• Retired Couple Smiling and Happy | Estate Planning for Retirees and Seniors | The TGQ Law Firm

Estate Planning For Retirees | Estate Planning For Seniors

Retirement is a time to relax, enjoy your freedom, and reflect on the moments that built your life. However, estate planning for retirees is something that shouldn’t be overlooked. An effective plan can ensure you can enjoy your retirement to the fullest.

Making decisions about your assets, property, and healthcare can give you peace of mind as you transition into your golden years. At The TGQ Law Firm, we have guided numerous Michigan clients through estate planning for seniors.

We help retirees develop answers to difficult questions like: 
  • Will I leave conflict or chaos when I die?
  • Will I be cared for on my terms?
  • Will I have a trusted advisor on my side?

We can help you create detailed documents that dictate your wishes for your estate and future care. Then, you can live out the rest of your retirement in peace, knowing that these important matters are taken care of.

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Ensure Your Future Care

Making decisions about future healthcare is an important aspect of estate planning for retirees. While no one wants to think about their health declining, having detailed plans in place can ensure the best outcomes if you do experience health concerns with age.

Your attorney can help you create plans regarding the following healthcare matters:

  • How you will pay for long-term care
  • The aspects of an assisted living facility that are important to you
  • Who will make decisions about your health if you can no longer make them yourself

Additionally, life care planning is the process of creating plans for your assets, health, and legacy at each stage of your life. If you already have an estate plan, now is the time to revisit it and ensure that it reflects your current wishes and circumstances.

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Protect Your Assets | Provide for Your Loved Ones

You have worked hard to acquire the assets and property in your possession. Proper estate planning can ensure these assets end up in the right hands after your death.

You can dictate who will receive your assets within your will. However, if you would like more control over your asset distribution without the burdens of probate court, you can consider creating a trust instead. Trusts can dictate:

  • Who receives your assets
  • How much they receive
  • When they receive their inheritance (i.e., after your death, once they reach certain milestones)
  • Who is responsible for these assets in the meantime

Making plans for asset distribution can help you financially provide for your loved ones after your death. It can also give you complete control over who receives your hard-earned money and property rather than leaving the decision to the state.

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You Can Also Appoint Someone

Creating a power of attorney is another essential step in thorough estate planning for retirees. A power of attorney is a document that gives another person the authority to make decisions on your behalf in specific scenarios.

For example, a power of attorney can allow a trusted family member to manage your finances if you become incapacitated. This form can also permit another person to make decisions about healthcare, such as resuscitation and life support, on your behalf.

The person you assign to your healthcare power of attorney can reference your instructions to ensure every decision they make reflects your wishes.

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Estate Planning Is Important | Don’t Put It Off

Estate planning can feel like an overwhelming task, as no one wants to think about the end of their life. However, the best time to begin estate planning for seniors is while you can still think clearly about your wants and needs.

Unfortunately, you never know when your health may decline. Delaying the estate planning process can prevent you from having plans in place when you need them.

If you die without a will, your family will need to go through an emotional probate process where the court distributes your assets for you. Estate planning can take this burden off your family members and allow them to focus on more important things.

Michigan Estate Planning Attorney | The TGQ Law Firm

Prioritizing estate planning for retirees can help you enjoy your retirement with the peace of mind that your future is taken care of. If you’re looking for an experienced probate attorney in Ann Arbor, MI to help you through the process, you’ve come to the right place.

At The TGQ Law Firm, we have extensive experience with estate planning for retirees and seniors. Contact us today at 734-707-3232, or fill out our online form, to schedule your 15-minute no-cost consultation.

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