Justin Raber Attorney at Law

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Estate planning important to Baby Boomers

Many residents in West Virginia and across the country have not given a lot of thought to drafting a will. Thinking about a time when someone will not be around anymore can be an uncomfortable topic. However, statistics show that one generation is more likely to have estate planning documents in place. AARP reports that around 60 percent of Baby Boomers have addressed this issue.

An estate plan should be part of an individual's comprehensive financial plan. An effective plan will address the issue of how and when assets will be distributed when someone passes away. Of course, who will receive the assets is an extremely important question to consider.

One common concern involves distribution of assets to children, regardless of their ages. For example, someone with younger children must think about who will care for them as well as how an inheritance would be managed. For adult children, a parent may have concerns about how effectively the money will be used or how it may affect the children.

Some investors may wish to leave part of their estates to charitable organizations. These wishes should be spelled out specifically in an estate plan. When a family has multiple children, many experts recommend dividing an estate equally -- even if the children's financial situation is widely different. Children who have worked hard in life should not receive a reduced inheritance simply because they are successful.

Estate planning is an important process for most West Virginia residents. It would be beneficial to contact an estate planning attorney for guidance in developing the appropriate documents. An effective estate plan will help ensure that one's hard-earned assets are protected and distributed according to specified wishes.

Source: CBS Boston, "Over The Hill: Where There Is A Will There Is Way!", Dee Lee, Aug. 10. 2017

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