Money is lovely to have, but lots of money can give you headaches too, particularly when you’re a senior person. You realize that all that money has to go somewhere, and writing a Will indicates precisely where your money and other possessions will go after you die. Not having a Will will simply see your property landing in the wrong hands.
It is all very well if you have just two children and you lived simply because then making a Will can be fairly straightforward. However, if you tally up your assets, you may discover that you have millions between your house and other investments. With your assets listed, make sure that you list your beneficiaries properly. You may also want to set up a trust to protect your heirs from all the exorbitant estate taxes later on.
Of course, the main benefit of drafting a will yourself is the savings. Lawyers can charge a small fortune to draft a will. Writing the Will yourself will cost you nothing, but you need to comply with state laws and to hire a lawyer can be less risky and give you peace of mind that things are done professionally and correctly.
Reduce your health insurance costs
Maybe as a senior, you’re fretting about the fact that you’re spending way too much on your health insurance so that you can’t leave what you’d hoped to leave for your children. When choosing a health plan, take a look at Medisupps.com, founded by Russell Noga. It offers different Medicare options for seniors with different health concerns.
There are pros and cons of each plan and factors that seniors may want to consider before making a choice, such as affordability. Mutual of Omaha is one of the most trusted names in Medicare, and Medisupps offers Mutual of Omaha Medicare supplement plans.
The most popular plans are offered too, such as Medicare Plan G, N, and F. They also provide health plans and insurance advice to help seniors make the most of their insurance coverage.
Just remember that Medicare is a prerequisite for every Medicare Supplement plan. Mutual of Omaha Medicare Supplement benefits may well be a good choice for you, once you take a good look at your personal medical expenses first.
Update your will
Once you have got a will in place and decided who your beneficiaries will be, the Will have to be updated from time to time. There are bound to be changes in your circumstances that will need to be updated. Lives are constantly changing as well as your finances and all of these changes demand that a Will be updated.
Of course, how you change your Will depends on what documents you want to make current. Sometimes a person files a Codicil, which replaces old clauses with new ones.
Naming an executor
Anyone who you trust can be named as your executor. The idea is to have someone you trust enough because they will be the one that has access to your personal records and finances once you have passed on.
It can be an adult child, your spouse or a trusted friend or relative. Then again, if your affairs are complicated, it might be better to name an attorney with their legal and financial expertise.
An important aspect is to empower your executor to pay your bills and then you just have to make sure that the wording of the Will permits this. Also, if you want to leave certain items to particular heirs, you need to indicate this in your Will.