Calling for an attorney from your deathbed as you near the centenary mark may be a classic movie scene, but it is not often the reality in today's money and business savvy world. Most people will make several wills in their lifetime, reflecting their changing status in life from students to parents to retirees. Age concerns when making a will can direct you to draft terms that best reflect your current estate needs.
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You are likely to own few substantial assets in your 20s, but there are still plenty of reasons to make a will, advises attorney Julie Evans writing at the University of Tulsa School of Business. Many college-age individuals are parents, and making a will allows young parents to acquire the peace of mind of appointing a guardian of their choosing for the child. Not all young people are devoid of assets, as well. Trusts and inheritances frequently vest at age 21, leaving some college students with significant estates of their own. Young people are also more likely than their elders to be injured in a work accident or in the armed forces, and may consider adopting a living will or durable health care power of attorney along with making a will.
In your 40s and 50s, your spouse and children are likely to be a primarily concern in making a will. If you are divorced, you may also have concerns about ensuring that children of your first relationship receive an inheritance even if you remarry or have additional children. You may also be balancing your estate planning concerns with the need to pay off a mortgage, college tuition for your kids, or other bills. As your children reach adulthood, the need to arrange for guardians or establish trusts in your will may be eliminated.
As you reach retirement age, you may be faced with mounting health care costs of your own, as well as the costs of care for aging parents. One common concern in drafting a will at this age is planning for a pending inheritance and determining how it can best be managed during your life and then distributed in a will to your children or grandchildren. Another concern of the retirement years is attempting to determine which resources should be gifted away during your lifetime, and which should be held for distribution in your estate. Estate tax concerns arise as inherited assets, retirement funds, and the fruition of any investment or business ventures all coalesce in the same time period.
Maintaining personal autonomy is of primary concern to our elders, writes attorney A. Kathleen Tomlinson in the Pace Law Review. As control over health and daily activities diminishes, elderly individuals may seek to retain greater autonomy over their personal property, including determining who will inherit individual items through their estate. However, long-term health care needs may take a substantial bite out of an elder's assets. Family concerns regarding an aging relative's physical well-being or mental acuity may create pressure and confusion about management of present assets, as well as the terms to include in a will. Balancing respect for elders' dignity and independence with concern for their well-being can create tension between family members when a relative of advanced age or infirmity sets about making a will.