Many Kent area residents understand the importance of estate planning. Estate planning is a way to control what happens after a person dies and it ensures assets are passed on in the way in which a person wants. Estate planning can also help with important power of attorney designations and health care instructions. With all the advantages an estate plan offers, baby boomers should ensure theirs is in place.
More than half of all baby boomers do not have an estate plan. Over 70% of Americans do not have an estate plan. If a person dies, their assets can be in limbo without an estate plan. So, regardless of age, everyone needs an estate plan. Many baby boomers understand the value of charities and creating an estate plan can offer an opportunity for charitable giving.
Estate planning also allows a person to create a plan for their pets and designate guardians for children. In addition to just a will, there are many other important issues that can be addressed in estate planning. These include advanced healthcare directives, durable powers of attorney, beneficiary designations, funeral instructions, and living trusts.
Baby boomers who haven't created an estate plan yet will hopefully consider having a plan in place soon. A tragic event can happen at any time, and an estate plan ensures that plans are in place. A legal professional who specializes in estate planning can help their client create a plan that is unique for their family. They understand their client wants to protect their assets for future generations while leaving a legacy.