Estate Planning in Your 70s: What You Need to Know

It’s never too late to start estate planning, and those in their 70s should especially take heed. Even if you feel like you’re in good health and have plenty of time left, it’s important to start thinking about your estate and what will happen once you’re gone. This is especially true if you don’t have an estate plan in place – creating one may seem like a daunting task, but it can be easily accomplished with the help of an experienced estate planning attorney.

I’m Estate Planning Lawyer Paul Margerie. At my practice, Margerie Law, I ‘ve helped countless individuals and families create comprehensive estate plans that protect their assets and loved ones. Today, I want to share some estate planning considerations for those in their 70s – if you have any questions or would like assistance getting started on your own estate plan, don’t hesitate to contact me.

There are many estate planning considerations for those in their 70s, but some of the most important include starting an estate plan if you don’t have one, exploring trusts, updating beneficiaries and agents for powers of attorney, understanding estate and inheritance taxes, and ensuring you are up to date on your retirement account distributions. An experienced estate planning attorney can help you navigate all these issues and more, even if you’re just getting started.

Some Estate Planning Basics

An estate is composed of all the property – both real and personal – that you own at the time of your death. This includes your home, vehicles, investments, bank accounts, personal belongings, and more. Once you have a clear understanding of what your estate consists of, you can start thinking about how you would like it to be distributed after your death.

This is where an estate plan comes in. An estate plan is a legal document that outlines your wishes for how your estate will be managed and distributed after your death. Without an estate plan, state law will dictate how your assets are divided – which may not align with your wishes. An estate plan can also specify funeral and burial arrangements, allow you to make a bequest to your favorite charity, and outline who will care for your beloved pets after you pass away.

Why You Need an Estate Plan

If you haven’t started your estate plan, now is the time. There are many reasons why it’s so important to have an estate plan in place, but one of the most important is that it gives you peace of mind. Knowing that your wishes will be carried out and your loved ones taken care of after you’re gone can provide a great deal of comfort. Estate planning can also help to avoid conflict among family members – without a clear plan in place, it’s likely that disagreements will arise over who gets what.

Another benefit of estate planning is that it can help to minimize taxes and expenses. If your estate is properly planned, it may be possible to avoid or minimize estate taxes – which can be significant. An experienced estate planning attorney will be able to advise you on the best way to structure your assets to minimize these taxes.

If You Already Have an Estate Plan…

It’s important to review and update your estate plan on a regular basis, as circumstances change over time. You may acquire new assets, get married or divorced, welcome new grandchildren, and more – all of which can impact your estate plan. For example, you may want to add a new beneficiary to your life insurance policy or change the executor of your will. Having an experienced estate planning lawyer you can call to make these updates will make your life a lot easier.

If you need assistance getting started or updating your estate plan and live in the greater Milwaukee area, Margerie Law can help. I specialize in estate planning, trusts, wills, and real estate law. Contact me today to schedule a consultation. I look forward to hearing from you!