Estate Planning for Seniors

My senior clients are usually motivated by one of the following:

1. Finally deciding it “is time” due to age, circumstances, or medical diagnosis
2. Seeing a friend or family member go through a difficult probate case
3. Realizing their needs/wishes have changed since their documents were last drafted
4. Encouragement from adult children who don’t want to be left with a mess

Whatever the reason, it is a good idea to discuss your estate plan with an experienced estate planning attorney periodically.

It is NOT a good idea to wait until a health emergency or other time sensitive situation to begin the planning process. Oftentimes, it is too late at that point, or at least difficult to find an attorney who can drop everything and expedite documents. The risk of mistakes and overlooked details is much higher in a rush. Additionally, some types of estate planning take longer to fully implement than others, so your options may be more limited in a time crunch. It can also be easier to contest the enforceability of a document and easier for a third party to refuse to accept your documents if done close in time to death, diagnosis related to cognition/memory, or a major health event. The stress level when there is a looming deadline or terminal diagnosis can be quite high.

That being said, if you do need documents ASAP, don’t throw up your hands. Do what you can to protect yourself and those you love. To borrow from a common investment adage, the best time to plan may have been years ago, but the second best time is right now. When we have the ability, Ramsey Law is happy to help people who are short on time (though expedited documents do generally cost more due to the logistics). Our standard non-expedited process allows most clients the opportunity to sign their documents within 2-4 weeks of hiring the firm, which is a pretty quick turnaround.

There are a lot of protections you cannot offer yourself or your family without properly drafted estate planning documents. I would much rather help someone with a simple Will package (including a Durable Power of Attorney and Medical Power of Attorney) than be hired for a much pricier and invasive guardianship or heirship down the road.