We would like to share with our friends and clients the important legal documents retirees need but probably do not have. At the Prue Law Group, in Eastern CT, one of our areas of practice is Estate planning. When we interview new clients, we find a little more than 50% have a last will and testament. The national average for wills in this group is currently 53%. However, most lack six other crucial legal documents. Considering we are currently in the middle of a pandemic, we feel it is important to get people thinking proactively. The 20th annual Transamerica Survey of Retirees has revealed that even now, 30% of retirees have none of the crucial documents, including a will.
The survey found that among retirees:
- 32% have a power of attorney or medical proxy, which allows designated people to make medical decisions on the retiree’s behalf.
- 30% have an advance directive or living will, which communicates their end-of-life medical preferences to health care providers.
- 28% have designated a power of attorney to make financial decisions on their behalf.
- 19% have written funeral and burial arrangements.
- 18% have filled out a Health Insurance Portability and Accountability Act (HIPAA) waiver, which allows designated people to speak to health care and insurance providers on the retiree’s behalf.
- 11% have a trust.
The study highlights a gap retirees need to fill to prepare for the end of their lives. The Prue Law Group would like to encourage retirees to safeguard their financial well-being. The Coronavirus has changed our way of engaging with the world. We believe the pandemic has served as a reminder that our future is uncertain. Sitting down with your family and an Estate Planning lawyer to obtain the legal documents needed to protect your estate and personal dignity are very important.
ESSENTIAL ESTATE PLANNING DOCUMENTS
- Last will and testament
- Revocable living trust
- Beneficiary designations
- Durable power of attorney
- Health care power of attorney and living will
- Provision for digital assets
- Letter of intent
- List of important documents
Call The Prue Law Group, P.C. when you need advice from estate planning lawyers in Eastern CT. Attorney Patrick M. Prue has decades of experience in legal matters regarding estate planning, asset protection and wealth management. Attorney Prue and his staff at The Prue Law Group, P.C. will work closely with you to address the issues that affect your assets and heirs. Estate Planning encompasses all services pertaining to wills, creation of trusts, drafting powers of attorney and preparing for Title 19 eligibility. Conservatorships, living wills and advanced medical directives are also taken into consideration in estate planning.
An estate plan is as individual as each family is. Estate plans are developed based on your current situation while considering the future and how you want your property distributed upon your death. The legal team at The Prue Law Group helps individuals understand their options under many scenarios and will work closely with you to help you formulate the best plan for you personally. Preparing for late-life health care needs protects your estate and assets against unnecessary loss. It is through the process of estate planning whereby you can not only protect your assets, but also your rights as a patient, and assure your personal dignity in a medical emergency. Failure to formulate an estate plan could risk significant loss due to taxes and probate costs. When Legal Matters, call the Prue Law Group, P.C.
Don’t Delay – Call Today
Achieve the peace of mind that comes with advance planning for your loved ones. Our staff of attorneys and paralegals work closely with our clients. Talk to The Prue Law Group about making an estate plan. The financial well-being of your family may depend upon it. Call today: 860-423-9231.