and update it as often as necessary, especially when you’re past your 50s. Circumstances change over time: marriages may end, disappointments and betrayals may pop up, births, losses, and significant financial and personal milestones may be achieved. All these circumstances can change how you want to designate your will, properties, and estate in line with your new wishes. Your will and estate plans are not final documents; you can edit them whenever necessary. You need someone to fulfill your wishes, which leads to the next point.
2. Choose an executor.
It’s never too early to find an executor for your estate. This professional will ensure that your last wishes regarding your estate, property, and possessions are carried out to the letter. They will also ensure that all your debts are settled, with the remaining property value fairly shared among your loved ones according to your wishes. It helps to pick an executor with substantial experience regarding will and probate laws in your location. For example, if you live in Montana, you can work with experts like Montana Elder Law. Always choose someone capable of being fair. Consider getting co-executors for extra checks and balances. Don’t hesitate to review your choices and change your executor when you deem fit.
3. Consider long-term care planning.
As you age, long-term care becomes an increasingly relevant aspect of estate planning. Every property or estate needs the right long-term plan if you want it to appreciate. The right care plan will also keep your property from going to waste or being destroyed. You want someone available to manage the estate and ensure proper maintenance. You also don’t want long-term care expenses to cripple or adversely impact your estate. So, evaluate your long-term goals for your estate and decide how you want it cared for. For example, you can consider professional estate or facility management services if you want your property’s value to stand the test of time.
4. Joint ownership may help.
With joint ownership or tenancy, two or more people own a property, each having equal shares. Each co-owner will also have equal rights regarding the use of the property. Its main advantage is that it prevents whoever receives your estate from squandering it. For example, if your survivors are your close friends, cousins, or spouse, you can consider joint ownership to ensure they do not sell or squander their portion of the property.
