Estate Planning for Baby Boomers and their Families

Estate Planning for Baby Boomers and their Families

David J. Ferry, Jr., Esq.
Ferry Joseph, P.A.

As the first entrants of the Baby Boomer generation, those born between 1946 and 1964, hit 70-years-of-age this year, estate planning decisions have become a hot topic of discussion not only for Boomers, but for their families as well.  In particular, many members of this generation have shown an increased desire to ensure that their loved ones are left financially secure following their eventual passing.  This growth in interest is due in large part to witnessing first-hand the negative effects that often arise amongst family members when little to no estate planning was undertaken before death.

Fortunately for those interested in proper estate planning measures, there are a multitude of means to help their families avoid such disputes down the road.  For instance, most attorneys are now recommending that individuals create not just a will, but a trust as well.  Popular public opinion once argued that one only needs a will to ensure there will be no family squabbles toward their estate.  However, the only means available for keeping assets out of probate court is to spell out in detail your wishes in a trust.  By creating a trust, one effectively takes the estate out of probate.

Outside of the use of trusts, estate-planning attorneys are also seeing an increase in guardianship and conservatorship designations with their clients.  For the uninitiated, conservators of property handle financial judgments, whereas guardians of the person handle personal decisions, such as medical and residential matters for the infirmed and/or elderly.  For those struggling with choosing a specific child to make such decisions, many attorneys suggest employing an objective third party.  Though an outside party or company likely means an added expense, it usually helps to alleviate any emotional harm and legal battles that could result in choosing one child or another.

Lastly, just because you have already undertaken proper estate planning doesn’t mean you’re completely out of the woods just yet.  Because both family dynamics and laws change over time, it is imperative that one regularly update their estate wishes every few years.  This is particularly important if life-changing events like marriage, the birth of a child, or divorce have occurred in the recent past.