According to the ACL, elderly people made up roughly 17.3% of the American population in 2022. The largest percentage of them could be found in Maine, Florida, Vermont, and West Virginia.
What this means is that a lot of assets are currently held by seniors who may or may not have a plan for when they pass. Without a will, the state will decide who gets your property and savings.
Here's all you need to know about why amending a will is important as you get older.
As people age, legal planning becomes increasingly important to ensure that their personal, financial, and medical wishes are respected. It's all too easy to take advantage of a senior when you take into account modern technology and complicated agreements.
One of the best ways for seniors to protect their assets, both during life and after, is with a will. A person's will can outline details such as all of your assets, who will receive your assets when you pass, and the person responsible for executing your will.
Amending a will every few years is important, especially if there are any significant changes to your owned property or finances.
There are many benefits to updating your will. At the very least, regular updates can keep it up to date with your current life status. You may also find that it saves your family a lot of trouble after you pass.
A primary goal of legal planning is asset protection. If you're someone with money or influence, your assets could fluctuate often. Any major purchase you make should appear in your will or senior estate planning documents.
Failure to update your will with these assets may mean sacrificing them to the city or going to a random family member.
Probate is a legal process where the deceased person's assets are divvied out to their beneficiaries. It can take a while, and family members may fight it out for ownership of certain assets or property.
If your will was updated recently, that can speed up the process. You'll have fewer items with uncertain inheritors. You might also dictate how a person can receive access to certain items.
A living will can outline your medical treatment preferences, which comes in handy if you're unable to communicate them.
For example, you may want a specific family member to make your healthcare decisions if you can't. A senior may want to sign a DNR or donate their organs.
It's important to keep this information up to date on your will as your condition progresses.
A death in the family could provoke family conflict if the deceased has significant assets left behind. Without specifying in the will where the assets go, family members might fight over them. That could cause probate to drag on for much longer than it should.
A will functions as a form of legacy protection for seniors. Many of them underestimate updating wills importance, but there are multiple reasons why you'll want to do so. They could range from a change in marital status to the death of a beneficiary.
Any change in marital status should warrant an immediate review of your will. It doesn't matter if you're remarried, divorced, or going through a long separation. What's important is that your assets go to the people you want them to go to.
You may need to add new spouses as beneficiaries or remove ex-partners to avoid conflicts. You'll also need to take into consideration any shared children.
New additions to your family through either birth or adoption often warrant a revision of a senior's estate plans. They need to take into consideration these new family members. That might mean reducing how much money goes towards a child in favor of their grandchild.
Most wills have at least one beneficiary and an executor to manage it. If one of these people passes on, that could cause problems with probate.
When you're ready, take the time to adjust your will to reflect any new preferences or assignments. This ensures the estate is managed smoothly and causes no complications later on.
Take note of any big changes to your assets when revising your will. Going into retirement can have a noticeable impact on the property you own and how much money you'll have to pass on. The same goes for any significant purchases, such as homes, vehicles, or investments.
Seniors may need to consider healthcare expenses as they face certain health challenges. They may not have the assets noted in their will after months of battling a disease or illness.
Updated wills can include provisions for medical directives, special trusts, or funds reserved for healthcare needs.
The first step to updating your will is to review the current one. Consult with an estate planning attorney to make sure that you cover every area with your changes.
If there are significant changes, seniors may want to draft a completely new will. Otherwise, they can include a separate document with amendments attached to the original will.
Include clear language, and sign the will with witnesses. Seniors can revoke the previous will in their new one to avoid any confusion.
Communicate these changes to relevant parties to avoid any surprises or misunderstandings.
Amending a will isn't just about avoiding confusion later on. It could help your beneficiaries get what they're owed and keep your property in the right hands. Most importantly, it'll help your family rest easier when you're gone.
Addington Place of Shiloh provides senior living with high standards and a commitment to quality care. We have almost three decades of experience operating and managing our senior living communities. Reach out to learn more and schedule a tour of a community near you.