It is common knowledge that Virginia baby boomers are soon due to receive one of the biggest portions of inheritance in history. However, a researcher on wealth and philanthropy says that boomers may actually end up giving away more than they receive.
People between the ages of 28 to 45 make up the post baby boomer generation. They are in better financial shape than baby boomers were at the same age. They are also more careful with money due to living through recessions and expecting to live longer.
Right now it is more important than ever to determine who gets what assets. Baby boomers are now directly affected. It is no longer about their parents' generation.
This means it is time for baby boomers to review their estate plans. Changing circumstances may mean that wills or trusts created years ago no longer reflect who a person is, what they care about, or what they possess.
It is important to have an estate plan for the comfort of knowing personal affairs are in order and those left behind are provided for and have a financial cushion. Reviewing estate plans is important because priorities change throughout life.
Reviewing Estate Plans in Changing Circumstances
Estate plans created during younger years usually focus on children, who are a main priority. As people grow older their priorities shift to themselves and making sure they have enough to grow old on.
There are several items to consider when reviewing an estate plan. One is if relationships with people have changed. It might not make sense to include certain people in the plan anymore. Items in the plan could be directed toward people who will no longer benefit from them.
Provisions in estate plans for children change as well. Children are not minors anymore and are living their own lives. They likely do not need the same protections as they once did.
Health concerns must also be considered. As people age their thoughts on health issues change. Advances in medical science also mean lifespan is predicted more accurately and this can impact death or end of life decisions.
Estate planning techniques change frequently and an advocate with experience can help with creating and executing legal documents. Even if nothing specific needs changing, baby boomers can take advantage of new estate planning methods even if all they want to do is simplify and shorten their will or lay the foundation for setting up a trust account.
Source: Forbes, "Five Reasons Baby Boomers Need To Review Estate Plans (And It's Not About Taxes)," Deborah Jacobs, March 29, 2012
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