Top-rated estate planning and elder law attorney Jennifer Elliott, founder of San Clemente Estate Law, PC in San Clemente, CA, pointed to the idea that death was the main reason for failing to plan in advance. For more information please visit https://sanclementeestatelaw.com
San Clemente, CA, United States - October 26, 2020 /MM-REB/ —
In a recent interview, top-rated estate planning and elder law attorney Jennifer Elliott, founder of San Clemente Estate Law, PC in San Clemente, CA, pointed to the idea that death was the main reason for failing to plan in advance.
For more information please visit https://sanclementeestatelaw.com
When asked to comment, she said, "Simply put, because people don't want to think of life without a loved one or spouse, they tend to put estate planning and financial preparedness for life after that person dies on the back burner."
Based on a study carried out by Merrill Lynch in 2018, over half of Americans aged 55 or over did not have a last will and testament in place.
Not having a solid plan about what to do with a loved one’s assets after they pass away, according to Elliott, could lead to unnecessary financial distress.
When asked to explain further, she stated, “Without the appropriate planning on what will happen with your or a loved one’s assets, then it’s inevitable certain problems will come up after passing. Such problems include knowing what assets there are, how to find and access them, and the division of said assets.”
Elliott further pointed out that all these obstacles can be sidestepped with the proper planning.
“It’s in your and your loved one's best interests to contact a seasoned estate planning attorney when setting up an estate plan. Based on your particular situation, they will be able to put all your options on the table to come up with a customized plan,” she commented.
According to Elliott, estate plans should not be one-size-fits-all as many factors need to be considered, such as real estate, life insurance policies, retirement plans, pensions, individually and jointly held assets, as well as family dynamics.
She added that this planning process should be started while someone is in good mental and physical health. According to an article published in the New York Times, “cognitive decline can take its toll on couples’ ability to manage and execute an estate plan.”
"It's a good idea that couples attend these planning meetings together, as it will help eliminate confusion, and both parties will be on the same page. They will both be prepared to face what will happen once either one of them passes away, which will go a long way in eliminating problems in the long-term," she said.
While creating a tailored estate plan, it’s also important to decide on a power of attorney who should manage one’s affairs during lifetime in case of incapacitation.
When asked to elaborate, she said, “Just as important as deciding on how the assets will be divided is deciding on who will have the power to carry out your wishes. A power of attorney is an agent that you appoint to make financial and healthcare decisions. These include vital end-of-life decisions at a point when you are no longer able to make decisions on your own.”
Name: Jennifer Elliott
Email: Send Email
Organization: San Clemente Estate Law, P.C.
Address: 100 S Ola Vista Suite A, San Clemente, CA 92672
Phone: (949) 420-0025
Release ID: 88981676