It’s important to take steps at an early age to protect yourself, your family, and your finances. Estate planning is an important tool to help seniors make critical decisions.
While forgetful moments can simply be the result of the natural aging process, they may also be the sign of sleeplessness, depression, and other ailments, such as dementia. Often, minor memory lapses that often happen with age are not always the sign of a serious neurological disorder. However, non-dementia memory loss can still be worrisome and can negatively affect the capacity to make critical decisions.
An increasing percentage of the population is living well into their 80’s, and most of these people will suffer from some sort of cognitive impairment as they age. Because of this, it’s important to take steps at an earlier age to protect yourself, your family, and your finances. Estate planning is an important tool to help seniors make critical decisions.
Many people delay estate planning because it’s unpleasant to think about their own mortality. Younger adults often think that this type of paperwork isn’t necessary to handle until they get older. Unfortunately, failing to plan or waiting too long to plan to make critical decisions can often have catastrophic consequences.
No matter your age or your net worth, it's important to have a basic estate plan in place to make sure that your goals are met after you die. A will states who you want to name as beneficiaries and where you want your assets to go when you pass away. Getting ahead of these issues while you are still of a sound mind is important to making the right choices when facing critical decisions.