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Take a lesson in estate planning from baby boomers

Baby boomers are getting older and many of them will end up with chronic health issues. There are some interesting lessons that everyone who is younger than this generation can learn from these remarkable individuals. One of the primary lessons that you need to pay attention to is having an estate plan ready.

You might not even think about the need to have your health care directives in place today, but this is one aspect of planning that you certainly need to take from baby boomers. As you watch these individuals go through their medical trials, the need to have a power of attorney for a health care designation and a living will in place becomes evident.

These documents are important because you want your wishes to be respected in your final days. You don't have to worry about these being used while you can still make decisions on your own. Instead, they will only come into the picture when you can't make those decisions.

Ideally, you will have your plans in place by the time you are 50 years old, but it isn't too late to do this now as long as you meet the legal requirements for being of sound mind and body. It is imperative that you don't waste time. Many baby boomers are finding out that they have waited too long. In some cases, such as those involving dementia and Alzheimer's disease, decisions can't be relayed in a legally binding manner because of the person's condition.

Creating your estate plan doesn't have to be a headache. Taking things one step at a time can help to make the process a little bit easier.

Source: Forbes, "The Most Important Estate Planning Issue Boomers Need To Address," Kelley Long, accessed Jan. 04, 2018

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