Estate Planning As You Age

Estate planning is a responsible decision for people of all ages, but it’s especially important as we age. We never know what life will hand us, and it’s best to prepare for any unforeseen circumstances.

Why Estate Planning is Critical As You Age

As we age, our estate planning needs will change.  As we age, we are less concerned about taking care of minor children, and more concerned about protecting assets from nursing home costs, preserving assets for a spouse, or our children and grandchildren.

The primary reason that most people choose to develop an estate plan is so that their loved ones will be taken care of during their disability or their death. Not only does an estate plan help guarantee the future financial security of relatives, it also saves them time, money, and stress during estate administration. Additionally, a well thought out estate plan can help relatives to avoid complicated probate proceedings, disputes over assets, and more easily transfer the assets and property to the beneficiaries you designate.

In addition to protecting your family, an estate plan can also protect you in the event that you’re incapacitated or not of sound mind. By selecting someone you trust to serve as your power of attorney or health care power of attorney, or by drafting an advance health care directive, your values and wishes can be respected during incapacitation.

Why Work with an Attorney to Plan Your Estate?

The act of building and documenting a robust, personalized estate plan is no do-it-yourself project. You may know what you want when it comes to transferring assets to certain beneficiaries, choosing proactive health care measures, and protecting for special needs children; however, unless you are an experienced attorney who knows how to translate these and other goals into fine print, you should seriously consider turning over such a momentous task to a lawyer with a background in estate planning.

At Solomon, Steiner & Peck, Ltd., our knowledgeable estate, probate, and elder law attorneys are well-known throughout greater Cleveland and northeast Ohio for their comprehensive command of:

• Customized plans that include the right combination of a will, trust, power of attorney and advance health care directive that is right for you
• Complete detail about necessary elements for each of these documents, what they say, what to prepare for and how they benefit you
• Attentive personal service that offers every client the opportunity to ask questions, state concerns and anticipate problems “down the road”

For these and any other personalized estate planning solutions, contact Solomon, Steiner & Peck, Ltd. today to arrange an initial consultation.