As our loved ones age, the topic of estate planning and creating a will become more pressing. Unfortunately, some elderly individuals may refuse to make a will, despite the benefits and necessity of doing so. This can leave family members feeling frustrated and unsure of how to proceed. Today, we are going to discuss what you should do if your elderly loved one is refusing to create a will. Remember, an estate planning attorney can be greatly beneficial during this time, as they can assist in creating a will and provide professional guidance on how to broach the subject of creating a will with your loved one. 

Considerations if Your Loved One Is Apprehensive Toward the Idea of Making a Will

First, it is essential to understand why some elderly individuals may be resistant to creating a will. Some may believe they do not have enough assets to warrant a will, while others may be uncomfortable discussing their mortality. Additionally, some may be concerned about the cost of creating a will or may not be aware of not having one. One approach to encouraging an elderly loved one to create a will is to have an open and honest conversation about the benefits of doing so. This can include discussing how a will can provide peace of mind for both the individual and their family members and how it can ensure that their wishes are carried out after their passing. It may also be helpful to address any concerns or misconceptions that the individual may have about creating a will.

If a direct conversation does not yield results, enlist the help of a trusted professional, such as an attorney or financial advisor. These individuals can provide knowledgeable guidance on the importance of creating a will and can help address any concerns or questions the elderly loved one may have. In some cases, involving other family members or loved ones in the conversation may be necessary. This can help to underscore the importance of creating a will and can provide additional support for the elderly individual. However, it is important to approach this situation with sensitivity and respect for the elderly loved one’s wishes.

Estate planning gives you the opportunity to manage and distribute your assets in a way that maximizes the usefulness of those assets. Most people equate estate planning with having a will, but a will is just the beginning of your estate planning options. Trusts offer greater benefits than a will alone. There are many different types of trusts designed for many different purposes.

An irrevocable trust is a particular type of trust that allows for tax planning and asset protection opportunities.

How Does an Irrevocable Trust Work?

With any trust, a trustee is named who controls assets and manages them until they are distributed to beneficiaries. Trust assets bypass probate. One of the main differences between a revocable trust and an irrevocable trust is that a revocable trust can be modified or dissolved at any time. An irrevocable trust is much harder to change and typically requires the approval of all beneficiaries before it can be modified.

An estate plan is essential for everyone. For many, the primary purpose of creating such a plan is to ensure that their finances and assets are distributed according to their wishes when they pass away. But there are other reasons to create an estate plan besides money. Here are four of them.

Reason #1: Privacy Concerns

In many states, probate court proceedings are matters of public record. This means that any documents filed in connection with a probate case could be available for anyone to view. Such documents generally include wills and other estate planning tools that might contain sensitive information about your finances or private family matters. With an effective estate plan and the strategic use of various trusts, you may be able to avoid probate court altogether, thereby keeping your affairs private.

Reason #2: Providing for Minor Children

If you have children who are not yet adults, it is important that you have a plan in place should something happen to you and/or your spouse. In such a situation, the court would need to determine who will assume the legal guardianship of your children until they reach adulthood. Your estate plan can clearly designate who these guardians should be and provide directions on how assets should be used for their benefit while they are minors. Technically, this last part is a little about money, but caring for your children is about much more than financial assets.

Estate planning most commonly considers the property left behind by a recently deceased individual and how it should be disposed of, in addition to potential end-of-life situations and the care desired by the planner in the event of future incapacity. These topics can be challenging to contemplate, as they force the planner to contemplate their own mortality. Often overlooked is planning of a practical nature for how the family is to proceed in the immediate aftermath of the estate planner’s passing.

In California, there are legal mechanisms by which a person can effectively make arrangements for their own funeral services and the disposition of their remains. These topics can be even more difficult to contemplate, let alone establish concrete plans for. However, planning for funerary arrangements can not only keep important decisions in your hands but also provide significant benefits to your surviving loved ones. If you are able, it is prudent to make such arrangements during your own lifetime.

What is an Irrevocable Life Insurance Trust?

An irrevocable life insurance trust (ILIT) is a commonly overlooked and underutilized tool for individuals to ensure that funds adequate to cover funerary expenses will be available to their loved ones. An ILIT is a trust, but one that is funded posthumously by the proceeds of a life insurance policy. Upon your death, benefits paid out by your life insurance company can be placed directly in this trust. Importantly, ILIT funds may not be subject to certain tax burdens or other liabilities.

Being forgotten is a common fear associated with death. Everyone wants to be remembered fondly long after they have passed away. Aside from the immediate financial benefits, a desire to be remembered can be a driving factor for those who have flocked to Los Angeles seeking stardom. Luckily, you do not need to make it as an actor or musician to leave a lasting legacy. You can use your estate plan to continue benefiting not only your descendants for generations to come, but the community as a whole. Charitable giving is a noble way to continue serving your community long after you have gone. Business owners may have additional opportunities. If you are interested in leaving your mark on your loved ones and Los Angeles alike, you should speak to an attorney about how you too can build a legacy using your estate plan.

Your Estate Plan Can Help You Leave a Lasting Legacy

No matter who you are in life, you can do real good in the world after death. Some ways that you can leave a lasting legacy in your estate plan include:

• Gift-giving occasions - You may not be around for some important events in your loved ones’ lives, like perhaps a grandchild’s wedding. Using either a will or a trust, there may be ways to earmark funds so that your presence will be felt at these important events.
• Charitable giving - You have multiple options for posthumous charitable giving. You may of course leave a lump sum to a specific charity. Or, you could create a charitable trust that supports a particular cause you are passionate about. You can then authorize your trustee to make reasonable distributions as needed.
• Memorial scholarships - A great way to help deserving individuals in your community is to establish a memorial scholarship that can help disadvantaged students obtain higher education.
• Business planning - When you have done the sheer amount of hard work it takes to build a business from the ground up, you want it to still be there when your great-great-grandchild is old enough to take it over. Planning for your company’s continued success can help keep your family financially secure for generations to come.
• Donating big items - Charitable organizations and community efforts are always in need of big-ticket items, like cars and furniture. Your belongings can be enjoyed by and used to serve members of your community in need as long as the items endure.

As you can see, it is possible to create an enduring name for yourself with a bit of careful estate planning.