Most individuals in their 50s have at least broached the subject of estate planning by consulting with a lawyer or taking a look at any wills that they’ve created years before. With many individuals today living well into their 70s and 80s, it is important as well to keep your estate planning documents up to date as you move through the aging process.
You may have different concerns at different stages in your life. For example, while in your fifties you may be caring for your own children while also helping with aging parents. This is a great opportunity to update your own estate plans and check on whether your parent’s plans are accurate, too. In your 60s you may want to update your plans to reflect the current state of your family.
Perhaps your adult children have had grandchildren or perhaps you have even gotten divorced yourself and remarried, which means that family law and estate planning intersect in unique and sometimes challenging ways prompting an update in your documents. In your 70s, you want to ensure that your estate plan is still on track and take an inventory of your assets.
Reviewing your beneficiaries and notifying your family about the planning that you have done and where they can locate it in an emergency situation is strongly recommended. In your 80s, you may be asking for someone to assist you with the management of your finances and you could also be looking into charitable giving as an option.
A Massachusetts estate planning attorney can help you with these complex concerns.