If you are part of the Baby Boomer generation, you are certainly old enough to have learned the importance of having an estate plan in place. You are also now old enough that it is time to review and revise that plan if you haven’t done so recently. The Hauppauge estate planning attorneys at the Law Offices of Kobrick & Moccia explain why it’s time for Baby Boomer’s to update their estate plan.
Baby Boomers Reach Retirement Age
As World War II came to an end, servicemen and women returning home created the “Baby Boomer” generation – the largest generation in the U.S. to date. Now, over half a century later, the oldest members of the Baby Boomer generation are heading into their retirement years. If you are a Baby Boomer, the transition into your retirement years should trigger the need to update your current estate plan if you have not done so in recent years. Consider the following reasons why now is a good time for you to update your estate plan if you are a Baby Boomer:
- Your financial picture has probably changed. For most people, their assets and liabilities change considerable when they reach retirement age. For example, you may no longer rely on term insurance that you purchased when you were just starting out in life. You may also now have significant investment accounts along with significant liabilities such as a mortgage. While your existing estate plan should be able to handle a certain degree of change where assets and liabilities are concerned, larger and more dramatic changes call for an update of your plan.
- Your children are grown. Protecting and providing for minor children, should something happen to you, was probably a strong motivation for the creation of your initial estate plan. If you are like many parents, however, you probably didn’t change the terms of that plan after your last child reached adulthood. As adults, your children no longer need a legal guardian nor is it imperative that you designate someone to manage an inheritance left for your children. You need to update your estate plan to reflect those changes if you have not already done so.
- You have health concerns that you did not have when you created your existing estate plan. Although we can look forward to a much longer average life expectancy in the US than our ancestors had just a few generations ago, the reality is that the natural aging process catches up with us sooner or later. When you created your existing estate plan you probably weren’t worried about things such as the possibility of incapacity, developing Alzheimer’s or the need for long-term care. Now, however, is the time to revise your plan to reflect those real possibilities.
- Relationships may have changed significantly. If it has been 10 years or more since you created or updated your estate plan, a lot may have changed in the intervening years. The people you appointed to fiduciary positions within your estate plan, such as a spouse, parent, or close friend, may no longer be in your life for one reason or another. Conversely, you may have added new people to your life such as a new spouse, grandchildren, or new friends. To ensure that your wishes are reflected within your estate plan, it is time to conduct a thorough review and make any necessary changes.
Contact Hauppauge Estate Planning Attorneys
Please feel free to download our FREE estate planning worksheet. If you have additional questions or concerns about updating your estate plan, or you need to get started with your review, contact the Hauppauge estate planning attorneys at the Law Offices of Kobrick & Moccia by calling 800-295-1917 to schedule your appointment.