Midlife Milestone - Estate Planning in Your 50s
What do Leonardo DiCaprio, Amy Adams, Jimmy Fallon, and Drew Barrymore all have in common? They turned 50 this year — an age when AARP starts sending mailers and estate planning becomes more important than ever.
Whether you’re spending time revising your bucket list or hosting a gathering of friends and family, milestone birthdays provide the perfect opportunity to pause, celebrate, and think ahead. Turning 50 is a perfect time to face the next decade with grace and gratitude by working on your estate plan.
Create a Will
A will is a great first step in estate planning. This document creates the framework for the distribution of your assets according to your wishes and ensures your loved ones are cared for in the way you intend. While a simple will alone does not avoid the probate process, for many situations, it can be the most efficient and effective choice for estate planning. For others, a trust provides an extra layer of protection.
Consider a Trust
A trust is another way to manage the distribution of your assets, and it also helps you bypass probate while offering more privacy and flexibility. At its most basic level, a trust is a legal agreement that allows one person (the grantor/settlor) to give property to another person (the trustee) to hold and manage for a beneficiary. There are a few reasons where someone turning 50 might consider a trust rather than a will, and a conversation with a seasoned estate planning attorney can help with that decision.
Check on Beneficiaries
A milestone birthday like 50 is a great time to check on your named beneficiaries on the other assets that are part of your estate plan. Ensure you have the right individuals named on assets like your IRA, 401(k), and insurance policies.
Add Key Documents for Peace of Mind
Don’t forget two other essential documents: the power of attorney and healthcare directive. These documents allow you to name individuals to make important medical and financial decisions on your behalf in case you were to become incapacitated. These can be weighty choices that bring up uncomfortable thoughts, but crossing these items off your list will ensure more peace of mind for you and those you care about most as you face the next decade.
So blow out those candles, contact Miroslavich Law to schedule a free consultation with an estate planning attorney, and then sign up for AARP. Your 50s will be your best decade yet!
