Baby boomers are quickly reaching their senior years, which means that it is more important than ever for them to create an estate plan in New York. This generation is different from the generations before it, and Boomers may want to do things a bit differently. However, there are still some important basic concepts that they need to know.
Country Living Magazine explains that if you are a Boomer, then you must make sure that your estate plan adequately relays your wishes. This plan will speak for you after you are gone, so you need it to be complete and detailed. Here are three tips to keep in mind as you create yours:
- A Will is only a start
An estate plan should not just contain a Will. You need more to make your wishes clear and help your heirs avoid problems. A Will also lacks quite a bit of information that your family will need. Make sure that your estate plan also outlines your burial instructions and beneficiary designations. Include in your plan a power of attorney and advanced healthcare directive. Also, consider taking advantage of the benefits of trusts for your assets, which can make distribution easier for your heirs.
- Include more than just valuables
You may focus on leaving your assets to heirs, but you are so much more than those possessions. You also need to think about heirlooms and any other item of sentimental value. You may also want to leave behind a legacy letter that explains the choices you made and explains the meaning of specific items.
- Give to charity
Your estate plan gives you the chance to make your most significant charitable donation ever. You can leave behind a legacy of making a difference, which is not only great for the charity you choose, but it also allows your heirs to see your values in action.
While there is much more to say about creating a substantial estate plan, these three tips give you a good start. In any case, make sure that you get your plan together as soon as possible.