When it comes to establishing wills and estate plans, older Americans outpace their younger counterparts. Still, a significant number — 19 percent of those over age 72 and 40 percent of those between 53 and 71, according to survey data, lack any type of estate plan.
Although managing these details can seem daunting, and even depressing, the task becomes far less unpleasant with proper understanding and planning. Estate planning is essential for seniors and for their family members to be prepared in the event of a loved one’s illness or passing. If you or an aging loved one have been putting off estate planning, start with the basics and learn why it’s important take the focus off of the negative and shift it to the positive benefits.
Understanding the Meaning of “Estate.